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PDF Download UTAH PROPERTY & CASUALTY EXAM EXAM QUESTIONS Qs and Ans - Expert- Explanation - ing 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
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