Michigan Property & Casualty
Quiz_________________?
- 1-4 unit dwellings w/ boarders
- vacation/rental
- endorsement for: mobile home & under construction -
ANSWER✅
Eligible Dwellings
Quiz_________________?
-not homeowners insurance
-does not have to be owners-occupied
-covers risk that may not be covered by homeowners
DP-1: Basic
DP-2: Broad
DP-3: Special -
ANSWER✅
Dwelling Insurance
1
, Quiz_________________?
(Policy Limit of 1 company/limits of all companies)*loss -
ANSWER✅
Pro Rata Equation
Quiz_________________?
A condition of carelessness or indifference that increases the frequency or severity of loss. -
ANSWER✅
Morale Hazard
Quiz_________________?
a mutual insurance company formed to insure people in the same business, occupation, or
profession -
ANSWER✅
Risk Retention Group (RRG)
Quiz_________________?
a person or business temporarily in possession of property entrusted to them by others -
ANSWER✅
Bailee
Quiz_________________?
a physical condition that increases the frequency or severity of loss -
2
, ANSWER✅
Physical Hazard
Quiz_________________?
A principle stating that the larger the number of similar exposure units considered, the
more closely the losses reported will equal the underlying probability of loss. -
ANSWER✅
Law of Large Numbers
Quiz_________________?
A promise -
ANSWER✅
warranty
Quiz_________________?
a report card of the company -
ANSWER✅
Financial Strength Rating
Quiz_________________?
a statement believed to be true to the best of one's knowledge -
ANSWER✅
Representation
3
Quiz_________________?
- 1-4 unit dwellings w/ boarders
- vacation/rental
- endorsement for: mobile home & under construction -
ANSWER✅
Eligible Dwellings
Quiz_________________?
-not homeowners insurance
-does not have to be owners-occupied
-covers risk that may not be covered by homeowners
DP-1: Basic
DP-2: Broad
DP-3: Special -
ANSWER✅
Dwelling Insurance
1
, Quiz_________________?
(Policy Limit of 1 company/limits of all companies)*loss -
ANSWER✅
Pro Rata Equation
Quiz_________________?
A condition of carelessness or indifference that increases the frequency or severity of loss. -
ANSWER✅
Morale Hazard
Quiz_________________?
a mutual insurance company formed to insure people in the same business, occupation, or
profession -
ANSWER✅
Risk Retention Group (RRG)
Quiz_________________?
a person or business temporarily in possession of property entrusted to them by others -
ANSWER✅
Bailee
Quiz_________________?
a physical condition that increases the frequency or severity of loss -
2
, ANSWER✅
Physical Hazard
Quiz_________________?
A principle stating that the larger the number of similar exposure units considered, the
more closely the losses reported will equal the underlying probability of loss. -
ANSWER✅
Law of Large Numbers
Quiz_________________?
A promise -
ANSWER✅
warranty
Quiz_________________?
a report card of the company -
ANSWER✅
Financial Strength Rating
Quiz_________________?
a statement believed to be true to the best of one's knowledge -
ANSWER✅
Representation
3
