1
For Expert help and assignment solutions, +254707240657
Property and Casualty Exam - Texas
Questions and Answers (100% Correct
Answers) Already Graded A+
____ is uncertainty of loss[ ANS: ]risk
____ is a transfer of risk from the insured to the insurer[ ANS:
]insurance
© 2025 Assignment Expert
____ 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
Guru01 - Stuvia
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
, 2
For Expert help and assignment solutions, +254707240657
_______ 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
a ____ is a literal truth[ ANS: ]warranty
© 2025 Assignment Expert
a _______ is a substantial truth. in insurance, statements of the
applicant/policyowner are _______ - true to the best of their
knowledge[ ANS: ]representation
Guru01 - Stuvia
______ is an omission of a material fact.[ ANS: ]concealment
the insurer has the right to sue a negligent third party for damages
paid to an insured under the concept of ______[ ANS: ]subrogation
four parts of a policy[ ANS: ]DICE (declarations, insuring
agreement, conditions, and exclusions)
the ______ list the named insured, policy limits, and premium and
policy period[ ANS: ]declarations
the ____ __ ____ are found on the declaration page of the policy[
ANS: ]limits of liability
the _______ _______ describes the coverages provided[ ANS:
]insuring agreement
the _______ list the obligations of both parties, the insurer and the
insured[ ANS: ]conditions
, 3
For Expert help and assignment solutions, +254707240657
the ______ list the perils that are not covered[ ANS: ]exclusions
If the Insurer and the Insured disagree that the liability policy does
or does not provide coverage, the claim will go to _____[ ANS:
]arbitration
in _____ each party pays for one and a half persons involved[ ANS:
]arbitration
in arbitration there are _____ arbitrators[ ANS: ]three
© 2025 Assignment Expert
the cancellation provisions are found in the ________ section of the
policy[ ANS: ]conditions
the insured must promptly tell the insurer about a ______[ ANS:
Guru01 - Stuvia
]claim
the other insurance clause is also known as the ____-____ _____
_______[ ANS: ]pro-rata liability clause
_____-____ does not mean equal, it is proportionate[ ANS: ]pro-rata
the _____ _____ _____ act protects consumers against the
circulation of inaccurate or obsolete personal or financial
information.[ ANS: ]fair credit reporting act
the ____-____-____ act requires that a customer be given out a
privacy notice at the time the customer relationship is initially
established and thereafter annually.[ ANS: ]gramm-leach-bliley
act
the ____ ____ insurance act applies to commercial policies only[
ANS: ]terrorism risk insurance act (TRIA)
, 4
For Expert help and assignment solutions, +254707240657
the main difference between the various _____ _____ forms is the
property perils insured against[ ANS: ]dwelling policy (DP)
DP policies do not cover personal liability, although it can be
added by adding an endorsement known as a _____ ______ ______
for an additional premium charge[ ANS: ]personal liability
supplement
DP policies contain general exclusions for damage due to war,
nuclear hazard, and flood but not _____[ ANS: ]wind
© 2025 Assignment Expert
on a dwelling policy, other structures coverage will apply to a
structure rented out as a _____ _____[ ANS: ]private garage
DP policies do not cover _______ of ______ after 60 days of
Guru01 - Stuvia
vacancy[ ANS: ]breakage of glass
DP policies do not cover _____ of _____ unless the heat was left on[
ANS: ]freezing of plumbing
the _____ on which the insured dwelling sits on is not insurable[
ANS: ]land
_____ _____, also known as the automatic increase endorsement,
must be added to a DP policy by endorsement[ ANS: ]inflation
guard
a loss from rain or dust would only be covered if an opening in the
dwelling ____ or ____ was first created by wind or another covered
cause of loss[ ANS: ]roof or walls
when a dwelling is covered by more than one policy, losses are
shared ____-____ under the other insurance clause. this may also
be referred to ad the _____-____ liability clause[ ANS: ]pro-rata
For Expert help and assignment solutions, +254707240657
Property and Casualty Exam - Texas
Questions and Answers (100% Correct
Answers) Already Graded A+
____ is uncertainty of loss[ ANS: ]risk
____ is a transfer of risk from the insured to the insurer[ ANS:
]insurance
© 2025 Assignment Expert
____ 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
Guru01 - Stuvia
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
, 2
For Expert help and assignment solutions, +254707240657
_______ 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
a ____ is a literal truth[ ANS: ]warranty
© 2025 Assignment Expert
a _______ is a substantial truth. in insurance, statements of the
applicant/policyowner are _______ - true to the best of their
knowledge[ ANS: ]representation
Guru01 - Stuvia
______ is an omission of a material fact.[ ANS: ]concealment
the insurer has the right to sue a negligent third party for damages
paid to an insured under the concept of ______[ ANS: ]subrogation
four parts of a policy[ ANS: ]DICE (declarations, insuring
agreement, conditions, and exclusions)
the ______ list the named insured, policy limits, and premium and
policy period[ ANS: ]declarations
the ____ __ ____ are found on the declaration page of the policy[
ANS: ]limits of liability
the _______ _______ describes the coverages provided[ ANS:
]insuring agreement
the _______ list the obligations of both parties, the insurer and the
insured[ ANS: ]conditions
, 3
For Expert help and assignment solutions, +254707240657
the ______ list the perils that are not covered[ ANS: ]exclusions
If the Insurer and the Insured disagree that the liability policy does
or does not provide coverage, the claim will go to _____[ ANS:
]arbitration
in _____ each party pays for one and a half persons involved[ ANS:
]arbitration
in arbitration there are _____ arbitrators[ ANS: ]three
© 2025 Assignment Expert
the cancellation provisions are found in the ________ section of the
policy[ ANS: ]conditions
the insured must promptly tell the insurer about a ______[ ANS:
Guru01 - Stuvia
]claim
the other insurance clause is also known as the ____-____ _____
_______[ ANS: ]pro-rata liability clause
_____-____ does not mean equal, it is proportionate[ ANS: ]pro-rata
the _____ _____ _____ act protects consumers against the
circulation of inaccurate or obsolete personal or financial
information.[ ANS: ]fair credit reporting act
the ____-____-____ act requires that a customer be given out a
privacy notice at the time the customer relationship is initially
established and thereafter annually.[ ANS: ]gramm-leach-bliley
act
the ____ ____ insurance act applies to commercial policies only[
ANS: ]terrorism risk insurance act (TRIA)
, 4
For Expert help and assignment solutions, +254707240657
the main difference between the various _____ _____ forms is the
property perils insured against[ ANS: ]dwelling policy (DP)
DP policies do not cover personal liability, although it can be
added by adding an endorsement known as a _____ ______ ______
for an additional premium charge[ ANS: ]personal liability
supplement
DP policies contain general exclusions for damage due to war,
nuclear hazard, and flood but not _____[ ANS: ]wind
© 2025 Assignment Expert
on a dwelling policy, other structures coverage will apply to a
structure rented out as a _____ _____[ ANS: ]private garage
DP policies do not cover _______ of ______ after 60 days of
Guru01 - Stuvia
vacancy[ ANS: ]breakage of glass
DP policies do not cover _____ of _____ unless the heat was left on[
ANS: ]freezing of plumbing
the _____ on which the insured dwelling sits on is not insurable[
ANS: ]land
_____ _____, also known as the automatic increase endorsement,
must be added to a DP policy by endorsement[ ANS: ]inflation
guard
a loss from rain or dust would only be covered if an opening in the
dwelling ____ or ____ was first created by wind or another covered
cause of loss[ ANS: ]roof or walls
when a dwelling is covered by more than one policy, losses are
shared ____-____ under the other insurance clause. this may also
be referred to ad the _____-____ liability clause[ ANS: ]pro-rata
