Ky insurance test - Property & Casualty 2024 passed

Ky insurance test - Property & Casualty Which of the following insurance principles is designed to keep you from profiting by insuring and then destroying OTHER PEOPLE's property? (Pg. 5) A) Indemnification B) Subrogation C) Co-insurance D) Insurable Interest - correct answer Insurable interest All of the following are types of hazards EXCEPT (Pg. 8) A) Morale B) Moral C) Risk D) Physical - correct answer Risk Insurance Services Office (ISO) - correct answer used to set rates and policy forms of Property and Casualty Insurance companies An applicant who makes an untrue statement on an application for a homeowners policy would be guilty of: A) misrepresentation B) concealment C) fraud D) breach of warranty - correct answer misrepresentation Which of the following is part of the formula for calculating the ACV of a building? (Pg. 69) A) Fair Market Value B) Stated Value C) Original Purchase Price D) Replacement Cost - correct answer Replacement Cost