1 Exam (elaborations) A. D. Banker Property & Casualty Practice Exam (MA Auto & State Laws) 2024 already passed 2 Exam (elaborations) Casualty Insurance Exam with correct answers 2024 passed 3 Exam (elaborations) Chapter 6: Automobile Insurance - Property & Casualty Exam 2020 MA updated to pass ...
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Unit 3 - Basics of Property and Casualty Insurance Property Insurance - correct answer provides insurance protection on my belongings Casualty Insurance - correct answer is often known as liability insurance and provides insurance protection against the "other guy" First party losses - corr...
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Add to cartUnit 3 - Basics of Property and Casualty Insurance Property Insurance - correct answer provides insurance protection on my belongings Casualty Insurance - correct answer is often known as liability insurance and provides insurance protection against the "other guy" First party losses - corr...
Terms MA Property & Casualty Exam Fair Credit Reporting Act - correct answer -law that grants consumers to the right to know who requests to view their credit report over the past year -a consumer report may be requested by an insurer when an individual applies for insurance protection What is ...
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Add to cartTerms MA Property & Casualty Exam Fair Credit Reporting Act - correct answer -law that grants consumers to the right to know who requests to view their credit report over the past year -a consumer report may be requested by an insurer when an individual applies for insurance protection What is ...
Property and Casualty-Insurance Law and RegulationsInsurance Commissioner - correct answer A individual who is appointed by the Governor and cannot be a director, officer or agent of an insurer. Their primary duty is to see that insurance laws are properly executed and the public interest is prote...
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Add to cartProperty and Casualty-Insurance Law and RegulationsInsurance Commissioner - correct answer A individual who is appointed by the Governor and cannot be a director, officer or agent of an insurer. Their primary duty is to see that insurance laws are properly executed and the public interest is prote...
property and casualty-dwellingDwelling property policy eligiabilities - correct answer up to 5 roomers, 4 residential units, mobile homes on basic form only, owner OR tenant occupied. Basic Dwelling form (DP1) - correct answer named peril, most limited coverage. Automatically included Fire, Light...
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Add to cartproperty and casualty-dwellingDwelling property policy eligiabilities - correct answer up to 5 roomers, 4 residential units, mobile homes on basic form only, owner OR tenant occupied. Basic Dwelling form (DP1) - correct answer named peril, most limited coverage. Automatically included Fire, Light...
Property and Casualty Unit#2 (Contracts)Elements of a Legal Contract (CLOAC) - correct answer -Consideration: giving something of value 1. Inusred- statements made of the application + premium 2. Insurer- promises to pay claim (based on policy) -Legal purpose: risk tansfer doesnt violate the la...
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Add to cartProperty and Casualty Unit#2 (Contracts)Elements of a Legal Contract (CLOAC) - correct answer -Consideration: giving something of value 1. Inusred- statements made of the application + premium 2. Insurer- promises to pay claim (based on policy) -Legal purpose: risk tansfer doesnt violate the la...
Property and Casualty insurance What is the correct insurance term for the concept of being restored to the same economic condition that existed prior to a loss? - correct answer C. Indemnification The National Association of Insurance Commissioners (NAIC): - correct answer C Has no legal author...
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Add to cartProperty and Casualty insurance What is the correct insurance term for the concept of being restored to the same economic condition that existed prior to a loss? - correct answer C. Indemnification The National Association of Insurance Commissioners (NAIC): - correct answer C Has no legal author...
Property and Casualty InsurancePolicy Structure (DICEE) - correct answer Declarations Insuring Agreement Conditions Exclusions Endorsements Declarations 6 P's (D in DICEE) - correct answer Policy Number Parties Named insured and insurer Mortgagee or lienholder (if applicable) Property ...
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Add to cartProperty and Casualty InsurancePolicy Structure (DICEE) - correct answer Declarations Insuring Agreement Conditions Exclusions Endorsements Declarations 6 P's (D in DICEE) - correct answer Policy Number Parties Named insured and insurer Mortgagee or lienholder (if applicable) Property ...
Property and Casualty Insurance Test Question NotesWhat is a peril? - correct answer A Peril is a cause of loss What is a hazard? - correct answer Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - correct answer Moral Hazard - di...
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Add to cartProperty and Casualty Insurance Test Question NotesWhat is a peril? - correct answer A Peril is a cause of loss What is a hazard? - correct answer Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - correct answer Moral Hazard - di...
Property and Casualty insurance terms When does pro rata liability apply? - correct answer When an insured has more than one policy covering a loss What is a deductible in an insurance policy? - correct answer A specified dollar amount that the insured must pay before the insurer will pay the po...
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Add to cartProperty and Casualty insurance terms When does pro rata liability apply? - correct answer When an insured has more than one policy covering a loss What is a deductible in an insurance policy? - correct answer A specified dollar amount that the insured must pay before the insurer will pay the po...
Property and Casualty Insurance Licensing ExamTo prevent recovery beyond the amount of the insured's actual loss, the policy will contain: - correct answer An Other Insurance Clause Collision coverage of an auto policy covers: a) road damage to the tires b) upset of the vehicle c) frozen engi...
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Add to cartProperty and Casualty Insurance Licensing ExamTo prevent recovery beyond the amount of the insured's actual loss, the policy will contain: - correct answer An Other Insurance Clause Collision coverage of an auto policy covers: a) road damage to the tires b) upset of the vehicle c) frozen engi...
Property and Casualty Insurance EXAMSpecific insurance - correct answer This type of insurance designates a particular item to be insured Blanket insurance - correct answer This type of insurance covers more than one item of property at a single location or one more items of property at multiple ...
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Add to cartProperty and Casualty Insurance EXAMSpecific insurance - correct answer This type of insurance designates a particular item to be insured Blanket insurance - correct answer This type of insurance covers more than one item of property at a single location or one more items of property at multiple ...
Property and Casualty Insurance Exam Q'sUgly Dog Books is being sued by a customer who claims the store owner slandered her. Which of the following liability coverages under a business owners policy (BOP), if any, would cover this? bodily injury liability property damage liability personal and...
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Add to cartProperty and Casualty Insurance Exam Q'sUgly Dog Books is being sued by a customer who claims the store owner slandered her. Which of the following liability coverages under a business owners policy (BOP), if any, would cover this? bodily injury liability property damage liability personal and...
Property and Casualty EndorsementsAutomatic Increase in Insurance (Dwelling) - correct answer Provide annual increase in Coverage A & B in 4%, 6%, or 8% Dwelling Under Construction Endorsement (Dwelling) - correct answer Used when dwelling under construction - policy limit based on value of parti...
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Add to cartProperty and Casualty EndorsementsAutomatic Increase in Insurance (Dwelling) - correct answer Provide annual increase in Coverage A & B in 4%, 6%, or 8% Dwelling Under Construction Endorsement (Dwelling) - correct answer Used when dwelling under construction - policy limit based on value of parti...
Property and Casualty ch. the dwelling program does not accept - correct answer dwellings on farm property as these can be insured on a different property policy the DP-3 Special form - correct answer covers the dwelling and other structures on an open peril basis which covers all perils except...
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Add to cartProperty and Casualty ch. the dwelling program does not accept - correct answer dwellings on farm property as these can be insured on a different property policy the DP-3 Special form - correct answer covers the dwelling and other structures on an open peril basis which covers all perils except...
Property and Casualty - Types of Property Policies What type of policy consists of the declarations, conditions, endorsements, and other attachments applicable to a single line of insurance? Monoline What are the coverage parts that may be included in a Commercial Package Policy (CPP) Commer...
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Add to cartProperty and Casualty - Types of Property Policies What type of policy consists of the declarations, conditions, endorsements, and other attachments applicable to a single line of insurance? Monoline What are the coverage parts that may be included in a Commercial Package Policy (CPP) Commer...
Property & Casualty Practice Exam: Commercial LinesWho is responsible for damage to improvements in a leased building? A) Tenant B) Building owner C) Improvements to a leased building are not covered D) Both the tenant and the building owner - correct answer B Equipment Breakdown insurance co...
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Add to cartProperty & Casualty Practice Exam: Commercial LinesWho is responsible for damage to improvements in a leased building? A) Tenant B) Building owner C) Improvements to a leased building are not covered D) Both the tenant and the building owner - correct answer B Equipment Breakdown insurance co...
Property & Casualty Insurance Comprehensive ExamSpouse of a partner - correct answer Which of the following would be insured under the CGL policy? 3 years - correct answer Under the PAP, how long does an injured party have following an accident to report a Medical Payments Claim? Proximate Cau...
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Add to cartProperty & Casualty Insurance Comprehensive ExamSpouse of a partner - correct answer Which of the following would be insured under the CGL policy? 3 years - correct answer Under the PAP, how long does an injured party have following an accident to report a Medical Payments Claim? Proximate Cau...
Property & Casualty ExclusionsExclusions specify.....? - correct answer specify what the insurance company will not cover in terms of types of property, perils or losses. They may appear in a separate section of the policy or throughout the policy. In open peril policies, coverage is for all perils ...
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Add to cartProperty & Casualty ExclusionsExclusions specify.....? - correct answer specify what the insurance company will not cover in terms of types of property, perils or losses. They may appear in a separate section of the policy or throughout the policy. In open peril policies, coverage is for all perils ...
Property & Casualty- Ch 4To be eligible for the ____________ , dwellings must be used principally for residential purposes, cannot contain more than 4 dwelling units, and can have no more than 5 roomers or boarders. - correct answer Dwelling Property Program The _________ perils are fire or light...
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Add to cartProperty & Casualty- Ch 4To be eligible for the ____________ , dwellings must be used principally for residential purposes, cannot contain more than 4 dwelling units, and can have no more than 5 roomers or boarders. - correct answer Dwelling Property Program The _________ perils are fire or light...
Producer property & casualty licenseAbandonment Condition - correct answer A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability - correct answer Typ...
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Add to cartProducer property & casualty licenseAbandonment Condition - correct answer A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability - correct answer Typ...
MS Property & Casualty Exam Questions
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Add to cartMS Property & Casualty Exam Questions
Massachusetts Property & Casualty Examrisk - correct answer possibility that a loss will occur insurance - correct answer contract that transfers the risk of financial loss from an individual/business to an insurance company speculative risk - correct answer chance of loss or gain; not insurab...
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Add to cartMassachusetts Property & Casualty Examrisk - correct answer possibility that a loss will occur insurance - correct answer contract that transfers the risk of financial loss from an individual/business to an insurance company speculative risk - correct answer chance of loss or gain; not insurab...
Massachusetts Laws and Regulations That Apply to Property-Casualty InsuranceLicensing: Minimum age to obtain producer's license - correct answer Age 18 Licensing: Lapsed licenses may be reinstated within ___ year(s) of the license renewal date. - correct answer 1 year Licensing: Length of tem...
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Add to cartMassachusetts Laws and Regulations That Apply to Property-Casualty InsuranceLicensing: Minimum age to obtain producer's license - correct answer Age 18 Licensing: Lapsed licenses may be reinstated within ___ year(s) of the license renewal date. - correct answer 1 year Licensing: Length of tem...
MA Property/Casualty exam CH 2A type of property policy that provides coverage for all types of loss except exluded perils is a - correct answer all risk policy The broadest form of property protection is provided by what - correct answer all risk policy which of the following is true regardin...
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Add to cartMA Property/Casualty exam CH 2A type of property policy that provides coverage for all types of loss except exluded perils is a - correct answer all risk policy The broadest form of property protection is provided by what - correct answer all risk policy which of the following is true regardin...
MA Property and Casualty InsuranceAgreement - correct answer The offer and acceptance Consideration - correct answer Exchange of values (premium paid vs promise to pay claims) Legal purpose - correct answer Contract cannot be enforced if based on illegal Unilateral - correct answer Develope...
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Add to cartMA Property and Casualty InsuranceAgreement - correct answer The offer and acceptance Consideration - correct answer Exchange of values (premium paid vs promise to pay claims) Legal purpose - correct answer Contract cannot be enforced if based on illegal Unilateral - correct answer Develope...
Exam fx Property and Casualty Workers Compensation - correct answer Benefits required by state law to be paid to an employee by an employer in the case of injury, disability, or death as the result of an on-the-job hazard. Warranty - correct answer A material stipulation in the policy that if br...
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Add to cartExam fx Property and Casualty Workers Compensation - correct answer Benefits required by state law to be paid to an employee by an employer in the case of injury, disability, or death as the result of an on-the-job hazard. Warranty - correct answer A material stipulation in the policy that if br...
Exam FX - CH 4 - Property & Casualty Insurance BasicsLoss Ratio Formula - correct answer (Incurred Losses + Loss Adjusting Expense)/Earned Premium Insurable Interest - correct answer Ownership Stand to suffer economic loss Components - correct answer Factors that determine rates including los...
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Add to cartExam FX - CH 4 - Property & Casualty Insurance BasicsLoss Ratio Formula - correct answer (Incurred Losses + Loss Adjusting Expense)/Earned Premium Insurable Interest - correct answer Ownership Stand to suffer economic loss Components - correct answer Factors that determine rates including los...
Chapter 6: Automobile Insurance - Property & Casualty Exam 2020 MACompulsory Insurance vs Optional Insurance - correct answer - The 2 categories in Auto insurance policies - Compulsory Insurance has 4 parts that are all required by law - Optional Insurance has 8 parts that are not required, but ma...
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Add to cartChapter 6: Automobile Insurance - Property & Casualty Exam 2020 MACompulsory Insurance vs Optional Insurance - correct answer - The 2 categories in Auto insurance policies - Compulsory Insurance has 4 parts that are all required by law - Optional Insurance has 8 parts that are not required, but ma...
Casualty Insurance Exam Coverage that is triggered when a claim is first made against the insured, regardless of when the injury took place, is known as - correct answer Coverage under the claims-made form According to the other insurance condition, which of the following are methods used to dec...
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Add to cartCasualty Insurance Exam Coverage that is triggered when a claim is first made against the insured, regardless of when the injury took place, is known as - correct answer Coverage under the claims-made form According to the other insurance condition, which of the following are methods used to dec...
A. D. Banker Property & Casualty Practice Exam (MA Auto & State Laws) Damage to a parked car - correct answer Under Part A of the Personal Auto policy, which of the following would be covered? A. Damage to the home the insured owns B. Damage to a parked car C. Damage to property being transpor...
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Add to cartA. D. Banker Property & Casualty Practice Exam (MA Auto & State Laws) Damage to a parked car - correct answer Under Part A of the Personal Auto policy, which of the following would be covered? A. Damage to the home the insured owns B. Damage to a parked car C. Damage to property being transpor...
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