Exam FX Property and Casualty Exam | 93 Questions with 100% Correct Answers |GRADED

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 breached may void coverage. Waiver - CORRECT ANSWER The voluntary abandonment of a known or legal right or advantage. Waiting Period - CORRECT ANSWER Time between the beginning of a disability and the start of disability insurance benefits. Vicarious Liability - CORRECT ANSWER A type of liability in which one person is responsible for the acts of another. For example, employers may be vicariously liable for the actions of their employees, and parents may be held responsible for negligent acts of their children. Valued Policy - CORRECT ANSWER A policy used when it is difficult to establish the actual cash value of insured property after a loss occurs because of its rarity or uniqueness. A valued policy provides for payment of the full policy amount in the event of a total loss without regard to actual value or depreciation. Vacant - CORRECT ANSWER A property that has no contents, furnishings, or occupants. Upmost Good Faith - CORRECT ANSWER The fair and equal bargaining by both parties in forming the contract, where the applicant must make full disclosure of risk to the company, and the insurance company must be fair in underwriting the risk. Unoccupied - CORRECT ANSWER A property that has contents or furnishings in it, but is not being used or lived in. Unintentional Tort - CORRECT ANSWER The result of acting without proper care, generally referred to as negligence