Study guides, Class notes & Summaries

PSI CA Property and Casualty Practice Examination Questions and Answers 100% Correct 1 Can a lender, as a condition of making a loan, require that any insurance be placed through a particular insurance agent or broker? - Correct Answer ️️ -The loan recipient may always select a particular agent or broker of their choosing 2 A claimant can be any of the following EXCEPT - Correct Answer ️️ -EXCEPT a person who is conducting an investigation of a claim on behalf of an insurer 3 All ...

Property and Casualty Exam Questions and Answers 100% Pass Bailee - Correct Answer ️️ -An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - Correct Answer ️️ -Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - Correct Answer ️️ -A property policy provision that changes the valuation method otherwise applicable (ACV or...

Property and Casualty Insurance EXAM Questions and Answers 100% Pass Specific insurance - Correct Answer ️️ -This type of insurance designates a particular item to be insured Blanket insurance - Correct Answer ️️ -This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - Correct Answer ️️ -possibility of both gain and loss. Not insurable. Pure - Correct Answer ️️ -only the possibilit...

Property & Casualty - Mike Russ Practice Test 100% Correct Insurance broker means a person who, for compensation and on behalf of another person, transacts insurance other than life with, but not on behalf of, an insurer. True or False? - Correct Answer ️️ -False - An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their clients and provide advice in the interests of their clients. Transacting insurance includes: A. Execution of a contract ...

PSI Exam Property and Casualty Questions and Answers 100% pass All of the following are authorized activities for the limited lines automobile insurance agents EXCEPT if the agent - Correct Answer ️️ -Charges and collects a brokers fee for service Which of the following descries a contract of reinsurance? - Correct Answer ️️ -A first insurer issues insurance to compensate another insurer for losses on contracts issued by that second insurer A personal lines licensee is an agent-b...

Property and Casualty Insurance Test Question Notes with 100% Correct Answers What is a peril? - Correct Answer ️️ -A Peril is a cause of loss What is a hazard? - Correct Answer ️️ -Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - Correct Answer ️️ -Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - Correct Answer ️️ - Re...

Property & Casualty License Exam (Review) Questions and Answers 100% Correct A "personal lines" agent or broker is allowed to transact what type of insurance coverage? - Correct Answer ️️ -Noncommercial automobile and residential property. All of the following are PRINCIPLE rating factors in determining automobile insurance premiums EXCEPT: - Correct Answer ️️ -The zip code where the vehicle is housed. What is the primary function of The California Automotive Assigned Risk Plan ...

Property and Casualty Vocabulary Questions and Answers 100% Pass Abandonment - Correct Answer ️️ -The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability - Correct Answer ️️ -some things are inherently so dangerous that liability is absolute or statutory, as in keeping a tiger as a pet, or keeping explosives in the home Accident - Correct Answer ️️ -anything that happens by chance without an apparent cau...