EXAM FX- PROPERTY AND CASUALTY
GLOSSARY ACTUAL 2026 QUESTIONS AND
VERIFIED ANSWERS
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Practice questions for this set
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The chief executive and administrative officer of the state insurance
department.
Choose an answer
Commissioner (Superintendent,
1 Abandonment 2
Director)
3 Apparent Authority 4 Unilateral Contract
Don't know?
Terms in this set (181)
, Abandonment The abdication of insured property into the hands
of another, or into the possession of no one in
particular.
Accident An unplanned, unforeseen event which occurs
suddenly and at a specific place.
Actual Cash Value (ACV) The required amount to pay damages or for
property loss, which is calculated based on the
property's current replacement value minus
depreciation.
Additional Coverage A provision in an insurance policy that allows for
more coverage for specific loss expense without
increase in premium.
Additional Insureds Individuals or business that are not named as
insured on the declaration page, but are
protected by the policy, usually in regard to a
specific interest.
Adhesion A contract offered on a "take-it-or-leave-it" basis
by an insurer, in which the insured's only option is
to accept or reject the contract. Any ambiguities
in the contract will be settled in favor of the
insured.
Admitted Insurer An insurance company authorized and licensed
to transact business in a particular state.
GLOSSARY ACTUAL 2026 QUESTIONS AND
VERIFIED ANSWERS
Save
Practice questions for this set
Learn 1 /7 Study with Learn
The chief executive and administrative officer of the state insurance
department.
Choose an answer
Commissioner (Superintendent,
1 Abandonment 2
Director)
3 Apparent Authority 4 Unilateral Contract
Don't know?
Terms in this set (181)
, Abandonment The abdication of insured property into the hands
of another, or into the possession of no one in
particular.
Accident An unplanned, unforeseen event which occurs
suddenly and at a specific place.
Actual Cash Value (ACV) The required amount to pay damages or for
property loss, which is calculated based on the
property's current replacement value minus
depreciation.
Additional Coverage A provision in an insurance policy that allows for
more coverage for specific loss expense without
increase in premium.
Additional Insureds Individuals or business that are not named as
insured on the declaration page, but are
protected by the policy, usually in regard to a
specific interest.
Adhesion A contract offered on a "take-it-or-leave-it" basis
by an insurer, in which the insured's only option is
to accept or reject the contract. Any ambiguities
in the contract will be settled in favor of the
insured.
Admitted Insurer An insurance company authorized and licensed
to transact business in a particular state.
