Property and Casualty Insurance Basics Quiz 3 | 暗記メーカー

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Property and Casualty Insurance Basics Quiz 3

15問 • 3ヶ月前

ユーザ名非公開

問題一覧

1

Which of the following types of valuation works best for property whose value does not fluctuate much?

Agreed value

2

The transfer of an insured's right to seek damages from a negligent party to the insurer is found in which of the following clauses?

Subrogation

3

The part of the insurance contract that describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured is called the

Insuring agreement

4

For the purpose of insurance, an owner-occupied residential dwelling is

A structure of not more than four units, one of which is occupied by the owner

5

Who may cancel an in-force insurance policy?

Either the insured or the insurer

6

The ABC Corporation has $100,000 coverage on its building through the insurance Company A, and $50,000 of identical coverage on the same building through insurance Company B. Assuming coinsurance is not an issue, when a $24,000 loss occurs and the pro rata of method is used, how much will each insurer pay?

Company A will pay $16,000; Company B will pay $8,000

7

Which of the following provisions requires that the insured protects the damaged property from further damage, cooperates with the insurer in settling the loss and submits to the insurer signed proof of laws within a specified period of time?

Duties after loss

8

Which method of loss valuation is contrary to the basic concept of indemnity

Replacement cost

9

Persons covered under an insurance policy whether named or not, are known as the

Insureds

10

The part of a policy that clarifies terms in the policy is the

Definitions

11

What is the legal defense that can be used in most states in which proportionate damages may be awarded when both the plaintiff and defendant were negligent?

Comparative negligent

12

A beauty parlor burns to the ground. What type of loss is this to the owner?

Direct

13

If a liability policy had split limits of 50/100/30, what is the maximum amount that will be payable in the event of injury to a single person?

$50,000

14

The policy provision found in property insurance policies that prevents the insured from collecting twice for the same loss is called

Subrogation

15

What provision in a property policy applies when the insurer broadens coverage but does not increase the premium?

Liberalization clause

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問題一覧

1

Which of the following types of valuation works best for property whose value does not fluctuate much?

Agreed value

2

The transfer of an insured's right to seek damages from a negligent party to the insurer is found in which of the following clauses?

Subrogation

3

The part of the insurance contract that describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured is called the

Insuring agreement

4

For the purpose of insurance, an owner-occupied residential dwelling is

A structure of not more than four units, one of which is occupied by the owner

5

Who may cancel an in-force insurance policy?

Either the insured or the insurer

6

The ABC Corporation has $100,000 coverage on its building through the insurance Company A, and $50,000 of identical coverage on the same building through insurance Company B. Assuming coinsurance is not an issue, when a $24,000 loss occurs and the pro rata of method is used, how much will each insurer pay?

Company A will pay $16,000; Company B will pay $8,000

7

Which of the following provisions requires that the insured protects the damaged property from further damage, cooperates with the insurer in settling the loss and submits to the insurer signed proof of laws within a specified period of time?

Duties after loss

8

Which method of loss valuation is contrary to the basic concept of indemnity

Replacement cost

9

Persons covered under an insurance policy whether named or not, are known as the

Insureds

10

The part of a policy that clarifies terms in the policy is the

Definitions

11

What is the legal defense that can be used in most states in which proportionate damages may be awarded when both the plaintiff and defendant were negligent?

Comparative negligent

12

A beauty parlor burns to the ground. What type of loss is this to the owner?

Direct

13

If a liability policy had split limits of 50/100/30, what is the maximum amount that will be payable in the event of injury to a single person?

$50,000

14

The policy provision found in property insurance policies that prevents the insured from collecting twice for the same loss is called

Subrogation

15

What provision in a property policy applies when the insurer broadens coverage but does not increase the premium?

Liberalization clause