California property and casualty exam

California property and casualty exam, Pool Qu
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r)p-p ✅✅p Demutalization



Thepprocesspwherebypapstockpcompanypapmutalpinsurerpispcalledp (CorrectpAnswer)p -p ✅✅
Mutalization



Thepprovisionpinpappropertyppolicypwhichpstatespthatpthepinsuredphaspbeenppaidpupptoptheirpi
nsurablepinterestpispp(CorrectpAnswer)p -p ✅✅p Valuationpclause



Theppartpofptheppolicypthatpstatespthepamoutpofpcoveragepthepinsuredppropertyppolicypperiod
p isp(CorrectpAnswer)p -p✅✅p Declaration



Partpofptheppolicypthatpestablishesplimitspuponpthepinsurerpandpthepinsuredpwithpthepi
nsuanceppolicyp(CorrectpAnswer)p-p ✅✅p Conditions



Whichparepthepcharactericspofpnegligencep (CorrectpAnswer)p -p✅✅
Duty,breach,proximatepcause,pdamages



Whichpofpthepfollowingpispnotpapfederalpprogramp (CorrectpAnswer)p-
p ✅✅p Worker'pcompensation

,Absoluteprisk(liability)pispimposedp(CorrectpAnswer)p -
p ✅✅p Whenptherepispnegligencepwhetherpprovenporpnot



XpispinpanpaccidentpwithpY.pXpsuffersp$5000pofpdamagepbutpitpispdeterminedpthatpXpisp60%pres
ponsiblepforpthepaccident.pHowpmuchpwouldpXpreceivepunderpCONTRIBUTORYpnegligenc
eprules?p (CorrectpAnswer)p-p ✅✅p $0



whatpispthepmainppurposepofptortplawp (CorrectpAnswer)p-
p ✅✅p topdeterminepfinancialpresponsibilltypforpdamage



whatpofpthepfollowingpispnotpconsideredpanpintentionalptort?p (CorrectpAnswer)p -p ✅✅
Autopaccident



Whichpofpthepfollowingpstatementspisptruepregardingpcompensatorypdamages?p (Correctp
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p


damagespawardedptopthepvictim



Thepinsurerpdecidespnotptoprenewanpinsured'sppersonalpautoppolicy.pHowpmuchpnoticep
mustpthepinsurerpprovideptopthepinsuredp (CorrectpAnswer)pp-p✅✅p 30pdays



anpinsured'splosspreservepforpapclaimpisanpestimatepofpthepamountpinsurerpwillppaypforpprese
ntpandpfutureploss,pwhichpofpthepfollowingpispanpexamplepofplossppreventionp(CorrectpAnswe
r)p-p ✅✅p aphomeownerpdecidespnotptopinstallpappoolpinpthepbackyard



whichpofpthepfollowingpdescribespthepactpofpmakingpapfalsepentrypinpanypbookpstatementpofpr
eportpofpanypinsurerpwithpthepintentptopdevicepanypexaminerplawfullypappointedptopexamin
epthepinsured'sp(CorrectpAnswer)p-p ✅✅p anpunfairppractice

,appersonpcanpbasephis/herpclaimpforpliabilityponpthepbasispofpallpofpthepfollowingpEXCEPTp(
CorrectpAnswer)p-p ✅✅p breachpofpliability



theptermp"assignment"refersptop (CorrectpAnswer)p-
p ✅✅p theptransferpofpthepinsured'spinterestpinpappolicyptopanotherpparty



theptermp"subrogation"prefersptop (CorrectpAnswer)p-
p ✅✅p thepinsured'sprightptoprecoverppaymentpfrompapresponsiblep3rdpparty



insur'sprightptoprecoverptheppaymentpofpthepclaimpafterptheyppaidpthepinsuredpforptheirpprop
ertyplossespapnegligentp3rdppartypispknowpas,p (CorrectpAnswer)p -p ✅✅p subrogation



anpinsurancepdeductiblepisp (CorrectpAnswer)p-
p ✅✅p thepamountpofpcoveredpexpensepthatpthepinsuredppayspbeforepthepinsurerppays,



allpofpthepfollowingpareprequirementspforpapnoticepbypmailptopanpinsuredpbypinsurerpexceptp(
CorrectpAnswer)p-p ✅✅p noticepmustpbepsentpwithpreturnpreceiptprequired



whichpofpthepfollowingpispconsideredpspecialpdamagesp (CorrectpAnswer)p-p ✅✅
Compensationpforptimepawaypfrompwork



Whichpadvisoryporganization(s)pdeveloppformspforpthepstandardpmarket?p(CorrectpA
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Whichpofpthepfollowingpwouldpbepconsideredpspecialpdmamges?p (CorrectpAnswer)p-p ✅✅
Lostpwages

, WhatpdopthepinitialspS.tA.R.Rpreperesent?p (CorrectpAnswer)p -
p ✅✅p Methodspofpriskpmamagement



Allpofpthepfollowingpwouldpbepconsideredpbenfitspofpinsurancepexceptpp(CorrectpAnswer)p-
✅✅p Retentionpofplosspbypthepinsured



Whatpgivespanpinsuredppartyptheprightptopseekpcompensationpifpitpispprovenpthatpanotherpper
sonpwithpnegligencepcontributedptopthepinjuryp (CorrectpAnswer)p-p ✅✅p Tortplaw



WhatpofpthepfollowingpispNOTponepthepthreepmainptypespofpinsuranceplossesp (CorrectpAnsw
er)p-p ✅✅p Financialploss



Underpapspecialpcausepofplosspformpifpaplandslidepispcausedpbypanpunnaturalpflowpofpwaterp
dueptopimproperpgrading,ptheplosspis,p(CorrectpAnswer)p-
p ✅✅pExcludedpunderpthepconcurrentpcausation



Anpopenpperilppolicypprotectspagaginstptheplosspfromp (CorrectpAnswer)p-
p ✅✅p Anypperil,potherpthanpthosepspecificallypexcluded



Whatpfactorpsupportdpthepprinciplepofpindemnity?p (CorrectpAnswer)p -
p ✅✅p Insurablepinterest



Allpofpthepfollowingparepcharacteristicspofpanpideallypinsurableplosspexposure"except"p(Corre
ctpAnswer)p-p ✅✅p Lossespthatparepcatastrophic



Thepamountptopreplaceppropertypwithp"plikeppropertypofpthepsamepqualitypandpconstruction"pi
sptheppropertiesp (CorrectpAnswer)pp-p ✅✅p Replacementpvalue