Complete Study Guide | Actual Exam
Questions & Correct Answers (Verified
Quiz_________________?
Abandonment Condition -
Answer✅
A condition often contained in property insurance policies that states that the insured
cannot abandon damaged property to the insurer and demand to be reimbursed for its full
value.
Quiz_________________?
Absolute Liability -
Answer✅
Type of liability imposed by law on those participating in certain activities that are
considered especially hazardous; a person involved in such operations may be held liable for
the damages of another even though the individual was not negligent
Quiz_________________?
Accident -
Answer✅
A loss that occurs at a specific time and place
Quiz_________________?
Actual Cash Value (ACV) -
1
, Answer✅
Today's replacement cost minus depreciation. Depreciation from wear and tear, or
obsolescence.
Quiz_________________?
Additional Coverage; Coverage Extensions; Extended Coverages; Other Coverages -
Answer✅
Supplement insurance coverage that apply only in certain circumstances, have reduced or
separate limits of liability, or require the insured to meet certain requirements before they
are applicable
Quiz_________________?
admitted insurer; authorized insurer -
Answer✅
Company that meets a state insurance department's standards and is allowed to do business
in that state.
Quiz_________________?
Adverse Selection -
Answer✅
the tendency of insureds with a greater than average chance of loss to purchase insurance
Quiz_________________?
Advertising Injury -
Answer✅
Coverage in the CGL that covers losses caused by oral or written material that slanders or
libels, violates privacy rights or infringes on copyrights, titles or slogans.
Quiz_________________?
Aggregate Limit -
2
, Answer✅
Type of policy limit found in liability policies that limits coverage to a specified total amount
for all losses occurring within the policy period
Quiz_________________?
Annual Transit Policy -
Answer✅
Nonfiled commercial inland marine transportation form that insures a property owner's
incoming or outgoing shipments of goods during a year
Quiz_________________?
Appraisal Clause -
Answer✅
A survey of property to determine the insurable value of the property or the value of the
loss sustained.
Quiz_________________?
Appraisal Condition -
Answer✅
Policy condition that outlines a procedure for when the insured and insurer disagree on the
amount of a loss
Quiz_________________?
Appurtenant Structures -
Answer✅
Buildings of lesser value that are on the same premises as the main building insured under a
property policy; they are usually covered by the policy.
Quiz_________________?
Assigned Risk Plan; Automobile Insurance Plan -
3
Questions & Correct Answers (Verified
Quiz_________________?
Abandonment Condition -
Answer✅
A condition often contained in property insurance policies that states that the insured
cannot abandon damaged property to the insurer and demand to be reimbursed for its full
value.
Quiz_________________?
Absolute Liability -
Answer✅
Type of liability imposed by law on those participating in certain activities that are
considered especially hazardous; a person involved in such operations may be held liable for
the damages of another even though the individual was not negligent
Quiz_________________?
Accident -
Answer✅
A loss that occurs at a specific time and place
Quiz_________________?
Actual Cash Value (ACV) -
1
, Answer✅
Today's replacement cost minus depreciation. Depreciation from wear and tear, or
obsolescence.
Quiz_________________?
Additional Coverage; Coverage Extensions; Extended Coverages; Other Coverages -
Answer✅
Supplement insurance coverage that apply only in certain circumstances, have reduced or
separate limits of liability, or require the insured to meet certain requirements before they
are applicable
Quiz_________________?
admitted insurer; authorized insurer -
Answer✅
Company that meets a state insurance department's standards and is allowed to do business
in that state.
Quiz_________________?
Adverse Selection -
Answer✅
the tendency of insureds with a greater than average chance of loss to purchase insurance
Quiz_________________?
Advertising Injury -
Answer✅
Coverage in the CGL that covers losses caused by oral or written material that slanders or
libels, violates privacy rights or infringes on copyrights, titles or slogans.
Quiz_________________?
Aggregate Limit -
2
, Answer✅
Type of policy limit found in liability policies that limits coverage to a specified total amount
for all losses occurring within the policy period
Quiz_________________?
Annual Transit Policy -
Answer✅
Nonfiled commercial inland marine transportation form that insures a property owner's
incoming or outgoing shipments of goods during a year
Quiz_________________?
Appraisal Clause -
Answer✅
A survey of property to determine the insurable value of the property or the value of the
loss sustained.
Quiz_________________?
Appraisal Condition -
Answer✅
Policy condition that outlines a procedure for when the insured and insurer disagree on the
amount of a loss
Quiz_________________?
Appurtenant Structures -
Answer✅
Buildings of lesser value that are on the same premises as the main building insured under a
property policy; they are usually covered by the policy.
Quiz_________________?
Assigned Risk Plan; Automobile Insurance Plan -
3
