PROPERTY AND CASUALTY EXAM QUESTIONS AND ANSWERS

What is a peril? Perils are the causes of loss insured against in an insurance policy. Any cause of loss. What is a dwelling? Any building or structure, though movable or temporary, or a portion thereof, which is used or ordinarily used by a person for lodging (Residential, Apartment,Home) Declaration Page who, what, when, where, and how much What's a tort a wrongful civil act are torts intentional or unintentional ? both, they could be intentional or unintentional what is an insurer insurance company what is an insured a person liability losses The amount money that the insureds is legally required to pay a third party because of an actual or wrongful act named perils Covered perils are specifically named in the policy collision coverage Coverage for direct and accidental loss or damage to a covered auto caused by collision with another object or by overturn. Personal Auto Policy (PAP) Auto policy that provides property and liability coverage for both owned and non-owned autos of the insured. what is a given input The given input text is an empty array. Boat Owners Policy Most common Watercraft Package Policy. This policy combines property, liability, medical payments, and uninsured boat owners coverage. It fills the coverage gap found in most homeowners policies, particularly with regard to property coverage. Open Peril Term used in property insurance to describe the breadth of coverage provided under an insurance policy form that insures against "any risk of loss" that is not specifically excluded. Commercial Package Policy (CPP) A multi-peril, multiline policy that provides a broad spectrum of Property and Casualty coverages for businesses. In addition to required basic Property and Liability insurance, the insured may add additional Marine, Boiler and Machinery, Glass, Crime, Business Auto or Farm coverages. Property Off Premises This coverage extension extends up to $10,000 in coverage for covered property that is away from the described premises. Coverage is provided while the property is: -Temporarily at a location the insured doesn't own, lease, or operate -In storage at a location the insured leases; or -At a fair, trade show, or exhibition commercial buildings Schools, universities, medical clinics, hospitals, sports stadiums, shopping centers, warehouses, offices, hotels Privately funded, though some projects like schools, courthouses and city offices are publicly funded Owner may or may not be familiar with construction industry practices but they're usually able to select competent professional consultants and arrange the financing of the constructed facilities themselves Specialty architects and engineers engaged for designing a specific building, Builders/contractors my also be specialized only in that building Personal Property coverage form -Debris Removal -Preservation of property -Fire Dept Service Charge -Pollutant Cleanup and renewal Business Owner Policy (BOP) small/med, low risk, great package, A package policy offering property and liability coverages how much time in allowed for medical expenses under Businessowners coverage form ? 1 year open peril basis It's covered for any loss unless it is specifically excluded What is negligence? failure to take proper care in doing something liability insurance insurance that pays for bodily injury and property damage