Property and Casualty Exam Questions and Answers Already Passed

Property and Casualty Exam Questions and Answers Already Passed the one basic characteristic of any type of insurance is that the insured is returned to the same status that existed prior to the loss, but without a chance for gain or profit true which of the following coverages does an open peril policy provide? perils other than those specifically named as being excluded determine the actual cash value in the following situation: original price of office equiptment when purchased 8 years ago- 9,000. depreciated amount at time of fire-5,000 current replacement cost 12,000 7,000 liquor liability need for a dram shot, liquor, or package store inherent vice or defect iron rusting, milk going sour, rubber breaking down are all inherent vices how is hitting an animal on the road covered? other than collision otc medicare supplement insurance aka medical gap insurance. must include core benefits ordinance or law an endorsement for building code upgrades loss sustained/discovery forms under crime coverage loss is for later than the policy period. discovery is for before the policy (loss is later, discovery before) designated brush fire or civil unrest areas qualifying areas under the fair plan stop loss provision used in health insurance to limit the maximum amount of money the insured would have to pay out of pocket on a health claim in any particular claim shortages of inventory under crime insurance the employee dishonesty endorsement never covers can the mortgagee still collect if the insured burns their house down yes, the mortgage clause is a standard provision otc covers earthquake, flood, hail, theft, hitting an animal, gunshots (no collision or upset) law of large numbers the greater the number of insured the more accurately the prediction where does a driver have coverage? U.S. Canada and US possessions eg puerto rico, guam what is excluded under commercial general liability? pollution-with the exception of fuel spilled during normal operations. Pollution is normally covered under cpp or builders risk what is the midi-tail on claims made? provides 5 years coverage for something reported during minitail speculative risk chance for loss or gain commercial package modular policy