Texas property and casualty Study guides, Class notes & Summaries

TEXAS PROPERTY AND CASUALTY EXAM AND PRACTICE QUESTIONS NEWEST 2024 ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A

Texas property and casualty Exam Questions And Answers Insurer - ANS insurance company or carrier Insured - ANS the person who bought insurance or client principle of indemnity - ANS this principle states that the insured will be restored to the same financial condition as before the loss. The insured cannot profit from an insurance payout. This considers depreciation. Underwriting - ANS Process of determining whether the risks of a loan are acceptable to the insurer or no...

Texas Property and Casualty Insurance Exam Questions And Answers Insurance - ANS The transfer of the possibility of a loss (risk) from an individual or business to an insurance company, which in turn spreads the costs of unexpected losses to many individuals Law of Large Numbers - ANS The larger the number of people with a similar exposure to loss, the more predictable actual losses will be Law of Large Numbers Example - ANS When issuing a policy on a 35 year old male, the i...

Texas Property & Casualty Insurance, Insurance Exam Questions And Answers Which part of an insurance policy describes the responsibilities and obligations of both the insurance company and the insured under the policy? - ANS Conditions The limits of liability are found in which of the following sections of a casualty policy? - ANS Declarations The _____ page in an insurance contract contains information about the risk, the effective date of coverage, deductible, premium amounts...

Texas Property and Casualty practice exam questions And Answers All Verified Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this coverage? - ANS $250 Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided f...

Property and Casualty Exam - Texas Questions And Answers ____ is uncertainty of loss - ANS risk ____ is a transfer of risk from the insured to the insurer - ANS insurance ____ risk means there is no chance of gain. It is insurable. - ANS pure ____ risk means there is a chance of a loss or a gain. It is not insurable. - ANS speculative a ____ is something that increases the risk. - ANS hazard the principle of _____ governs property and casualty policies. It state...

Texas Property & Casualty Insurance Exam Questions And Answers A condition or situation that presents a possibility of loss is a (an): - ANS exposure The purpose of insurance is to: - ANS transfer risk Which hazard can be described as a careless attitude or general indifference on the part of the insured toward the occurrence of loss? - ANS morale Which risk is insurable? - ANS pure With regard to insurance, risk can be defined as: - ANS uncertainty regarding los...

Texas Property & Casualty License Exam Questions And Answers Property vs Casualty: What is considered property? - ANS Structure & Personal Property Property vs Casualty: What is considered casualty? - ANS Non-property losses. Legal liability to others. 3rd Party Risk - ANS uncertainty of financial loss Pure Risk - ANS Chance of Loss Speculative Risk - ANS Chance of Loss or Gain (Gamble) Insurance (covers which type of risk?) - ANS Pure Risk Only How do...

TEXAS PROPERTY AND CASUALTY EXAM AND PRACTICE QUESTIONS NEWEST 2024 ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS ALREADY GRADED A Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this coverage? - CORRECT ANSWER - $250 Coverage for up...

Texas Property and Casualty practice exam (100%) qualified correct answers. Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this coverage? - CORRECT ANSWER.$250 Coverage for up to $5,000 in loss or damage, subject to a $250 deducti...

Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this coverage? - $250 Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided for an additional premium with this endorsement. An insured relocated to another state...