KY Property & Casualty Insurance Study guides, Class notes & Summaries

KY Property & Casualty Insurance Final Exam Spring 2023 Verfied

Faulty wiring in a home is an example of a: a) loss b) peril c) risk d) hazard - correct answer Hazard When a person buys insurance what method of handling risk has been undertaken? a) transfer b) reduction c) avoidance d) retention - correct answer Transfer In property and casualty insurance, insurable interest must exist: a) at the time a change is made to a policy b) at the time of policy application c) at the time of loss d) at the time of policy solicitation - correct...

KY Property & Casualty Insurance Exam with Standard Questions and Validated Solutions-Score 98% Risk ANSWER Chance or uncertainty of loss Managing Risk ANSWER STARR: Share, Transfer, Avoid, Reduce, Retain Purpose of Insurance ANSWER Transfer risk and responsibility in exchange for payment of a premium Law of Large Numbers ANSWER The more examples used to develop any statistic, the more reliable that statistic will be. Elements of Insurability ANSWER Insurable interest, definite ri...

KY Property and Casualty Insurance Pre-Licensing Exam with Questions and Answers In which of the following would you have an insurable interest? ANSWER a car in which you are still paying on, a home yiu have rented to a tenant Transferring risk ANSWER Insurance is a means of An Inusrable Risk ANSWER Hail damage to a car Peril ANSWER the cause of loss EXAMPLE Fire, flood, volcanoe. Morale Hazard ANSWER Arises Through an individuals carelessness or irresponsible actions. EXAMPLE, le...

KY Property & Casualty Insurance Exam (New 2024/2025 Update) with Latest Questions and Expert Answers Which of the following insurance principles is designed to keep you from profiting by insuring and then destroying OTHER PEOPLE's property? (Pg. 5) A) Indemnification B) Subrogation C) Co-insurance D) Insurable Interest ANSWER Insurable interest All of the following are types of hazards EXCEPT (Pg. 8) A) Morale B) Moral C) Risk D) Physical ANSWER Risk Insurance Services Office ...

KY Property & Casualty Insurance Exam Questions and Answers 2024

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KY Property & Casualty Insurance Exam Already Passed Faulty wiring in a home is an example of a: a) loss b) peril c) risk d) hazard Hazard When a person buys insurance what method of handling risk has been undertaken? a) transfer b) reduction c) avoidance d) retention Transfer In property and casualty insurance, insurable interest must exist: a) at the time a change is made to a policy b) at the time of policy application c) at the time of loss d) at the time of policy solicitation ...

KY Property & Casualty Insurance Exam Questions and Answers (Latest Update 2024)