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
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…
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…
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…
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…
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
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
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…
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 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
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
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
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
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.... -…
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
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…
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
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
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
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
221 terms
Property and Casualty
Absoulute Liability
Accident
Actual Cash Value (ACV)
Additional Insured
Liability that arises from an extremely dangerous situation.…
A sudden and unexpected event; occuring at a specific time an…
The cost to replace an item of property at the time of loss,…
A person, firm, or corporation other than the Named Insured o…
Absoulute Liability
Liability that arises from an extremely dangerous situation.…
Accident
A sudden and unexpected event; occuring at a specific time an…
14 terms
Property and Casualty Chapter 13
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
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
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…
39 terms
GA PROPERTY & CASUALTY INSURANCE TEST - PERSONAL AUTO
Personal Automobile Policy
Financial Responsibility State
Financial Responsibility
Compulsory Insurance Laws
• Accounts for 40% of all premiums ... • Vehicles registered to…
• Georgia is a financial responsibility state ... o To legally o…
may be show by the following: ... 1. Personal automobile insuran…
25/50/25 state minimum limits (split) ... $25,000 bodily injury…
Personal Automobile Policy
• Accounts for 40% of all premiums ... • Vehicles registered to…
Financial Responsibility State
• Georgia is a financial responsibility state ... o To legally o…
Property & Casualty Basics
Adjust losses
insuring agreement
Rates and premiums are the same thing
Assumption of the risk
An underwriter does NOT:
What part of an insurance contract specifies the perils insur…
What is NOT true regarding insurance rates and premiums?
States that have adopted limited forms of no fault auto insur…
Adjust losses
An underwriter does NOT:
insuring agreement
What part of an insurance contract specifies the perils insur…
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…
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)
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.... -…
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
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
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…
7 terms
property &casualty
Words for Ins. Co.
Definition of Insurance
Insurance contract
Risk
insurer/ carrier/entity/underwriter/principal/co. we/us/our
Transfer of risk= contract to indemnify from a contingent may…
policy , written instrument
uncertainty chance possibility of loss occurring
Words for Ins. Co.
insurer/ carrier/entity/underwriter/principal/co. we/us/our
Definition of Insurance
Transfer of risk= contract to indemnify from a contingent may…
70 terms
Va Property & Casualty
State Corporation Commission (SCC)
The SCC examines an insurer licensed i…
person that KNOWINGLY violates a VA in…
The SCC must hold a hearing at least B…
carries out all insurance laws in VA (regulates too) (can exa…
5 years
5,000 1,000 10,000 revocation or suspension of license
10
State Corporation Commission (SCC)
carries out all insurance laws in VA (regulates too) (can exa…
The SCC examines an insurer licensed i…
5 years
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.... -…
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…
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…
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 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…
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…
124 terms
Property and Casualty Insurance
Risk
Speculative
Pure
What are the 5 methods of managing or…
uncertainty concerning financial loss
possibility of both gain and loss. Not insurable.
only the possibility of loss. Insurable.
Avoidance, Assumption, Transfer, Sharing, Reducing.
Risk
uncertainty concerning financial loss
Speculative
possibility of both gain and loss. Not insurable.
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
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