Michigan Property and Casualty
MichiganLimited
Property
Lines
andExam
Casualty
Michigan
StudyLimited
Property
GuideLines
Questions
andExam
Casualty
and
Study
Answers
Limited
GuideLines
2026_2027.pdf
Questions
Examand
Study
Answers
Guide 2026_2027.pdf
Questions and Answers 2026_2027.pdf
Michigan Property and Casualty Limited
Lines Exam Study Guide Questions and
Answers 2026/2027
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Michigan Property and Casualty
MichiganLimited
Property
Lines
andExam
Casualty
Michigan
StudyLimited
Property
GuideLines
Questions
andExam
Casualty
and
Study
Answers
Limited
GuideLines
2026_2027.pdf
Questions
Examand
Study
Answers
Guide 2026_2027.pdf
Questions and Answers 2026_2027.pdf
,Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
Terms in this set (116)
Personal Contract personal in nature, there must be an insurable interest
Aleatory Contract "a one sided contract" equal value is not given by both parties in the contract.
Policyowner pays small premium - insurer provides a substantial benefit
Contract of Adhesion contract and its provisions are completed by one party - the insurer.
Ambiguities vagueness or uncertainty in the contract will be in favor of the insured
Unilateral Contract Only the insurer must abide by the terms of the contract.
Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
,Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
Conditional Contract both parties to a contract must perform certain duties and follow rules of
conduct to make the contract enforceable
Waiver the giving up of a known or legally enforceable right
Estoppel one party is prevented or estopped from asserting a right that would be to the
detriment of another party
Warranty a statement that is considered and guaranteed to be true
Representation statement made by the applicant that is believed to be true. all statements on the
application are considered to be representations
Concealment the applicant failing to disclose a known material fact on an application
Fraud makes a contract null and void
Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
, Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
Loss Ratios underwriter report card, incurred losses / earned premiums
Class Rates refer to a large group with the same exposures
Individual Rates used when there are not enough similar exposures to justify a class rate
Merit Rates underwriters start with class rates then modify on the likelihood of losses
Schedule Rating usually applies an addition or reduction for special characteristics of the risk
Experience Rating usually applies an addition or reduction for the actual loss experience for the risk
in past years
Retrospective Rating usually adjusts the premium for losses in the same policy year
Errors and Omissions (E&O) Insurance protects agents who are sued by a client who has had financial loss due to
incorrect information given to the agent
Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
MichiganLimited
Property
Lines
andExam
Casualty
Michigan
StudyLimited
Property
GuideLines
Questions
andExam
Casualty
and
Study
Answers
Limited
GuideLines
2026_2027.pdf
Questions
Examand
Study
Answers
Guide 2026_2027.pdf
Questions and Answers 2026_2027.pdf
Michigan Property and Casualty Limited
Lines Exam Study Guide Questions and
Answers 2026/2027
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Michigan Property and Casualty
MichiganLimited
Property
Lines
andExam
Casualty
Michigan
StudyLimited
Property
GuideLines
Questions
andExam
Casualty
and
Study
Answers
Limited
GuideLines
2026_2027.pdf
Questions
Examand
Study
Answers
Guide 2026_2027.pdf
Questions and Answers 2026_2027.pdf
,Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
Terms in this set (116)
Personal Contract personal in nature, there must be an insurable interest
Aleatory Contract "a one sided contract" equal value is not given by both parties in the contract.
Policyowner pays small premium - insurer provides a substantial benefit
Contract of Adhesion contract and its provisions are completed by one party - the insurer.
Ambiguities vagueness or uncertainty in the contract will be in favor of the insured
Unilateral Contract Only the insurer must abide by the terms of the contract.
Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
,Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
Conditional Contract both parties to a contract must perform certain duties and follow rules of
conduct to make the contract enforceable
Waiver the giving up of a known or legally enforceable right
Estoppel one party is prevented or estopped from asserting a right that would be to the
detriment of another party
Warranty a statement that is considered and guaranteed to be true
Representation statement made by the applicant that is believed to be true. all statements on the
application are considered to be representations
Concealment the applicant failing to disclose a known material fact on an application
Fraud makes a contract null and void
Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
, Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
Loss Ratios underwriter report card, incurred losses / earned premiums
Class Rates refer to a large group with the same exposures
Individual Rates used when there are not enough similar exposures to justify a class rate
Merit Rates underwriters start with class rates then modify on the likelihood of losses
Schedule Rating usually applies an addition or reduction for special characteristics of the risk
Experience Rating usually applies an addition or reduction for the actual loss experience for the risk
in past years
Retrospective Rating usually adjusts the premium for losses in the same policy year
Errors and Omissions (E&O) Insurance protects agents who are sued by a client who has had financial loss due to
incorrect information given to the agent
Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf Michigan Property & Casualty Limited Lines Exam Study Guide.pdf
