Texas pro Study guides, Class notes & Summaries

An Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the decision must be made in favor of the insured. The judge was basing this decision on which of the following types of insurance contract? correct answers Contract of adhesion The _____ page in an insu...

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording CORRECT ANSWER B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void CORRECT ANSWER A In th...

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording correct answers B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void correct answers A In ...

Texas Property & Casualty License Exam Questions and Answers (Latest 2024 Update)

Texas Promulgated Contracts-CHAMPIONS STUDY WITH CORRECT SOLUTIONS The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - answerB A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilater...

Texas Promulgated Contracts-CHAMPIONS Exam 2022-2023. The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (...

Texas Property and Casualty Exam Questions and Answers Verified 100% ____ 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 of th...

Texas Property & Casualty Insurance License Exam with Accurate Answers 2023 In order to be considered legally binding, an insurance contract must include all of the following - Offer and acceptance. Competent parties. Consideration (The four essential elements of all legal contracts are offer and acceptance, consideration, legal purpose, and competent parties.) With respect to a bonded contractor who defaults on a construction performance contract, which of the following statements is...

The businessowners policy liability coverage will pay for necessary medical expenses of others within what maximum time period? correct answers 1 Year Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck? correct answers Moto truck cargo policy- truckers form In which of the following types of property valuation will the policy pay the full value specified on the policy schedule, regardless of the insured property's appreciation ...

TEXAS PROMULGATED CONTRACTS FORMS (TREC) 300 ACTUAL EXAM QUESTIONS AND ANSWERS LATEST VERSION 2023/2024 Accessories include _______________, according to TREC-promulgated contract forms. a. Refrigerators b. Stoves c. Washing machines d. Gas dryers - ANSWER-B