Pennsylvania Property and Casualty Wrong Questions with correct answers 2024

Pennsylvania Property and Casualty Wrong Questions Which of the following is not a goal of risk retention? A. To minimize the insureds level of liability in the even of loss B. To reduce expenses and Improve cash flow C. To increase control of claim reserving and claims settlements D. To fund losses that cannot be insured - correct answer A Which of the following insurance options would be considered a risk sharing arrangement? A. Surplus Lines B. Reciprocal C.Stock D. Mutual - correct answer B What is a foreign insurer? A. An insurer with a home office in another country B. an insurer with licensed agents doing business in other countries C. an Insurer with licensed agents who are citizens in more than one country D. An insurer with a home office in another state - correct answer D An insurance contract must contain all fo the following to be considered legally binding except A. Competent parties B. Beneficiary consent C. Offer and acceptance D. Consideration - correct answer B