Texas Property and Casualty practice exam

#28. When applying for an individual life insurance policy, an applicant states that he went to the doctor for nausea, but fails to mention that he was also having severe chest pains. This is an example of - correct answersconcealment A homeowner sells his house to a friend. The friend wants to keep the homeowner's current policy in effect. Under the assignment provision, which of the following is most likely? - correct answersThe homeowner will need to get written consent from the insurer before the policy can be reassigned. A premium discount is the term that describes when an insured owes a total standard premium greater than - correct answers$5,000 All of the following are considered parts of the policy structure EXCEPT - correct answersProvisions All of the following are true regarding deposit premium - correct answersIt must be paid in advance. It is an estimated premium paid at the policy issue. It could be adjusted by the audit. Deposit premium is an estimated premium paid in advance at the time the policy is issued that may be adjusted by the audit based on actual exposures. All of the following statements describe the concept of strict liability EXCEPT - correct answersIt is imposed on defendants engaged in hazardous activities An insured is applying for a casualty insurance policy. One of the conditions of the policy allows the insurance company to inspect the insured's books at the end of the policy term to make sure sufficient premium has been collected for the exposure she plans to insure. Which condition is part of the insured's policy? - correct answersDeposit premium audit Deposit premium audit is a condition that allows an insurer to inspect the insure