Property and Casualty Insurance Basics Quiz 4 | 暗記メーカー

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Property and Casualty Insurance Basics Quiz 4

15問 • 3ヶ月前

ユーザ名非公開

問題一覧

1

When a parent is required to pay for damages caused by their children, this is an example

Vicarious liability

2

Which part of an Insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss, or defense expenses?

Additional coverage

3

An insured's business is damaged because of a fire, and he is forced to close the business temporarily for repairs. As a result, the insured lost income. What type of loss this?

Consequential

4

With regard to fire insurance premiums, structures with which of the following type of construction would most likely have the most favorable premium rate for the peril of fire?

Fire-resistive

5

An insured's roof cost $4,000 when installed 5 years ago. It has been damaged by hail and must be replaced. The new roof will cost $6,000 at today's prices. If the roof has depreciating at $200 per year and the insured's policy is written on the actual cash value (ACV), how much will the policy pay toward the insured's new roof?

$5,000

6

Which of the following does the term proximate cause refer to?

Negligence that leads to an injury

7

An insured's building has an actual cash value of $200,000, and has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

$30,000

8

In property and casualty insurance, what is term for the amount of a loss that the insured must cover out of pocket, and the insurer will only pay for the additional amount of the loss above this limit?

Deductible

9

The policy that pays first in the event of a covered loss is known as the

Primary policy

10

To purchase insurance, the policyowner must have financial interest in the property being insured. This is known as

Insuring interest

11

When an insurer cancels, midterm, a commercial property or casualty insurance policy for an allowable reason, they must

Send or deliver a "Notice of Cancellation" at least 60 days prior to the effective date of cancellation and state the reason for the cancellation

12

All of the following insurance policies must contain, at a minimum, policy language equal to the Standard Fire Policy EXCEPT

Workers compensation

13

What type of insurance policy insures against all risk of loss that are not specifically excluded by the policy?

Open peril policy

14

An insured owns several buildings, each at a different location and insured on a seperate policy. What type of coverage does the insured have?

Specific

15

Which of the following lists all the required elements for establishing a charge of negligence?

Legal duty owed, standard of care, proximate cause, damages

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問題一覧

1

When a parent is required to pay for damages caused by their children, this is an example

Vicarious liability

2

Which part of an Insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss, or defense expenses?

Additional coverage

3

An insured's business is damaged because of a fire, and he is forced to close the business temporarily for repairs. As a result, the insured lost income. What type of loss this?

Consequential

4

With regard to fire insurance premiums, structures with which of the following type of construction would most likely have the most favorable premium rate for the peril of fire?

Fire-resistive

5

An insured's roof cost $4,000 when installed 5 years ago. It has been damaged by hail and must be replaced. The new roof will cost $6,000 at today's prices. If the roof has depreciating at $200 per year and the insured's policy is written on the actual cash value (ACV), how much will the policy pay toward the insured's new roof?

$5,000

6

Which of the following does the term proximate cause refer to?

Negligence that leads to an injury

7

An insured's building has an actual cash value of $200,000, and has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

$30,000

8

In property and casualty insurance, what is term for the amount of a loss that the insured must cover out of pocket, and the insurer will only pay for the additional amount of the loss above this limit?

Deductible

9

The policy that pays first in the event of a covered loss is known as the

Primary policy

10

To purchase insurance, the policyowner must have financial interest in the property being insured. This is known as

Insuring interest

11

When an insurer cancels, midterm, a commercial property or casualty insurance policy for an allowable reason, they must

Send or deliver a "Notice of Cancellation" at least 60 days prior to the effective date of cancellation and state the reason for the cancellation

12

All of the following insurance policies must contain, at a minimum, policy language equal to the Standard Fire Policy EXCEPT

Workers compensation

13

What type of insurance policy insures against all risk of loss that are not specifically excluded by the policy?

Open peril policy

14

An insured owns several buildings, each at a different location and insured on a seperate policy. What type of coverage does the insured have?

Specific

15

Which of the following lists all the required elements for establishing a charge of negligence?

Legal duty owed, standard of care, proximate cause, damages