TEXAS PROPERTY AND CASUALTY EXAM AND NEWEST COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS

TEXAS PROPERTY AND CASUALTY EXAM AND NEWEST COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS

What type of policy insures against open perils of loss that are
not specifically excluded?
A) named peril B) broad peril C) special peril D) full coverage
ANSWER: C) special peril
Which is an example of a consequential or indirect loss?
A) theft of a bike from the garage B) loss of income from a
rental unit due to tornado damage to the roof C) loss of rental
income due to the house not being rented due to real estate
market D) carpet damage caused by water from a wind/hail
damaged roof
ANSWER: B) loss of income from a rental unit due to tornado
damage to the roof
The freezer was purchased new for the amount of $350.00. The
day of the fire the value had depreciated $100.00. The same
2 Page
cubic-foot capacity freezer today would cost $500.00. If the
insured has ACV coverage, how much will he be paid?
A) $250 B) $350 C) $400 D) $450
ANSWER: C) $400
(ACV = Replacement Cost - Depreciation = $500 - $100 =
$400)
Cash Value is
A) market value minus depreciation B) purchase price minus
depreciation C) replacement cost minus depreciation D) stated
value plus appreciation
ANSWER: C) replacement cost minus depreciation 

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