texas property and casualty Questions and Answers 2024

all of the following are basic parts of an insurance contract EXCEPT a) declarations b) conditions c) exclusions d) binders - Correct Answer Binders which of the following terms is used to describe an empty building that is not being used? - Correct Answer Vacant An insurance company takes possession of a damaged auto it has covered. when the company becomes the legal owner of the auto, it is exercising the right of? - Correct Answer Salvage all of the following are property coverage forms EXCEPT? a) special b)basic c)broad d)base - Correct Answer base which of the following legal principles allows insurance companies to collect from a negligent third party damages it paid to an insured? - Correct Answer Subrogation transferring is a method of handling risk. which of the following best describes the concept of transfer? - Correct Answer purchasing insurance the insured has a named peril policy that covers hail, fire, wind, and lightning. which one of the following events would be covered? - Correct Answer A roof that is damaged in an electrical storm (TRIPRA) the federal govt's share of compensation that exceeds the insurer's TRIPRA deductible is - Correct Answer 80% why do ins. policies usually define who is considered an insured under the policy? - Correct Answer to specify who is covered in addition to the named insured the federal govt. is not obligated under the TRIA to make payments for any portion of losses that exceed how much annually? - Correct Answer $100 BILLION in the insurance business, the insurance comp. is also known as the? - Correct Answer principle