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Basics of Property and Casualty Insurance Questions
Terms in this set (19)
The Purpose of the conditions section of an insurance policy is to
List the OBLIGATIONS of the insured and the insurance company
Fair Credit Reporting Act
Act that protects privacy of background information and ensures that information supplied is accurate.
To Cancel the notice must be given to the consumer no later than three days after a report is requested.
Which best describes a short-rate cancellation?
Upon cancellation, the insurer keeps all earned premium plus overhead expenses incurred.
The insured is looking for the amount of coverage in a property and casualty policy. This information would be found in the.....?
The list of perils covered under a policy is found in which part of the policy?
In describing the concept of subrogation, the insurer claims the right to
collect from the concept of subrogation, the insurer claims the right to
What does the liberalization clause do to a property policy?
An insurance company may measure its underwriting profitability by using which of the following ratios?
An insurance binder is best described as
temporary short-term evidence of coverage
When an insurance company cancels a policy, what is the method used to determine the premium due?
All the following are basic ways in which underwriters assign rates
1. Experience (Merit) Rating
2. Manuel (Class) Rating
3. Judgement rating
Which of the following components of an insurance contract information about the risk, the effective data of coverage, deductible, premium amounts, coinsurance percentage, and location of the insured property?
The coverages offered by an insurance policy are described in the
Which is the following is NOT a basic way in which underwriters assign rates...?
The procedure for resolving a disagreement between an insured and an insurance company about a loss is described in which of the following parts of an insurance policy?
Which of the following policy provisions restricts certain risks from coverage?
The amounts of coverage and limits of liability are found in which of the following sections of a policy?
Which of the following legal principles allows insurance companies to collect from a negligent third party damages it paid to an insured?
A policy may be amended only with
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