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Study sets matching "property casualty"

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Study sets matching "property casualty"

14 terms
Property and Casualty
Property
Casualty
Insurance
Risk
— Everything capable of being owned and acquired lawfully. Th…
Something or someone injured, killed or eliminated
A contract whereby one party (insurer) agrees to indemnify or…
Degree of uncertainty of return on an asset; in business, the…
Property
— Everything capable of being owned and acquired lawfully. Th…
Casualty
Something or someone injured, killed or eliminated
163 terms
Property & Casualty
What has a separate aggregate limit un…
Loss Sustained/Discovery Forms under C…
Errors & Omissions Insurance
Non-admitted Insurer
Products completed
Loss is for later than the policy period. Discovery is before…
Liability insurance that covers agents and insurance companie…
An insurer that is not licensed to do business in a particula…
What has a separate aggregate limit un…
Products completed
Loss Sustained/Discovery Forms under C…
Loss is for later than the policy period. Discovery is before…
321 terms
Property and Casualty
Abandonment Condition
Absolute Liability
Accident
Actual Cash Value
A condition often contained in property insurance policies th…
Type of liability imposed by law on those participating in ce…
An unintentional loss that occurs at a specific time and place
Today's cost to replace or repair, minus depreciation.
Abandonment Condition
A condition often contained in property insurance policies th…
Absolute Liability
Type of liability imposed by law on those participating in ce…
14 terms
Property and Casualty Chapter 11
Unfortunately the biggest risk that an…
As an employer you can protect yoursel…
In a Fidelity Bond it is the employee…
Coverage on a bonded employee automati…
Employees
Fidelity Bonds
Principal, Obligee, Surety or Guarantor.
Dishonest
Unfortunately the biggest risk that an…
Employees
As an employer you can protect yoursel…
Fidelity Bonds
12 terms
Property and Casualty Chapter 8
Most of the insurance coverages that t…
The modules are actually _____, or cov…
You as the Producer/Agent select the _…
The seven insurance coverage's availab…
Commercial Package Policy (CPP)
Policies
policies/coverages/modules
Casualty, Auto, Farm
Most of the insurance coverages that t…
Commercial Package Policy (CPP)
The modules are actually _____, or cov…
Policies
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
10 terms
Property and Casualty Chapter 12
The Commercial Property module of the…
The Boiler and Machinery (B and M) mod…
B and M policies are written on an ___…
The Boiler coverage is best described…
Explosion or Mechanical
Buy back
Accident
objects against accidents
The Commercial Property module of the…
Explosion or Mechanical
The Boiler and Machinery (B and M) mod…
Buy back
39 terms
Property and Casualty Chapter 6
Most individuals who drive private pas…
Virtually ____ can buy a Personal Auto…
A private passenger automobile means a…
A Family Member (or _____) is a person…
Personal Auto Policy
Anyone
Four
Relative
Most individuals who drive private pas…
Personal Auto Policy
Virtually ____ can buy a Personal Auto…
Anyone
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
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
18 terms
Property and Casualty Chapter 7
The tendency for people who have a hig…
Under the National Flood Insurance Pro…
All residential _____, _____, and ____…
Under the Flood program the standard d…
Adverse selection.
Federal government
Dwellings, Farm, and Commercial
$1000, contents
The tendency for people who have a hig…
Adverse selection.
Under the National Flood Insurance Pro…
Federal government
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.
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
51 terms
Property & Casualty
Policy Conditions
Concurrent Causation
Declarations
Combined Ratio
The section of an insurance policy that identifies general re…
A basic insurance principle that requires insurers to cover a…
The front page of a policy that specifies the named insured,…
A ratio, expressed as a percentage, that indicates an insurer…
Policy Conditions
The section of an insurance policy that identifies general re…
Concurrent Causation
A basic insurance principle that requires insurers to cover a…
25 terms
Property and Casualty Chapter 2
An insurance company that is owned by…
An insurance company that has no stock…
A type of mutual insurance company tha…
Businesses that join together in order…
Stock
Mutual
Fraternal
Risk retention
An insurance company that is owned by…
Stock
An insurance company that has no stock…
Mutual
113 terms
Property and Casualty Exam
Bailee
Hazard
Market Value
Insurable Interest... (limit of liability)
An individual or organization who has taken into its care, cu…
Something that increases the chance or likelihood of a loss o…
A property policy provision that changes the valuation method…
Specifies that the insurer will not be responsible for an amo…
Bailee
An individual or organization who has taken into its care, cu…
Hazard
Something that increases the chance or likelihood of a loss o…
168 terms
Property & Casualty
Insurance
Indemnity
Law of Large Numbers
Property Insurance
The transfer of risk from insured to insurer.
To restore policy holder to pre-loss condition; make whole.... -…
▬Insurance companies take on many risks with a reasonable ass…
Covers the insured's real estate & personal property against…
Insurance
The transfer of risk from insured to insurer.
Indemnity
To restore policy holder to pre-loss condition; make whole.... -…
41 terms
GA PROPERTY & CASUALTY INSURANCE TEST - COMMERCIAL PROPERTY
Commercial Lines Property
Commercial Lines Policy Structure
Building & Personal Property Forms
Coverage A- Building(s)
Buildings housing other than personal lines activities. ... (off…
1. Declarations ... 2.Conditions ... 3. Cause of Loss Form - indica…
-Coverage A Building(s) ... -Coverage B Business Personal Proper…
-Attached fixtures ... -Floor coverings ... -Machinery & equipment…
Commercial Lines Property
Buildings housing other than personal lines activities. ... (off…
Commercial Lines Policy Structure
1. Declarations ... 2.Conditions ... 3. Cause of Loss Form - indica…
348 terms
Property & Casualty
suppose you own a duplex as an investm…
a broad form dwelling policy w/EC endo…
which of the following items are cover…
under the dwelling policy program, whi…
dwelling
windstorm and removal
rowboats and canoes
building materials used to repair the dwelling AND equipment…
suppose you own a duplex as an investm…
dwelling
a broad form dwelling policy w/EC endo…
windstorm and removal
168 terms
Property & Casualty
Insurance
Indemnity
Law of Large Numbers
Property Insurance
The transfer of risk from insured to insurer.
To restore policy holder to pre-loss condition; make whole.... -…
▬Insurance companies take on many risks with a reasonable ass…
Covers the insured's real estate & personal property against…
Insurance
The transfer of risk from insured to insurer.
Indemnity
To restore policy holder to pre-loss condition; make whole.... -…
20 terms
GA PROPERTY & CASUALTY INSURANCE TEST - WORKERS COMPENSATION
Workers Compensation
Workers Compensation Statute
Exempt Occupations
Monopolistic State Fund
A form of insurance established by federal and state statutes…
o Employers with three or more employees ... o Coverage for work…
o Less than 3 employees ... o Domestics ... o Casual (part-time) ... o…
-companies must purchase the coverage from the state ... - 11 st…
Workers Compensation
A form of insurance established by federal and state statutes…
Workers Compensation Statute
o Employers with three or more employees ... o Coverage for work…
27 terms
Property and Casualty Chapter 1
A chance of loss is called ___?
Gambling is an example of ____.
Insurance will only cover ____ risks.
The transfer of risk from an individua…
Risk
Speculative risk
Pure
Insurance
A chance of loss is called ___?
Risk
Gambling is an example of ____.
Speculative risk
18 terms
PROPERTY AND CASUALTY
PROPERTY
CASUALTY
INDEMNIFICATION
CONDITIONAL
is a contract in which insurance company, indemnifies (repay)…
is a contract in which insurance company, provides protection…
to restore the financial position before the loss, without ga…
only will pay a claim if and when a loss occurs.
PROPERTY
is a contract in which insurance company, indemnifies (repay)…
CASUALTY
is a contract in which insurance company, provides protection…
228 terms
Property and Casualty
HO-2
HO-3
HO-4
HO-5
Broad Form; 1-4 unit Owner Occupied; Named Peril & Theft
Special Form; 1-4 Unit Owner Occupied; Open Peril & Named Peril
Renter/Tenants Form; Occupied by Tenant; Named Peril
Comprehensive Form (including mysterious disappearance); 1-4…
HO-2
Broad Form; 1-4 unit Owner Occupied; Named Peril & Theft
HO-3
Special Form; 1-4 Unit Owner Occupied; Open Peril & Named Peril
Property and Casualty
What is coverage D in a HO-3?
How is it hitting an animal on the roa…
Where are the rules of the policy?
You have liability only and borrow a c…
Loss of use. It is 30% coverage A, the dwelling.
OTC (Animals Movement are Unpredictable)
The conditions
The borrowers cars insurance.
What is coverage D in a HO-3?
Loss of use. It is 30% coverage A, the dwelling.
How is it hitting an animal on the roa…
OTC (Animals Movement are Unpredictable)
51 terms
Property & Casualty
Policy Conditions
Concurrent Causation
Declarations
Combined Ratio
The section of an insurance policy that identifies general re…
A basic insurance principle that requires insurers to cover a…
The front page of a policy that specifies the named insured,…
A ratio, expressed as a percentage, that indicates an insurer…
Policy Conditions
The section of an insurance policy that identifies general re…
Concurrent Causation
A basic insurance principle that requires insurers to cover a…
14 terms
Property & Casualty
Absolute Liability
Accident
Actual Cash Value
Additional Insured
Arises from an extremely dangerous situation; also known as s…
A sudden and unexpected wvent, occurring at a specific time a…
The cost to replace an item of property at the time of loss,…
A person, firm, or corporation other than the Named Insured o…
Absolute Liability
Arises from an extremely dangerous situation; also known as s…
Accident
A sudden and unexpected wvent, occurring at a specific time a…
168 terms
Property & Casualty
Insurance
Indemnity
Law of Large Numbers
Property Insurance
The transfer of risk from insured to insurer.
To restore policy holder to pre-loss condition; make whole.... -…
▬Insurance companies take on many risks with a reasonable ass…
Covers the insured's real estate & personal property against…
Insurance
The transfer of risk from insured to insurer.
Indemnity
To restore policy holder to pre-loss condition; make whole.... -…
15 terms
Property & Casualty
real property
Personal Property
Replacement cost
Actual Cash value
land, buildings, and other structures attached to the land
contents of a building
cost to repair or replace property that has been damaged
Cost to repair or replace property minus the depreciated value
real property
land, buildings, and other structures attached to the land
Personal Property
contents of a building
55 terms
Property & Casualty
Exposure
Risk
Pure Risk 2-
Speculative risk- 2-
areas or situations of possible loss
chance or possibility of loss
chance of a loss only, insurable
Chance of loss or gain, cannot be insured
Exposure
areas or situations of possible loss
Risk
chance or possibility of loss
168 terms
Property & Casualty
Insurance
Indemnity
Law of Large Numbers
Property Insurance
The transfer of risk from insured to insurer.
To restore policy holder to pre-loss condition; make whole.... -…
▬Insurance companies take on many risks with a reasonable ass…
Covers the insured's real estate & personal property against…
Insurance
The transfer of risk from insured to insurer.
Indemnity
To restore policy holder to pre-loss condition; make whole.... -…
168 terms
Property & Casualty
Insurance
Indemnity
Law of Large Numbers
Property Insurance
The transfer of risk from insured to insurer.
To restore policy holder to pre-loss condition; make whole.... -…
▬Insurance companies take on many risks with a reasonable ass…
Covers the insured's real estate & personal property against…
Insurance
The transfer of risk from insured to insurer.
Indemnity
To restore policy holder to pre-loss condition; make whole.... -…
12 terms
Property Casualty
Abandonment
Absolute Liability
Acceptance
Accident
An attempt by an insured to receive full value for a partiall…
A tort law concept in which an individual can be found legall…
An element of contract law under which one party accepts the…
An unexpected and unintended chance happening occurring at a…
Abandonment
An attempt by an insured to receive full value for a partiall…
Absolute Liability
A tort law concept in which an individual can be found legall…
80 terms
Property & Casualty
Hazards
Perils
Loss
Insurance
conditions and actions that increase risk or probability of l…
causes of loss
reduction of value, basis for a claim
Transfer of loss, protection
Hazards
conditions and actions that increase risk or probability of l…
Perils
causes of loss
45 terms
Property & Casualty
Private vs Gov. Insurers
Stock Insurance Company
Mutual Insurance Company
Reciprocal Insurance company
-Gov. gets involved when private insurers are unable to provi…
-owned by stockholders/shareholders... -stockholders receive tax…
-owned by policyholders ... -policyholders receive non-taxable d…
-an unincorporated, group of individuals, firms, and business…
Private vs Gov. Insurers
-Gov. gets involved when private insurers are unable to provi…
Stock Insurance Company
-owned by stockholders/shareholders... -stockholders receive tax…
114 terms
Property & Casualty
When an insured auto is damaged by a h…
In a PAP, a covered auto could include…
A policy contains a consent to settle…
when symbol 7 is provided ,which of th…
$300
a van used in the delivery business
Professional Liability
They are covered if they are used to replace previously owned…
When an insured auto is damaged by a h…
$300
In a PAP, a covered auto could include…
a van used in the delivery business
168 terms
Property & Casualty
Insurance
Indemnity
Law of Large Numbers
Property Insurance
The transfer of risk from insured to insurer.
To restore policy holder to pre-loss condition; make whole.... -…
▬Insurance companies take on many risks with a reasonable ass…
Covers the insured's real estate & personal property against…
Insurance
The transfer of risk from insured to insurer.
Indemnity
To restore policy holder to pre-loss condition; make whole.... -…
49 terms
Property & Casualty
18
$25
producer
True
age to be a licensed insurance producer
license fee... SLED report
person who is authorized by an insurer to sell, solicit, nego…
If acting as an insurance producer, agency is required to obt…
18
age to be a licensed insurance producer
$25
license fee... SLED report
86 terms
Property & Casualty
Insurance is defined as:
To be insurable, losses must be....
MGA
Direct writing companies pay producers…
The transfer of PURE risk to the insurance company in conside…
calculable
a person who exercises general supervision over the business…
on salary
Insurance is defined as:
The transfer of PURE risk to the insurance company in conside…
To be insurable, losses must be....
calculable
200 terms
Property&Casualty
Abandonment
Absolute Liability
Accident
Actual cash value (ACV)
The abdication of insured property into the hands of another…
A type of liability that occurs due to extremely dangerous op…
An unplanned unforeseen event which occurs suddenly and at a…
The required amount to pay damages or for property loss which…
Abandonment
The abdication of insured property into the hands of another…
Absolute Liability
A type of liability that occurs due to extremely dangerous op…
100 terms
Property casualty
What is insurance?
What is a risk?
What are the two types of risk?
What is pure risk?
Method of risk management
A risk is financial loss. There is no opportunity for financi…
Pure risk and speculative risk
Pure risk refers to situations that can only result in loss o…
What is insurance?
Method of risk management
What is a risk?
A risk is financial loss. There is no opportunity for financi…
119 terms
property & casualty
Law of large numbers
Speculative risk
Pure risk
insurable risk
protects against uncertanity
gain as well as a loss
chance of loss only
insurance willing to accept
Law of large numbers
protects against uncertanity
Speculative risk
gain as well as a loss
Property & Casualty Exam
DP-1,DP-2, DP-3 All 3 dwelling forms c…
Comparative Negligence
Ordinance or law
What is the penalty for not carrying t…
Loss of rental income
You can file a claim, but damages are reduced based on that p…
An endorsement for building code upgrades.
You become a co-insurer and pay a portion of the loss.
DP-1,DP-2, DP-3 All 3 dwelling forms c…
Loss of rental income
Comparative Negligence
You can file a claim, but damages are reduced based on that p…
71 terms
Property and casualty
Coverage A
Coverage B
Coverage C
Coverage D
Dwelling
Other structures
Personal property
Loss of use
Coverage A
Dwelling
Coverage B
Other structures
Property and Casualty
PAP Part A
PAP Part B
PAP Part C
PAP Part D
Liability Coverage
Medical Payments
Uninsured Motorist
Coverage for damage to your auto
PAP Part A
Liability Coverage
PAP Part B
Medical Payments
19 terms
Property & Casualty
any clause, condition, or provision co…
the ABC Corporation has $100,000 of co…
if an insurer decides to non-renew a c…
which method of loss valuation is cont…
be considered to be null and void
Company A will pay $16,000; Company B will be $8,000
60 days
replacement cost
any clause, condition, or provision co…
be considered to be null and void
the ABC Corporation has $100,000 of co…
Company A will pay $16,000; Company B will be $8,000
26 terms
Property and Casualty
Insurance
Insurable interest
Law of large numbers
Risk
Transferring pure risk (no gain) from individuals to a group.…
Based upon economics or an equity position. It is required at…
The basic principle of this is that the larger the number of…
The uncertainty of loss. For example, when you drive your car…
Insurance
Transferring pure risk (no gain) from individuals to a group.…
Insurable interest
Based upon economics or an equity position. It is required at…
32 terms
property and casualty
exposure
accident
exposure unit
hazard
the state of being subject to loss because of some hazard or…
in boiler and machinery insurance, a sudden and accidental eq…
each item or activity that is exposed to a loss
conditions that increase the probability of loss. ex low ligh…
exposure
the state of being subject to loss because of some hazard or…
accident
in boiler and machinery insurance, a sudden and accidental eq…
14 terms
property and casualty
risk
avoid the risk
risk reduction
retain a risk
the chance or uncertainty of loss
avoiding auto collisions by never getting into the car
burglar alarms, seats belts, and fire sprinklers
self, insuring, high deductibles
risk
the chance or uncertainty of loss
avoid the risk
avoiding auto collisions by never getting into the car
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