Property and Casualty Insurance Basics Quiz 1

通報

問題一覧

What term includes damage where the insured peril was the proximate cause of loss?

Direct loss

All of the following are conditions commonly found in the insurance policy EXCEPT

Insuring agreement

Which of the following terms describes the concept of disrupting the chain of events?

Intervening cause

Using an air-cooled engine, a proposed insurer has developed a new experimental aircraft. If the inventor applies for liability insurance, what rating type will the insurer most likely use?

Judgment

A policy that insures all property at multiple locations for a single amount is referred to as

Blanket

An insured has a liability policy that sets the amount for all claims that arise from a single incident at $50,000. Which type of limit of liability does this insured's policy have?

Per occurrence

The Insurance Consultation Services Exemption Act protects insurers from liability actions resulting from

Performing or failing to perform services

Which of the following would be named on the declarations page of a property or liability policy?

First named insured

Which rating method provides an insurer with that portion of a rate that does not include provisions of expenses (other than adjusting expense) or profit and is based on historical aggregate loss and loss adjustment expenses projected through development to their ultimate value and through trending to a future point in time?

Loss costs rating

The insured's house is located one mile from the county's new landfill and across the road from the entrance of a rock quarry. It would cost a $150,000 to rebuild the house if something happened to it, but when the insured tried to sell it, the best offer he received was $80,000. The insurance company will insure the house for only $80,000. What method of valuation is used to insure this property?

Market value

All of the following are found in the declarations section of a policy EXCEPT the

Exclusions

Payment for medical expenses, loss of wages, funeral expenses, or the cost to repair or replace damaged property are known as what type of compensatory damages?

Special

All of the following statements described the concept of strict liability EXCEPT

It is imposed on defendants engaged in hazardous activities

Which of the following is a mandatory part of an insurance policy that varies with each individual policy?

Declarations

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