Fl Property and Casualty Insurance Basics Pre Exam Questions With Solved Solutions 2024.

Financial(monetary interest) Blood(a relative) Business(a business partner) - Answer 3 elements of insurable risk at the time of the loss - Answer In property and casualty insurance, insurable interest must exist __ ___ ____ __ ___ ____ insured - Answer anyone who is covered under the policy, whether named or not named insured - Answer the individual whose name appears on the policy's declaration first named insured - Answer the individual whose name appears first on the policy's declaration. additional insureds - Answer Individuals or business that are not named as insured on the declaration page, but are protected by the policy, usually in regard to a specific interest. accident - Answer A sudden, unplanned and unexpected event, not under the control of the insured, resulting in injury or damage that is neither expected nor intended. occurrence - Answer a broader definition of loss than accident because it includes those losses caused by continuous or repeated exposure to conditions resulting in injury to persons or damage to property that is neither intended nor expected peril - Answer a specific cause of loss; includes fire, wind, hail, and explosions