Texas Property and Casualty Insurance

Texas Insurance License Exam Prep P&C Questions with 100% Correct Answers What are 3 subjects an auto policy covers? 1. Body 2. The vehicle 3. Assets Bodily Injury Types Personal Injury Med Pay Uninsured Motorist No Fault Insurance State stipulates that parties cannot file a claim to the other persons insurance policy unless required in excess. Instead, each party is required to file a primary claim against their own insurance regardless who is at fault. EX. Florida Finan...

Property and Casualty Exam - Texas Questions with 100% Correct Answers ____ is uncertainty of loss risk ____ is a transfer of risk from the insured to the insurer insurance ____ risk means there is no chance of gain. It is insurable. pure ____ risk means there is a chance of a loss or a gain. It is not insurable. speculative a ____ is something that increases the risk. hazard the principle of _____ governs property and casualty policies. It states that the purpose...

Texas Property and Casualty Insurance Exam Questions with 100% Correct Answers Insurance The transfer of the possibility of a loss (risk) from an individual or business to an insurance company, which in turn spreads the costs of unexpected losses to many individuals Law of Large Numbers The larger the number of people with a similar exposure to loss, the more predictable actual losses will be Law of Large Numbers Example When issuing a policy on a 35 year old male, the insurance co...

Texas Property and Casualty Insurance Exam Questions with 100% Correct Answers Which of the following factors concerning the Garage policy is incorrect? -Section 1 is used to list the covered autos with their appropriate symbol - section II is liability coverage - Garage Operations other than covered auto relates to the ownership, maintenance or use of covered autos - Garage operations- covered autos is a coverage available under section II liability Garage Operations other than covered au...

Texas Property and Casualty Insurance Exam Questions with 100% Correct Answers The list of perils covered under a policy is found in which part of the policy Insuring agreement 3 multiple choice options Which of the following statements pertaining to insurance companies is CORRECT? The primary purpose of a stock company is to earn profit for its stockholders. 3 multiple choice options The business Auto Coverage Form uses symbols to denote the vehicles to which each of the policy'...

Texas Property and Casualty Insurance Policies. (State Test) Questions with 100% Correct Answers The businessowners policy liability coverage will pay for necessary medical expenses of others within what maximum time period? 1 Year Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck? Moto truck cargo policy- truckers form In which of the following types of property valuation will the policy pay the full value specified on ...

Texas Personal lines Property & Casualty Exam 2024 Questions with 100% Correct Answers Risk Chance or Uncertainty of a Loss Peril Possible cause of a loss 2 Years The Commissioner of insurance is appointed by the governor for a term of ______ ending on February 1 of each odd-numbered year? 5 Years The Commissioner of insurance MUST have ________ of experience in business or government. $50,000 The Commissioner of insurance must provide a __________ surety bond. (A suret...

Property and Casualty insurance exam Texas Questions with 100% Correct Answers Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk ...

Texas General Lines - Property and Casualty (Law and Regulations) Questions with 100% Correct Answers Licensing Purpose For the protection of the public of this state. Individuals must satisfy the following to be eligible to get a license: -18 years of age or older -Resident of state -Passed exam and pay fees -Filed application and submitted a fingerprint card -Not license for the purpose of selling to themselves, family, or employees Refuse to issue any license if: -Material ...

Texas Property & Casualty License Exam 2024 Questions with 100% Correct Answers Property vs Casualty: What is considered property? Structure & Personal Property Property vs Casualty: What is considered casualty? Non-property losses. Legal liability to others. 3rd Party Risk uncertainty of financial loss Pure Risk Chance of Loss Speculative Risk Chance of Loss or Gain (Gamble) Insurance (covers which type of risk?) Pure Risk Only How does the law of large num...