Property and Casualty Exam Prep questions with correct answers

Who is considered the first party to an insurance contract? CORRECT ANSWER The Insured Who is considered the second party to an insurance contract? CORRECT ANSWER The insurance company In a commercial property policy, the company providing the insurance is referred to as: CORRECT ANSWER "We" Insurance Agent CORRECT ANSWER Appointed by the company and are paid commissions for policies sold. Insurance Broker CORRECT ANSWER represents the client to the company. They post a $10,000 bond and charge a fee. Which claim would most likely be covered under "other than collision " CORRECT ANSWER An insured who hit a deer Which of the following characterizes a speculative risk? CORRECT ANSWER A situation that offers the possibility for a loss or a gain. What is the type of loss exposure that would include land and property attached to it? CORRECT ANSWER Liability loss exposure