Property and Casualty Exam - Texas Questions And Answers

Property and Casualty Exam - Texas Questions And Answers ____ is uncertainty of loss - ANS risk ____ is a transfer of risk from the insured to the insurer - ANS insurance ____ risk means there is no chance of gain. It is insurable. - ANS pure ____ risk means there is a chance of a loss or a gain. It is not insurable. - ANS speculative a ____ is something that increases the risk. - ANS hazard the principle of _____ governs property and casualty policies. It states that the purpose of the policy is to restore the insured financially to where they were prior to the loss - ANS indemnity _____ _____ must exist on a casualty policy at time of loss in order for the policy to provide coverage. - ANS insurable interest the law of _____ _____ is used to predict the likelihood of loss - ANS large numbers ____ ____ ____ is replacement cost minus depreciation. - ANS actual cash value ________ is a tort, or civil wrong; it is grounds for a lawsuit. - ANS Negligence _______ is the failure to act as a reasonable person would in the same set of circumstances - ANS negligence an _____ happens over a period of time - ANS Occurrence a _____ may be oral or written - ANS binder a _____ provides coverage until the policy is issued. it includes all coverages provided by the policy. - ANS binder