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Study sets matching "casualty insurance california fire"

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Study sets matching "casualty insurance california fire"

77 terms
California Property and Casualty Insurance Test
The term "Time element Coverage" is us…
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
The term time element coverage is used for many indirect loss…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
The term "Time element Coverage" is us…
The term time element coverage is used for many indirect loss…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
77 terms
California Property and Casualty Insurance Test
The term "Time element Coverage" is us…
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
The term time element coverage is used for many indirect loss…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
The term "Time element Coverage" is us…
The term time element coverage is used for many indirect loss…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
76 terms
California Property and Casualty Insurance Test
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
Which losses are excluded under the ph…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
Damage to a covered auto while being used as apart of a car p…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
Are Vehicles eligible for a Personal A…
Generally, four-wheel private passenger autos, pickups, and v…
77 terms
California Property and Casualty Insurance Test
The term "Time element Coverage" is us…
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
The term time element coverage is used for many indirect loss…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
The term "Time element Coverage" is us…
The term time element coverage is used for many indirect loss…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
77 terms
California Property and Casualty Insurance Test
The term "Time element Coverage" is us…
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
The term time element coverage is used for many indirect loss…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
The term "Time element Coverage" is us…
The term time element coverage is used for many indirect loss…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
23 terms
1.) Fire and Casualty Insurance Terms
Automobile Insurance
Commercial General Liability
Commercial Property coverage
Crop Insurance
"Insurance that covers the loss exposures presented from the…
"Coverage insures against financial loss due to acts by the i…
"applies to real property (such as buildings, factories and w…
"Coverage for crops in the event of loss or damage by insured…
Automobile Insurance
"Insurance that covers the loss exposures presented from the…
Commercial General Liability
"Coverage insures against financial loss due to acts by the i…
555 terms
california property and casualty exam
The process where by a mutul insurer b…
The process whereby a stock company a…
The provision in a property policy whi…
The part of the policy that states the…
Demutalization
Mutalization
Valuation clause
Declaration
The process where by a mutul insurer b…
Demutalization
The process whereby a stock company a…
Mutalization
8 terms
Property and Casualty Chapter 10
The second major coverage of the Comme…
Just like a baseball team, the CGL has…
While the CGL comes with nine coverage…
If a customer trips and falls in your…
Commercial General
Nine, Products, and Fire Legal
endorsement
Premises
The second major coverage of the Comme…
Commercial General
Just like a baseball team, the CGL has…
Nine, Products, and Fire Legal
34 terms
Property and Casualty Chapter 3
The first standardized property insura…
The Standard Fire Policy is the only P…
In property insurance the specific eve…
In a Named Peril policy, should a loss…
Standard Fire Policy
p.m. and a.m.
Peril
Policy owner/insured
The first standardized property insura…
Standard Fire Policy
The Standard Fire Policy is the only P…
p.m. and a.m.
37 terms
Property and Casualty Chapter 5
In contrast, Dwelling policies are ava…
While the general rule for Homeowners…
The ____ is for condominium owners.
The HO-4 has no Property coverage on t…
Rent
HO-4
HO-6
Insurable interest
In contrast, Dwelling policies are ava…
Rent
While the general rule for Homeowners…
HO-4
23 terms
Property and Casualty Chapter 4
____ policies are designed to protect…
Liability policy benefits are paid by…
The physical destruction or injury to…
The physical destruction or damage to…
Liability
third party (The Other Guy), BI, PD
Bodily Injury
Property damage
____ policies are designed to protect…
Liability
Liability policy benefits are paid by…
third party (The Other Guy), BI, PD
14 terms
Property and Casualty Chapter 14
The Business owners Policy, or BOP, is…
One of the advantages of the BOP is th…
The BOP automatically includes both __…
Eligible for a BOP are small to medium…
Prepackaged, Low risk
Prepackaged, Premium
Property and Liability
Low risk
The Business owners Policy, or BOP, is…
Prepackaged, Low risk
One of the advantages of the BOP is th…
Prepackaged, Premium
42 terms
Property and Casualty Chapter 9
The first module of the Commercial Pac…
The Commercial Property Policy is comp…
The Commercial Property Policy, just l…
The eleven Basic perils include Windst…
Commercial Property Policy
Building and Business Personal Property, Extra Expense
Broad and special
Riot, Explosion, Lightning, Fire, Smoke
The first module of the Commercial Pac…
Commercial Property Policy
The Commercial Property Policy is comp…
Building and Business Personal Property, Extra Expense
4. Property & Casualty Arizona Insurance
True
True
Extra Expense
Ordinance, Law
T/F: Under the Causes of Loss- Basic Form, smoke damage that…
T/F: The Causes of Loss- Basic Form includes the peril of lig…
Necessary Additional Expenses that are incurred during the pe…
The ___ or ___ Coverage Endorsement provides coverage for inc…
True
T/F: Under the Causes of Loss- Basic Form, smoke damage that…
True
T/F: The Causes of Loss- Basic Form includes the peril of lig…
Property & Casualty Arizona Insurance Chapter 1
Appraisal
Exclusions
Insurer's
True
What provision of a Property Policy applies when an insured a…
Which part of a Property policy specifies the causes of loss…
When an insured suffers a loss, they are required to prepare…
T/F: Open peril policies include losses by theft.
Appraisal
What provision of a Property Policy applies when an insured a…
Exclusions
Which part of a Property policy specifies the causes of loss…
37 terms
CA Property & Casualty Insurance- Homeowner's & Dwellings
HO-8
HO-2
HO-3
HO-4
M8dified Form
2road Form Perils Covered, Replacement, Coverage A Dwelling
3pecial Form Open Peril or Special aka All-Risk Perils Covere…
4entants or 4renters, Broad Form, Coverage A Dwelling not ava…
HO-8
M8dified Form
HO-2
2road Form Perils Covered, Replacement, Coverage A Dwelling
21 terms
Kaplan Property and Casualty Insurance - Unit 4
Adverse Selection
Class 1 - Frame
Class 2 - Joisted Masonry
Class 3 - Noncombustible
The tendency for poeple with a greather than average exposure…
Class type - Frame structures have outside support walls, roo…
Class type - Outside support walls made of noncombustible mas…
Class type - Exterior walls, floors and roof are constructed…
Adverse Selection
The tendency for poeple with a greather than average exposure…
Class 1 - Frame
Class type - Frame structures have outside support walls, roo…
77 terms
Study Set for a Producer: Property and Casualty Insurance
Property Insurance
Accident
Occurrence
Cancellation
first party insurance
A sudden, unforeseen, unintended, and unplanned event.
An event that results in a loss. It includes an accident, but…
The termination of an insurance policy before its expiration…
Property Insurance
first party insurance
Accident
A sudden, unforeseen, unintended, and unplanned event.
77 terms
AD Banker Ch. 1 Producer: Property and Casualty Insurance
Property Insurance
Accident
Occurrence
Cancellation
first party insurance
A sudden, unforeseen, unintended, and unplanned event.
An event that results in a loss. It includes an accident, but…
The termination of an insurance policy before its expiration…
Property Insurance
first party insurance
Accident
A sudden, unforeseen, unintended, and unplanned event.
50 terms
General Insurance/Property and Casualty Insurance Basics and Contract Law
An insurer discovers that an applicant…
What do individuals use to transfer th…
What is the term for the causes of los…
Wagering on a sporting event is known…
Moral
Insurance
Peril
Speculative
An insurer discovers that an applicant…
Moral
What do individuals use to transfer th…
Insurance
45 terms
Fire and Casualty Basics
D.I.C.E
Declarations
Insuring Agreements
Conditions
Declarations, Insuring Agreements, Conditions, Exclusions
Front page of the policy, provides basic info
The part of the policy describes the contractual agreement bt…
Describes the rights/duties of the ins company/insured. Estab…
D.I.C.E
Declarations, Insuring Agreements, Conditions, Exclusions
Declarations
Front page of the policy, provides basic info
53 terms
General Insurance & Property and Casualty Insurance Basics YAI
An insurer discovers that an applicant…
What do individuals use to transfer th…
What is the term for the causes of los…
Wagering on a sporting event is known…
Moral
Insurance
Peril
Speculative
An insurer discovers that an applicant…
Moral
What do individuals use to transfer th…
Insurance
26 terms
Casualty section 1: Insurance terms and related concepts
Risk
Hazard
Physical hazard
Moral hazard
The uncertainty of loss
Increases the risk. Drinking while driving
Results from material or structural features of a risk. Oily…
Habits that increase the risk, for example: An arson, dishone…
Risk
The uncertainty of loss
Hazard
Increases the risk. Drinking while driving
422 terms
Texas Property & Casualty Insurance
A condition or situation that presents…
The purpose of insurance is to:
Which hazard can be described as a car…
Which risk is insurable?
exposure
transfer risk
morale
pure
A condition or situation that presents…
exposure
The purpose of insurance is to:
transfer risk
177 terms
Insurance- Casualty
All of the following are true about ne…
The federal Fair Credit Reporting Act…
When a claimant states the truth to th…
Liability without fault or negligence…
The negligent act need not be the proximate cause of the injury
That the applicant bring legal action against the agency in o…
When a claimant states the truth to the best of his or her kn…
Absolute
All of the following are true about ne…
The negligent act need not be the proximate cause of the injury
The federal Fair Credit Reporting Act…
That the applicant bring legal action against the agency in o…
82 terms
Property/Casualty Insurance - Property
Insurance Policy
Pure Risk
Speculative Risk
Pooling of Risks
social device, legal contract or policy for the TRANSFER OF F…
risk where there is only LOSS (No profit) ... Ex. building damag…
risk where there is opportunity to gain profit and losing. ... E…
* Large group that contritbutes money to fund out their losse…
Insurance Policy
social device, legal contract or policy for the TRANSFER OF F…
Pure Risk
risk where there is only LOSS (No profit) ... Ex. building damag…
21 terms
Kaplan Property and Casualty Insurance - Unit 4
Adverse Selection
Type of Construction: Class 1 - Frame
Type of Construction: Class 2 - Joiste…
Type of Construction: Class 3 - Noncom…
The tendency for people with a greater than average exposure…
Frame structures have outside support walls, roof, and floors…
Outside support walls made of noncombustible masonry material…
Exterior walls, floors and roof are constructed of and suppor…
Adverse Selection
The tendency for people with a greater than average exposure…
Type of Construction: Class 1 - Frame
Frame structures have outside support walls, roof, and floors…
137 terms
The property & Casualty Insurance Cram Sheet
Domestic Insurance Company
Insurance
Risk
Foreign Insurer
Incorporated & formed under the laws of the state which it is…
Sharing, spreading or transferring risk through the accumulat…
The chance of loss.
A ____ company is domiciled & organized under the laws of One…
Domestic Insurance Company
Incorporated & formed under the laws of the state which it is…
Insurance
Sharing, spreading or transferring risk through the accumulat…
74 terms
Insurance Property & Casualty Basics
Accident
Occurance
Cancellation
Pro Rata Cancellation
A sudden, unforseen, unintended, and unplanned event.
An event that results in a loss. It includes an accident, but…
The termination of an insurance policy before its expiration…
The cancellation of a policy for which a refund is made of th…
Accident
A sudden, unforseen, unintended, and unplanned event.
Occurance
An event that results in a loss. It includes an accident, but…
77 terms
AD Banker Ch. 1 Producer: Property and Casualty Insurance
Property Insurance
Accident
Occurrence
Cancellation
first party insurance
A sudden, unforeseen, unintended, and unplanned event.
An event that results in a loss. It includes an accident, but…
The termination of an insurance policy before its expiration…
Property Insurance
first party insurance
Accident
A sudden, unforeseen, unintended, and unplanned event.
38 terms
Louisiana Property and Casualty Insurance Law
Authorized insurers may choose not to…
short-rate
Standard fire policy
Sole proprietors must be covered under…
All of the following are true regarding the Louisiana Automob…
The named insured may cancel a property insurance policy in t…
The basis for all property insurance sold in this state is th…
Which of the following is not true regarding Workers' Compens…
Authorized insurers may choose not to…
All of the following are true regarding the Louisiana Automob…
short-rate
The named insured may cancel a property insurance policy in t…
61 terms
Property and Casualty Insurance
Words for Insurance company
insurance
risk
pure risk
insurer/carrier/entity/underwriter/principal/company
transfer of risk= contract to indemnify form a contingent(may…
uncertainty/chance/possibility of a loss occurring. two types…
loss, no loss and not a chance of gain and is insurable.
Words for Insurance company
insurer/carrier/entity/underwriter/principal/company
insurance
transfer of risk= contract to indemnify form a contingent(may…
555 terms
california property and casualty exam
The process where by a mutul insurer b…
The process whereby a stock company a…
The provision in a property policy whi…
The part of the policy that states the…
Demutalization
Mutalization
Valuation clause
Declaration
The process where by a mutul insurer b…
Demutalization
The process whereby a stock company a…
Mutalization
Property and Casualty Insurance Basics
The first standardized property insura…
The Standard Fire Policy is the only P…
In property insurance the specific eve…
In a Named Peril policy, should a loss…
Standard Fire Policy
p.m. and a.m.
Peril
Policy owner/insured
The first standardized property insura…
Standard Fire Policy
The Standard Fire Policy is the only P…
p.m. and a.m.
66 terms
Property and Casualty Insurance Concepts
Financial Requirements of Insurers
Insolvency
Policy forms
15 days
must place in escrow $100,000 in capital and $150,000 in surp…
an insurer is unable to pay its obligations when due or when…
must be filed with the superintendent for approval before the…
failing to acknowledge communications about claims within ___…
Financial Requirements of Insurers
must place in escrow $100,000 in capital and $150,000 in surp…
Insolvency
an insurer is unable to pay its obligations when due or when…
28 terms
General California Insurance Law
Transfers
person
personS
insurance
What insurance companies do to reduce the risk of loss from a…
legal entity that acts on behalf o f itself accepting legal a…
indiv human beings, associations, orgs, and corps, partnershi…
legal agreement/ contract where 2 parties agree to limit the…
Transfers
What insurance companies do to reduce the risk of loss from a…
person
legal entity that acts on behalf o f itself accepting legal a…
66 terms
Property and Casualty Insurance Concepts
Financial Requirements of Insurers
Insolvency
Policy forms
15 days
must place in escrow $100,000 in capital and $150,000 in surp…
an insurer is unable to pay its obligations when due or when…
must be filed with the superintendent for approval before the…
failing to acknowledge communications about claims within ___…
Financial Requirements of Insurers
must place in escrow $100,000 in capital and $150,000 in surp…
Insolvency
an insurer is unable to pay its obligations when due or when…
25 terms
Casualty Insurance Terms and Related Concepts
Risk
Hazard
Indemnity
Insurable Interest
The uncetainty of loss. Ex. driving a car, the risk is that y…
Something that increases the risk. Ex. drinking while drive.
to restore you to where you were financially prior to the los…
Based upon economics or an equity position. Insurable interes…
Risk
The uncetainty of loss. Ex. driving a car, the risk is that y…
Hazard
Something that increases the risk. Ex. drinking while drive.
97 terms
Prop & Casualty Insurance Basics
Insurance
Indemnity
Rule of 4Ls
Risk
A contract which allows for the transfer of individual risk t…
To make whole to a predetermined limit determined by the poli…
the insured will receive the lower of the loss or the limit u…
the chance or uncertainty of loss, ie, a fire could occur (ri…
Insurance
A contract which allows for the transfer of individual risk t…
Indemnity
To make whole to a predetermined limit determined by the poli…
26 terms
Chapter 17-Property & Casualty Insurance Law
Binder
Sharing Commissions
Additional Fees
Valuation of Fees
temporary insurance which can be made orally or in writing; e…
It is unlawful to share commissions with a person that is not…
no person shall knowingly charge for insurance any sum in exc…
no agent or company shall knowingly issue any fire insurance…
Binder
temporary insurance which can be made orally or in writing; e…
Sharing Commissions
It is unlawful to share commissions with a person that is not…
181 terms
Insurance : Property & Casualty ( P&C )
Accident
Actual Cash Value (ACV)
Additional Living Expense
Adhesion
A sudden and unexpected event which occurs at a specific time…
The cost to replace an item of property at the time of loss,…
A coverage designed to reimburse the insured for an increase…
A characteristic of insurance policies that means the contrac…
Accident
A sudden and unexpected event which occurs at a specific time…
Actual Cash Value (ACV)
The cost to replace an item of property at the time of loss,…
77 terms
AD Banker Ch. 1 Producer: Property and Casualty Insurance
Property Insurance
Accident
Occurrence
Cancellation
first party insurance
A sudden, unforeseen, unintended, and unplanned event.
An event that results in a loss. It includes an accident, but…
The termination of an insurance policy before its expiration…
Property Insurance
first party insurance
Accident
A sudden, unforeseen, unintended, and unplanned event.
103 terms
TX Property & Casualty Insurance Unit Quizzes Only (Kaplan Financial)
Indemnity
Actual Cost Value
Indemnity
Countersignature
Which of the following is most closely related to the concept…
Replacement Cost - Depreciation
Placing an insured in the same financial condition in which h…
NOT a required element of a legal contract
Indemnity
Which of the following is most closely related to the concept…
Actual Cost Value
Replacement Cost - Depreciation
77 terms
Property & Casualty Insurance Basics
Insurable Interest
Underwriting
Loss ratio
Geographic redlining
financial interest in property to be insured, must exist @ th…
process of reviewing applications for insurance & the info on…
compare premium income to losses (including claims paid and c…
practice of refusing to serve a particular area solely b/c of…
Insurable Interest
financial interest in property to be insured, must exist @ th…
Underwriting
process of reviewing applications for insurance & the info on…
18 terms
Insurance Law
Insurance
indemnify
insurer
Insured
contractual arrangement that protects against loss
make good, the loss to the suffering party
the party that agrees to indemnify
the party covered or protected
Insurance
contractual arrangement that protects against loss
indemnify
make good, the loss to the suffering party
49 terms
Property and Casualty Insurance test
What formula is used for loss ratio?
Sam's has his building covered for $10…
What is the least favorable fire insur…
What refers to the sections of a polic…
(Incurred losses + loss adjusting expense) ÷ earned premium
Specific coverage is for an amount for each property.
Frame is the least favorable fire rating.
The Provisions refer to the sections or clauses of a policy t…
What formula is used for loss ratio?
(Incurred losses + loss adjusting expense) ÷ earned premium
Sam's has his building covered for $10…
Specific coverage is for an amount for each property.
30 terms
Basics of Insurance - Property & Casualty
Offer
Insurable Risk
Parts of the Insurance Contract
Hazard
The applicant submits an application to the company with paym…
the loss must not be catastrophic in nature; the loss must be…
D.I.C.E.; Declarations, Insuring Agreements, Conditions, Excl…
Something that increases the chance of a peril occurring is k…
Offer
The applicant submits an application to the company with paym…
Insurable Risk
the loss must not be catastrophic in nature; the loss must be…
35 terms
PROPERTY AND CASUALTY INSURANCE BASICS
INSURABLE INTEREST
UNDERWRITING
LOSS RATIO
RATE
something of value that, if lost, would cause you financial h…
The process by which an insurer evaluates
A loss ratio is determined by dividing losses by total premium
a fixed charge
INSURABLE INTEREST
something of value that, if lost, would cause you financial h…
UNDERWRITING
The process by which an insurer evaluates
118 terms
Property and Casualty Insurance Basics
What is direct response?
True or False: on property policies, a…
What is the liberalization clause?
What is appraisal?
a system of selling insurance via advertising and mail solici…
True
Permits the insurer to increase coverage immediately at no ch…
A process used on property policies to determine the amount p…
What is direct response?
a system of selling insurance via advertising and mail solici…
True or False: on property policies, a…
True
70 terms
Overview of Property and Casualty Insurance Lesson 2 Utah
Overview if Property Insurance
Basic Property Policy Structure ... (DICEE)
Vacancy
Unoccupancy
Refers to insuring damage to the property people own and have…
D- Declarations page -Contains the 5 P's Personal property, p…
-No people/Activity... -No personal Property
-No people/activity... -Yes property/contents
Overview if Property Insurance
Refers to insuring damage to the property people own and have…
Basic Property Policy Structure ... (DICEE)
D- Declarations page -Contains the 5 P's Personal property, p…
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