5/5/25, 5:07 PM Ohio Property and Casualty 2025 COMPREHENSIVE EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS |RECENTLY…
Ohio Property and Casualty 2025
COMPREHENSIVE EXAM QUESTIONS
|FREQUENTLY TESTED QUESTIONS |RECENTLY
TESTING REAL EXAM QUESTIONS |VERIFIED
SOLUTIONS (100% CORRECT)
Save
Terms in this set (215)
What do individuals use Insurance
to transfer their risk of
loss to a larger group?
What are the four Agreement (Offer and Acceptance), Consideration,
elements of an insurance Competent parties, and legal purpose.
contract?
In the agent/insurer Insurer
relationship, who is
considered the principal?
Insurance contracts are Unequal values are exchanged between the parties
aleatory in nature. What to a contract.
does that mean?
What are the methods of Avoidance, transfer, sharing, retention, and
managing risk? reduction
In insurance contracts, When the insurer approves a prepaid application
when does acceptance
usually occur?
Wagering on a sporting Speculative
event is known as what
type of risk?
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, 5/5/25, 5:07 PM Ohio Property and Casualty 2025 COMPREHENSIVE EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS |RECENTLY…
A situation in which a Pure Risk
person can experience
only a loss and no gain
presents what type of
risk?
What type of insurer is Foreign
formed under the laws of
another state?
When would a When it is intentional and material
misrepresentation on an
insurance application be
considered fraud?
According to the Law of Agent or producer
Agency, who represents
the principal?
What does indemnify To restore an insured to the same financial status as
mean in insurance? before a loss.
What is a warranty in an An absolutely true statement upon which the
insurance contract? validity of the policy depends.
What is the term for the Peril
causes of loss insured
against in an insurance
policy?
What is a risk? Uncertainty of loss
If an insurer holds a Authorized or Admitted
Certificate of Authority, it
is known as what type of
insurer?
Consideration is something of value that each party
What is consideration in
gives to the other. Consideration on the part of the
an insurance contract?
insurer is binding.
What is consideration on A promise to pay in the event of a loss
the part of the insurer?
https://quizlet.com/1039890634/ohio-property-and-casualty-2025-comprehensive-exam-questions-frequently-tested-questions-recently-testing-re… 2/12
Ohio Property and Casualty 2025
COMPREHENSIVE EXAM QUESTIONS
|FREQUENTLY TESTED QUESTIONS |RECENTLY
TESTING REAL EXAM QUESTIONS |VERIFIED
SOLUTIONS (100% CORRECT)
Save
Terms in this set (215)
What do individuals use Insurance
to transfer their risk of
loss to a larger group?
What are the four Agreement (Offer and Acceptance), Consideration,
elements of an insurance Competent parties, and legal purpose.
contract?
In the agent/insurer Insurer
relationship, who is
considered the principal?
Insurance contracts are Unequal values are exchanged between the parties
aleatory in nature. What to a contract.
does that mean?
What are the methods of Avoidance, transfer, sharing, retention, and
managing risk? reduction
In insurance contracts, When the insurer approves a prepaid application
when does acceptance
usually occur?
Wagering on a sporting Speculative
event is known as what
type of risk?
https://quizlet.com/1039890634/ohio-property-and-casualty-2025-comprehensive-exam-questions-frequently-tested-questions-recently-testing-re… 1/12
, 5/5/25, 5:07 PM Ohio Property and Casualty 2025 COMPREHENSIVE EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS |RECENTLY…
A situation in which a Pure Risk
person can experience
only a loss and no gain
presents what type of
risk?
What type of insurer is Foreign
formed under the laws of
another state?
When would a When it is intentional and material
misrepresentation on an
insurance application be
considered fraud?
According to the Law of Agent or producer
Agency, who represents
the principal?
What does indemnify To restore an insured to the same financial status as
mean in insurance? before a loss.
What is a warranty in an An absolutely true statement upon which the
insurance contract? validity of the policy depends.
What is the term for the Peril
causes of loss insured
against in an insurance
policy?
What is a risk? Uncertainty of loss
If an insurer holds a Authorized or Admitted
Certificate of Authority, it
is known as what type of
insurer?
Consideration is something of value that each party
What is consideration in
gives to the other. Consideration on the part of the
an insurance contract?
insurer is binding.
What is consideration on A promise to pay in the event of a loss
the part of the insurer?
https://quizlet.com/1039890634/ohio-property-and-casualty-2025-comprehensive-exam-questions-frequently-tested-questions-recently-testing-re… 2/12
