UTAH PROPERTY CASUALTY EXAM EXAM QUESTIONS

PDF Download UTAH PROPERTY & CASUALTY EXAM EXAM QUESTIONS Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: indemnity

Answer:

insurance principle stating that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount lost

Question 2: broad form dwelling policy

Answer:

lightning, collapse, fire but NOT theft

Question 3: coverage e

Answer:

is a personal liability coverage. dwelling policy- pays additional living expenses incurred following a covered loss

Question 4: exclusions

Answer:

section of an insurance policy that details what perils are not insured against and what persons are not insured is known as (not found in the declarations)

Question 5: concealment

Answer:

occurs when a person withholds a material fact that is crucial to making a decision.

Question 6: policy holders

Answer:

(enter here) receive dividends from a mutual insurer / mutual insurer has no stock & is owned by (enter here)

Question 7: speculative risk

Answer:

(enter here) involve uncertainty to whether gain or loss. not insurable

Question 8: agents fiduciary responsibility

Answer:

handling insurer funds in a trust capacity/ the requirement that agents not commingle insurance money with their own funds

Question 9: coverage a

Answer:

all attached structures and outdoor personal property or equipment used to maintain or service the premises if not covered elsewhere.

Question 10: ho-2

Answer:

covers losses on a named peril basis

Question 11: broad theft endorsement

Answer:

covers property that is either owned or used by the insured when the property is away from the insured premises

Question 12: first named insured

Answer:

named on the declarations page of a property or liability policy

Question 13: 60 days

Answer:

after the insurer receives proof of loss, it has (enter here) to pay for the loss

Question 14: dwelling policies

Answer:

insure residential exposures with only limited service-type business exposures allowed. the dwelling can be completed or under construction, and can be owner - or tenant- occupied. the (enter here) can insure the dwelling only, contents only, or both.

Question 15: hazard

Answer:

something that increases the chance of loss

Question 16: personal liability coverage

Answer:

insurance that covers claims for injuries to people or damage to property caused by you or your family.must be added as a supplement or written as a separate policy

Question 17: mutual insurer

Answer:

funds not paid out after paying claims & other operating costs are returned to policyowners in the form of a dividend. if all funds are paid out, no dividends paid

Question 18: pure risk

Answer:

a situation in which a person can only lose or have no change / (enter here) involve possibility of loss, no gain. insurable.

Question 19: intentional losses

Answer:

against public policy to insurer these kinds of losses.

Question 20: express authorty

Answer:

authority granted to an agent through contract

Question 21: 1. foreign

• domestic
• alien

Answer:

a (enter here) insurer is domiciled in one state & transacts insurance in another. a (enter here) insurer transacts insurance in the domicile state. an (enter here) insurer is domiciled in one country & transacts insurance in another

Question 22: the uncertainty or chance of loss

Answer:

for the purpose of insurance, risk is defined as

Question 23: the same as provided on the dp-2 broad form

Answer:

on a dp-3 dwelling property special form policy, the coverage provided for personal property is

Question 24: declarations

Answer:

state whos insured, what is insured, where the property is located, when the policy begins & ends, how much insurance & how much premium

Question 25: fire & lightning & internal explosion

Answer:

covered in all policy forms

Question 26: coverage d

Answer:

provide for loss of use, which is an indirect / consequential loss - will pay the expenses incurred to maintain the same lifestyle as before the loss