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PDF Download INSURANCE QUEEN P&C EXAM QUESTIONS Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -71 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: Reinsurance
Answer:
When a company indemnifies another. Indemnify is to make whole again after a loss.
Question 2: coverage A Dwelling
Answer:
covers the repairs to the walls and roof of the dwelling based on rebuild value and includes materials and supplies next to the house and anything used to service the property
Question 3: section 1 homeowners
Answer:
covers proporty "me and my stuff"
Question 4: Risk
Answer:
The uncertainty or chance of loss occurring
Question 5: Homeowners
Answer:
Owner must occupy the dwelling can be up to 4 units no more than 2 families per unit
Question 6: Apparent(perceived) Authority
Answer:
is assumed by customer(business cards/letterhead/stationary)
Question 7: Fraud
Answer:
deceive or lying to cheat the insurance company
Question 8: Exposure
Answer:
The unit of measurement to determine rates for an insured based on how risky they are
Question 9: Coverage D Loss of use
Answer:
Covers fair rental value and additional living expenses if the insured is unlivable due to a covered loss Coverage is 30% of Coverage A
Question 10: h08 Modified
Answer:
used when market value is less than rebuild value functional replacement 1000 on premise theft limit $250 per tree
Question 11: Warranty
Answer:
absolutely true statements
Question 12: Loss Valuation
Answer:
a factor in determining the premium
Question 13: Coverage F med pay
Answer:
pays to guest of the insured if they get hurt on the property or near the insured.homeowner is not considered at fault.There must be a medical bill- no pain or suffering coverage.
injured may be required to a medical exam pays out for 3 years
Question 14: h03 special
Answer:
regular house open perils on coverage A named perils on coverage C
Question 15: Reasonable Expectations
Answer:
A customer can expect the coverage if an agent implied it though during the sale
Question 16: The Law of Large Numbers
Answer:
Says the more stats you have to look at, the more predictable losses will be.
Question 17: Part D
Answer:
Auto- Damage to your auto
Question 18: Personal
Answer:
Between the customer and the insurer
Question 19: Specific Insurance
Answer:
A policy that covers a certain thing or it's own amount of coverage.Question 20: Theft of: Cash-200 Jewelry-1500 Firearms-2500 Silverwear-2500
Answer:
Coverage C limitations
Question 21: Stock Companies
Answer:
Owned by shareholders, issue non-participating policies and dividends are taxed
Question 22: Aleatory
Answer:
Unequal Exchange (customer pays small monthly premium, insurer pays very large claim)
Question 23: Representation
Answer:
statements that are believed to be true but are not guaranteed to be true
Question 24: Concealment
Answer:
with holding or hiding on the application
Question 25: Agreement
Answer:
Known as Offer and Acceptance
Question 26: Morale Hazards
Answer:
A sense of carelessness
Question 27: Loss
Answer:
The reduction or disappearance of value.
Question 28: Indemnity
Answer:
restore the insured to their previous financial condition
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