7/10/25, 8:54 AM Virginia Property and Casualty Insurance EXAM LATEST (2025) COMPLETE QUESTIONS With 100% Verified Solutions, Flashcar…
Virginia Property and Casualty Insurance EXAM
LATEST (2025) COMPLETE QUESTIONS With 100%
Verified Solutions,
Save
Terms in this set (100)
What is based on the Spreading the results of a financial loss among many
principle of Risk Transfer persons, so the cost to any one person is small
What kind of risk has an Speculative Risk
outcome that is uncertain?
What is the reason for a A loss is the reason a claim against an insurance
claim? company.
What is the measure of a Exposure Units
loss?
1. Physical Hazard
Name three types of
2. Moral Hazard
hazards.
3. Morale Hazard
What is a cause of a loss? Perils are the causes of possible loss
What is the common way The most common method of risk transfer is when a
to transfer risk? homeowner purchases insurance on their home..
Insuring risks more prone to losses than an average
Define adverse selection.
risk.
What is the theory of The Law of Large Numbers
probability that is the basis
for insurance?
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, 7/10/25, 8:54 AM Virginia Property and Casualty Insurance EXAM LATEST (2025) COMPLETE QUESTIONS With 100% Verified Solutions, Flashcar…
Who manages a Mutual A Boar of Trustees
Company
What is high risk coverage Surplus Lines Insurers
purchased from an
unauthorized company?
How are insurance Where they are located, chartered, or incorporated.
companies defined?
What protects policy Property and Casualty Insurance Guaranty Association
holders from an insurer's
insolvency?
What must all insurers Certificate of Authority
obtain to conduct
insurance business?
Who does an agent Always deemed to represent an insurer (company)
represent?
What is the authority that Express Authority
is written in a contract?
1. Offer and Acceptance
What are the four 2. Consideration
elements of a contract? 3. Competent Parties
4. Legal Purpose
An agent/broker who handles insurer's funds in a trust
Define a fiduciary.
capacity
What is a value in a The consideration
contract?
What is the fine for A maximum fine of $2,500.00
violating the Fair Credit
Reporting Act?
What must an insured Insurable Interest
have in regards to their
covered property with
their insurer?
https://quizlet.com/1059487034/virginia-property-and-casualty-insurance-exam-latest-2025-complete-questions-with-100-verified-solutions-flash-card… 2/12
Virginia Property and Casualty Insurance EXAM
LATEST (2025) COMPLETE QUESTIONS With 100%
Verified Solutions,
Save
Terms in this set (100)
What is based on the Spreading the results of a financial loss among many
principle of Risk Transfer persons, so the cost to any one person is small
What kind of risk has an Speculative Risk
outcome that is uncertain?
What is the reason for a A loss is the reason a claim against an insurance
claim? company.
What is the measure of a Exposure Units
loss?
1. Physical Hazard
Name three types of
2. Moral Hazard
hazards.
3. Morale Hazard
What is a cause of a loss? Perils are the causes of possible loss
What is the common way The most common method of risk transfer is when a
to transfer risk? homeowner purchases insurance on their home..
Insuring risks more prone to losses than an average
Define adverse selection.
risk.
What is the theory of The Law of Large Numbers
probability that is the basis
for insurance?
https://quizlet.com/1059487034/virginia-property-and-casualty-insurance-exam-latest-2025-complete-questions-with-100-verified-solutions-flash-card… 1/12
, 7/10/25, 8:54 AM Virginia Property and Casualty Insurance EXAM LATEST (2025) COMPLETE QUESTIONS With 100% Verified Solutions, Flashcar…
Who manages a Mutual A Boar of Trustees
Company
What is high risk coverage Surplus Lines Insurers
purchased from an
unauthorized company?
How are insurance Where they are located, chartered, or incorporated.
companies defined?
What protects policy Property and Casualty Insurance Guaranty Association
holders from an insurer's
insolvency?
What must all insurers Certificate of Authority
obtain to conduct
insurance business?
Who does an agent Always deemed to represent an insurer (company)
represent?
What is the authority that Express Authority
is written in a contract?
1. Offer and Acceptance
What are the four 2. Consideration
elements of a contract? 3. Competent Parties
4. Legal Purpose
An agent/broker who handles insurer's funds in a trust
Define a fiduciary.
capacity
What is a value in a The consideration
contract?
What is the fine for A maximum fine of $2,500.00
violating the Fair Credit
Reporting Act?
What must an insured Insurable Interest
have in regards to their
covered property with
their insurer?
https://quizlet.com/1059487034/virginia-property-and-casualty-insurance-exam-latest-2025-complete-questions-with-100-verified-solutions-flash-card… 2/12
