Ohio Property and Casualty (2025) EXAM QUESTIONS AND ALL CORRECT
ANSWERS 100% SOLVED AND GUARANTEED SUCCESS!!
Terms in this set (215)
What do individuals use to Insurance
transfer their risk of loss to a
larger group?
What are the four elements of an Agreement (Offer and Acceptance), Consideration, Competent
insurance contract? parties, and legal purpose.
In the agent/insurer Insurer
relationship, who is
considered the principal?
Insurance contracts are aleatory in Unequal values are exchanged between the parties to a contract.
nature. What does that mean?
What are the methods of managing Avoidance, transfer, sharing, retention, and reduction
risk?
In insurance contracts, when When the insurer approves a prepaid application
does acceptance usually occur?
Wagering on a sporting event is Speculative
known as what type of risk?
A situation in which a person Pure Risk
can experience only a loss
and no gain presents what
type of risk?
What type of insurer is formed Foreign
under the laws of another
state?
When would a misrepresentation When it is intentional and material
on an
insurance application be considered
fraud?
According to the Law of Agent or producer
Agency, who represents the
principal?
What does indemnify mean in To restore an insured to the same financial status as before a loss.
insurance?
, What is a warranty in an An absolutely true statement upon which the validity of the policy
insurance contract? depends.
What is the term for the causes Peril
of loss insured against in an
insurance policy?
What is a risk? Uncertainty of loss
If an insurer holds a Certificate Authorized or Admitted
of Authority, it is known as
what type of insurer?
What is consideration in an Consideration is something of value that each party gives to the
insurance contract? other. Consideration on the part of the insurer is binding.
What is consideration on the A promise to pay in the event of a loss
part of the insurer?
A tornado that destroys a Peril
property would be an example
of what?
What does the term reasonable Certain expectations for coverage that a reasonable person would
expectations mean in insurance? have based on sources other than just the policy language.
Conditions that increase the Hazards
chance of loss are known as
what?
What provision states that if a Indemnity
policy allows for greater
benefits than the financial loss
incurred, the insured may be
compensated only for the
amount lost?
What are the three types of Physical, moral, and morale
hazards?
What document is required for an Certificate of Authority
insurance company to transact
insurance?
What does the term unilateral A unilateral contract is a one-sided contract. This means only
contract mean? one party makes an enforceable promise.
In insurance contracts, when is When the insurance application is submitted.
the offer usually made?
ANSWERS 100% SOLVED AND GUARANTEED SUCCESS!!
Terms in this set (215)
What do individuals use to Insurance
transfer their risk of loss to a
larger group?
What are the four elements of an Agreement (Offer and Acceptance), Consideration, Competent
insurance contract? parties, and legal purpose.
In the agent/insurer Insurer
relationship, who is
considered the principal?
Insurance contracts are aleatory in Unequal values are exchanged between the parties to a contract.
nature. What does that mean?
What are the methods of managing Avoidance, transfer, sharing, retention, and reduction
risk?
In insurance contracts, when When the insurer approves a prepaid application
does acceptance usually occur?
Wagering on a sporting event is Speculative
known as what type of risk?
A situation in which a person Pure Risk
can experience only a loss
and no gain presents what
type of risk?
What type of insurer is formed Foreign
under the laws of another
state?
When would a misrepresentation When it is intentional and material
on an
insurance application be considered
fraud?
According to the Law of Agent or producer
Agency, who represents the
principal?
What does indemnify mean in To restore an insured to the same financial status as before a loss.
insurance?
, What is a warranty in an An absolutely true statement upon which the validity of the policy
insurance contract? depends.
What is the term for the causes Peril
of loss insured against in an
insurance policy?
What is a risk? Uncertainty of loss
If an insurer holds a Certificate Authorized or Admitted
of Authority, it is known as
what type of insurer?
What is consideration in an Consideration is something of value that each party gives to the
insurance contract? other. Consideration on the part of the insurer is binding.
What is consideration on the A promise to pay in the event of a loss
part of the insurer?
A tornado that destroys a Peril
property would be an example
of what?
What does the term reasonable Certain expectations for coverage that a reasonable person would
expectations mean in insurance? have based on sources other than just the policy language.
Conditions that increase the Hazards
chance of loss are known as
what?
What provision states that if a Indemnity
policy allows for greater
benefits than the financial loss
incurred, the insured may be
compensated only for the
amount lost?
What are the three types of Physical, moral, and morale
hazards?
What document is required for an Certificate of Authority
insurance company to transact
insurance?
What does the term unilateral A unilateral contract is a one-sided contract. This means only
contract mean? one party makes an enforceable promise.
In insurance contracts, when is When the insurance application is submitted.
the offer usually made?
