2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
Utah Property and Casualty Insurance
Questions and Correct Answers | Latest
Update
Absolute Liability
✓ -:- Liability that arises from an extremely dangerous situation. Absolute
liability is often found in cases involving explosives. Also known a s
"strict" liability. For ex you are absolutely liable if you keep a wild animal
as a pet.
Accident
✓ -:- A sudden and unexpected event, occurring at a specific time and
place.
Actual Cash Value (ACV)
✓ -:- The cost to replace an item of property at the time of loss, less an
allowance for depreciation. Often used to determine amount of
reimbursement for a loss (Replacement Cost minus Depreciation.)
Additional Insured
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,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
✓ -:- A person, firm, or corporation other than the Named Insured on a
policy, or a lender named in a mortgage clause, who is protected against
loss by the terms of the policy.
Additional Living Expenses
✓ -:- A coverage designed to reimburse the insured for an increase in
living expenses necessitated by a loss to the dwelling. This Indirect Loss
must be the result of Direct Loss by a covered Peril.
Adjuster
✓ -:- Represents the insurance company and acts for the company in
working on agreements as to the amount of a loss and the liability of the
company.
Admitted Company
✓ -:- A company that meets the state insurance department's standards
and is authorized by the Director to do business in the state.
Agent/Producer
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, 2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
✓ -:- An individual appointed by an insurance company to solicit,
negotiate, effect, or countersign insurance contracts on its behalf.
Aggregate Limit
✓ -:- A type of policy limit found in Liability policies that limits coverage
to a specified total amount for all losses occurring within the policy
period.
Alien Company
✓ -:- An insurance company incorporated in a country other than the
United States
Allied Lines
✓ -:- Property coverages that are closely associated with and frequently
sold with fire insurance: Dwelling Building and Contents form, Earthquake
insurance, Sprinkler Leakage, etc.
All-Risk Insurance
3|P a g e | G r a d e A + | 2 0 2 0 2 5
Utah Property and Casualty Insurance
Questions and Correct Answers | Latest
Update
Absolute Liability
✓ -:- Liability that arises from an extremely dangerous situation. Absolute
liability is often found in cases involving explosives. Also known a s
"strict" liability. For ex you are absolutely liable if you keep a wild animal
as a pet.
Accident
✓ -:- A sudden and unexpected event, occurring at a specific time and
place.
Actual Cash Value (ACV)
✓ -:- The cost to replace an item of property at the time of loss, less an
allowance for depreciation. Often used to determine amount of
reimbursement for a loss (Replacement Cost minus Depreciation.)
Additional Insured
1|P a g e | G r a d e A + | 2 0 2 0 2 5
,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
✓ -:- A person, firm, or corporation other than the Named Insured on a
policy, or a lender named in a mortgage clause, who is protected against
loss by the terms of the policy.
Additional Living Expenses
✓ -:- A coverage designed to reimburse the insured for an increase in
living expenses necessitated by a loss to the dwelling. This Indirect Loss
must be the result of Direct Loss by a covered Peril.
Adjuster
✓ -:- Represents the insurance company and acts for the company in
working on agreements as to the amount of a loss and the liability of the
company.
Admitted Company
✓ -:- A company that meets the state insurance department's standards
and is authorized by the Director to do business in the state.
Agent/Producer
2|P a g e | G r a d e A + | 2 0 2 0 2 5
, 2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
✓ -:- An individual appointed by an insurance company to solicit,
negotiate, effect, or countersign insurance contracts on its behalf.
Aggregate Limit
✓ -:- A type of policy limit found in Liability policies that limits coverage
to a specified total amount for all losses occurring within the policy
period.
Alien Company
✓ -:- An insurance company incorporated in a country other than the
United States
Allied Lines
✓ -:- Property coverages that are closely associated with and frequently
sold with fire insurance: Dwelling Building and Contents form, Earthquake
insurance, Sprinkler Leakage, etc.
All-Risk Insurance
3|P a g e | G r a d e A + | 2 0 2 0 2 5
