TEXAS PROPERTY AND CASUALTY INSURANCE REAL EXAM QUESTIONS AND CORRECT ANSWERS 2024 LATEST EXAM//GRADED A+
TEXAS PROPERTY AND CASUALTY INSURANCE REAL EXAM QUESTIONS AND CORRECT ANSWERS 2024 LATEST EXAM//GRADED A+
TEXAS PROPERTY AND CASUALTY INSURANCE REAL EXAM QUESTIONS AND CORRECT ANSWERS 2024 LA...
TEXAS PROP ERT Y AND CASUALTY INSURANCE REAL EXAM QUESTIONS AND CORRECT ANSWERS 2024 LATEST EXAM//GRADED A+ Accident - answer -A sud den and unexpected event which occurs at a specific time and place. Actual Cash Value (ACV) - answer -The cost to replace an item of property at the time of loss, less an allowance for depreciation. Often used to determine amount of reimbursement for a los s. Additional Living Expense - answer -A coverage designed to reimburse the insured for an increase in living expenses necessitated by loss to the dwelling. This indirect loss must be the result of a direct loss by a covered peril. Adhesion - answer -A cha racteristic of insurance policies that means the contract is prepared by the insurer and is non -negotiable or "one -sided". Admitted Company - answer -A company which meets the state insurance department's standards and is authorized to do business in the s tate. Agent - answer -The state -licensed professional who represents the insurance company in the sale and servicing of insurance. The direct link between the insurance company and the policyholder . Aggregate Limit - answer -A type of policy limit found in liability policies which limits coverage to a specified total amount for all losses occurring within the policy period. Aleatory - answer -A characteristic of insurance contracts, meaning a contract in which equal value is not given by both parties to the contract. Alien Company - answer -An insurance company incorporated in a country other than the United States. Allied Lines - answer -Used to insure additional types of losses to property and sold in conjunction with fire insurance. All-Risk - answer -A term used to indicate that property is covered against all perils except those specifically excluded. Apportionment - answer -A method determining how much will be contributed by each company toward a loss covered under more than one policy. Appurtenant Structures - answer -A structure belonging to the insured and associated with the insured property. (another name for "other structures") Appraisal Clause - answer -A clause which provides a specific procedure when the insured and the insurer ar e in disagreement regarding the amount of a loss. Binder - answer -An acknowledgment (or receipt), usually from the agent, that insurance applied for is in force regardless of any premium settlement. Blanket Position Bond - answer -Fidelity bond which spec ifies a single limit of liability applicable to each employee involved in a loss. Bodily Injury - answer -__________ coverage pays for injuries, sickness, disease, or required care for death that the policyholder is found legally liable for. Boiler and Ma chinery Policy - answer -Insurance which covers the insured against loss (liability and physical damage) arising out of the use of scheduled commercial equipment. Broker - answer -An individual who represents the prospect, instead of the insurance company, in the insurance transaction. Frequently involved in the placement of very large or unusual risks . Burglary - answer -The unlawful taking of property by forced entry into the premises while the premises is closed for business (must be visible evidence of f orced entry or exit). Business Interruption Insurance - answer -A Time -Element coverage which reimburses the insured for loss of earnings due to the inability to operate caused by a covered peril. Casualty Insurance - answer -A broad category of coverage a gainst loss of property, damage, or other liabilities. Includes auto, liability, theft, elevator, glass, aviation, boiler and machinery, worker's comp, bonds, and many other types of insurance. Causes of Loss Form - answer -Commercial property insurance fo rms that establish and define the perils for which coverage is provided and is combined with one or more coverage forms, the commercial property conditions form, the common policy conditions form, and the declarations to make up an ISO commercial property policy. ex: Basic, Broad, Special Claims -Made Coverage Form - answer -Part of the Commercial General Liability coverage part of the CPP. Provides coverage for bodily injury and property damage if a written claim is made during the policy period, regardless of when the injury or damage actually occurred . Coinsurance Clause - answer -A clause that requires an insured to pay part of a loss if the coverage provided under the policy limits is less than a specific percentage of the value of the property at the time of loss. Collision - answer -A type of physical damage insurance which covers loss due to the insured object striking another object. Always written with a deductible, and includes overturning of a vehicle . Commercial Blanket Bond - answer -A bond which covers loss arising from the dishonesty of one or more employees acting separately or in collusion. The limit of liability applies separately to each loss, regardless of the number of employees involved. Comme rcial General Liability (CGL) - answer -A coverage part of the CPP that protects the insured from claims by third parties as the result of business conduct. Commercial Package Policy (CPP) - answer -A commercial insurance policy introduced by ISO in an effo rt to simplify the packaging of the various commercial coverages. Includes coverages for property, liability, inland marine, auto, crime, and boiler & machinery. Comprehensive 3 -D Policy - answer -A crime policy which gives the insured an option of 5 broad coverages: employee dishonesty, loss of money and securities inside and outside the premises, money orders and counterfeit currency, and depositors forgery. Separate limits of liability apply to each coverage and additional coverages are available by endo rsement.
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