TN PROPERTY AND CASUALTY EXAM

TN PROPERTY AND CASUALTY EXAM (

ACTUAL ) QUESTIONS & VERIFIED

ANSWERS ALREADY GRADED A+

Insurance Social device used for transferring risk from individuals or business to an insurance company

Law of Large Numbers The larger the group the less uncertainty

Removal Coverage dp property moved fringe premises to protect it from a covered peril.

• days-basic

30 days Broad/special *direct loss to the moved property from any clause is covered

Other Structures dp May use up to 10% of coverage A 1 / 4

Basic Form- payment will reduce coverage remaining on the dwelling by the amount paid Does not affect the broad or special

Debris Removal: dp

Covers all reasonable expenses for removal of debris from coverage property *amounts paid would be considered additional to the policy limits

Improvements, Alterations and Additions dp (when insured is a tenant) May apply to 10% of coverage C limit on the basic DP form, payment would reduce the limit left on broad/special- it would not reduce the limit

Personal Property covered anywhere in the world dp Would pay up to 10% of coverage C limit.Payment would reduce the limits of coverage c for all forms

• / 4

BASIC DP is:

Rental Valie

What includes rental value and additional living expenses Broad and Special DPS

Cost of repairs to protect property from further damage dp Payment of all reasonable cost would limit the coverage paid

How much is paid if the Fire Department is called to protect the covered property dp $500- but not paid if the property is located in the city, municipality or district furnishing the service no deductible applies

What is covered on broad/special dp only?

• Trees,lawns,shrubs and plants

-Collapse of building

• Glass breakage 3 / 4

Trees, lawns and shrubs- will pay the maximum of $500 per tree shrub or plant Will only pay up to 5% of coverage A

Collapsed Building dp

All direct losses by covered perils including:

collapse from hidden insect damage, the weight of contents, rain on the roof, collapse during construction

Glass breakage dp Only covered on broad and special DP

Additional Coverages found on homeowners policy form removal coverage debris removal cost of repairs to protect from further damage Call for Fire Department Trees, Lawns, Shrubs or plants

• / 4