Property and Casualty Exam questions with correct answers

Bailee CORRECT ANSWER An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard CORRECT ANSWER Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value CORRECT ANSWER A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buyer would pay for the property purches from a willing seller Insurable Interest (limit of liability) CORRECT ANSWER Specifies that the insurer will not be responsible for an amount which is greater than the financial interest of an insured person or more that the limit of liability stated on the Declarations Page Actual Cash Value (ACV) CORRECT ANSWER The policy pays for the cost to repair or replace the damaged property at the time of loss, less depreciation Deductible CORRECT ANSWER The amount of money which the insured party must pay before the insurance company's own coverage plan begins.