California Property And Casualty Exam With Latest Updated Solutions 2024

California Property And Casualty Exam With Latest Updated Solutions 2024 The process where by a mutul insurer becomes a stock company is called - correct answer.Demutalization The process whereby a stock company a mutal insurer is called - correct answer.Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - correct answer.Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - correct answer.Declaration Part of the policy that establishes limits upon the insurer and the insured with the insuance policy - correct answer.Conditions Which are the characterics of negligence - correct answer.Duty,breach,proximate cause, damages Which of the following is not a federal program - correct answer.Worker' compensation Absolute risk(liability) is imposed - correct answer.When there is negligence whether proven or not X is in an accident with Y. X suffers $5000 of damage but it is determined that X is 60% responsible for the accident. How much would X receive under CONTRIBUTORY negligence rules? - correct answer.$0 what is the main purpose of tort law - correct determine financial responsibillty for damage what of the following is not considered an intentional tort? - correct answer.Auto accident Which of the following statements is true regarding compensatory damages? - correct answer.There is usually no direct correlation between the amount of general and special damages awarded to the victim The insurer decides not to renewan insured's personal auto policy. How much notice must the insurer provide to the insured - correct answer.30 days an insured's loss reserve for a claim isan estimate of the amount insurer will pay for present and future loss, which of the following is an example of loss prevention - correct answer.a homeowner decides not to install a pool in the backyard which of the following describes the act of making a false entry in any book statement of report of any insurer with the intent to device any examiner lawfully appointed to examine the insured's - correct unfair practice a person can base his/her claim for liability on the basis of all of the following EXCEPT - correct h of liability the term "assignment"refers to - correct transfer of the insured's interest in a policy to another party the term "subrogation" refers to - correct insured's right to recover payment from a responsible 3rd party insur's right to recover the payment of the claim after they paid the insured for their property losses a negligent 3rd party is know as, - correct gation an insurance deductible is - correct amount of covered expense that the insured pays before the insurer pays, all of the following are requirements for a notice by mail to an insured by insurer except - correct e must be sent with return receipt required which of the following is considered special damages - correct answer.Compensation for time away from work Which advisory organization(s) develop forms for the standard market? - correct answer.Insurane service office and American association of insurances Which of the following would be considered special dmamges? - correct answer.Lost wages