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Property Insurence Basic Flashcards

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Study with Quizlet and memorize flashcards containing terms like A basic form property insurance policy protecting a building and its contents provides which of the following? Coverage against limited named perils The right of the insured to abandon property to the insurer All-risk coverage for building losses An agreed value loss settlement basis for losses to the building, When filing

Unit 3: Basics of Property and Casualty Insurance Flashcards | Quizlet

Study with Quizlet and memorize flashcards containing terms like Policy Outline, Declerations, Insuring Clause and more. Study with Quizlet and memorize flashcards containing terms like Property Insurance, Property Coverage, Hostile Fire and more. Study with Quizlet and memorize flashcards containing terms like Which of the following types of valuation works best for property whose value does not fluctuate much?, An insured’s building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?, Which of the

Study with Quizlet and memorize flashcards containing terms like All of the following are methods of loss valuation, except:, What method of loss valuation values damaged property at the cost to replace it with property of like kind and quality, at current prices, and without a deduction for depreciation?, Which of the following methods of writing insurance is used to provide insurance Study with Quizlet and memorize flashcards containing terms like An insured’s business is damaged by a fire, and temporarily shut down for repairs. As a result, the insured suffers loss of income. What type of loss is the loss of income?, What determines an insurer’s responsibility for payment, as stated in an insurance policy?, In property and casualty insurance, what is Study with Quizlet and memorize flashcards containing terms like All of the following are methods of writing property insurance limits, except:, When a property insurance policy states that damaged property will be replaced with other property that performs the same function with similar efficiency but is not identical to the damaged property, the policy is written on which of the

Property and Casualty Insurance Practice Exam 2025

Study with Quizlet and memorize flashcards containing terms like What determines an insurer’s responsibility for payment, as stated in an insurance policy?, How are direct and indirect losses related?, What is the process that insurers use to determine whether a policy should be issued and on what terms and conditions? and more. Study with Quizlet and memorize flashcards containing terms like 100-Year Flood Plain, Base Flood Elevation, Broad Form Insurance and more.

Study with Quizlet and memorize flashcards containing terms like home and property insurance, HO-1, HO-2 and more. Study with Quizlet and memorize flashcards containing terms like Which statement regarding vacant properties is FALSE? A) A vacant property is the same as an unoccupied one. B) Insurance policies contain exclusions for vacant property. C) Vacant properties have a greater chance of vandalism, undiscovered damage, and theft, and can adversely affect property Property Insurance – 415 cards Property Insurance Terms & Related Concepts – 13 cards Property Section 1 – 29 cards Property Section 2 – 35 cards Property Section 3A – 41 cards Property Section 3B – 16 cards Chapters 1-4 – 66 cards prueba – 4 cards PTCE Drug List – 40 cards Reimbusements – 159 cards Risk&Insurance – 16 cards

Study Casualty Insurance using smart web & mobile flashcards created by top students, teachers, and professors. Prep for a quiz or learn for fun! Study with Quizlet and memorize flashcards containing terms like Insurable interest in a property policy must be proven, With regard to fire insurance premiums, structures with which of the following type of construction would most likely have the most favorable premium rate for the peril of fire?, What insurance policy provision defines how the policy will respond if there is more Study free Insurance flashcards about Property & Casualty created by adap686 to improve your grades. Matching game, word search puzzle, and other study games also available.

Study with Quizlet and memorize flashcards containing terms like Credibility, Depreciation, Earned Premium and more.

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Study with Quizlet and memorize flashcards containing terms like In property insurance, which condition prevents the insured from relinquishing ownership, leaving damaged property to the insurer, and claiming a total loss? A Assignment B Loss Payable Clause C Abandonment D Loss Settlement, An intruder breaks into a home, threatens the homeowner, and takes the Study with Quizlet and memorize flashcards containing terms like After a covered partial property loss, the insured must retain an amount of the loss, and that amount is subtracted from the insurer’s claim payment. This amount is known as:, When the insurance company and insured cannot agree on the amount of a property loss, the person selected to help the two hired

Study with Quizlet and memorize flashcards containing terms like All the following factors in the determination of actual cash value EXCEPT, Termination of an in-force insurance policy prior to the expiration date shown in the policy is known as, Two losses take place. One is caused by a covered peril, the other by an excluded peril. How will a property policy react to these losses? Study with Quizlet and memorize flashcards containing terms like Property Insurance, Types of Insurable Property, Personal Property and more. Study with Quizlet and memorize flashcards containing terms like Coinsurance Formula, Liability Insurance, Coinsurance and more.

Study with Quizlet and memorize flashcards containing terms like A disagreement on the amount of a loss is settled by: 1. Pro rata 2. Binder 3. Appraisal 4. Assignment, A temporary contract that may be oral or written and lasts generally for thirty days is: 1. An agreement 2. A binder 3. A proposal 4. An endorsement, What statement does not describe a necessary element for Pass your Property and Casualty insurance on the first attempt after preparing with our flash cards & comprehensive exam prep training package. Your success starts here. Study with Quizlet and memorize flashcards containing terms like Exclusions, 10, Company A will pay 16,000 and Company B will pay 8,000 and more.

Study with Quizlet and memorize flashcards containing terms like Which of the following is considered a hostile fire? A An uncontrolled campfire in the woods B A fireplace containing a roaring wood fire C The fire in the firebox of a furnace D The fire in a trashcan being used to burn leaves, Which loss valuation basis often requires the policyholder to carry insurance to value?

Study with Quizlet and memorize flashcards containing terms like A typical homeowners insurance policy covers all of the following except EXCEPT A. Personal injury claims due to property owners negligence. B. Theft of property. C. Vandalism and malicious mischief. D. Flood damage., A property insurance or casualty insurance policy protects the insured from A. In which of the following instances may the Insurance Commissioner take disciplinary action? A) A licensed intermediary continually uses unlicensed employees who are paid to advise others about insurance. B) A licensed intermediary fails to pay a required fee on a timely basis. C) A licensed intermediary recommends an insurance policy without determining if it is suitable for the client.

Study Insurance Exam using smart web & mobile flashcards created by top students, teachers, and professors. Prep for a quiz or learn for fun! Study with Quizlet and memorize flashcards containing terms like An additional loss that results from a direct loss of property is called a/an, All of the following are considered parts of the policy structure EXCEPT, Property insurance that provides $100,000 coverage for a building and $50,000 coverage for personal property at a single location is called a and more. Study with Quizlet and memorize flashcards containing terms like an insured’s home is mortgaged by the local bank. the insured is required to carry insurance on the home, showing the bank as the mortgagee. if the home is damaged by a covered peril which of the following is true, according to the standard mortgage clause, who has the right to bring a suit in their own name to recover

Study with Quizlet and memorize flashcards containing terms like First Party Insurance, First Party Claimant, Real Property and more. Online Flashcards are designed to be an additional study tool to supplement your insurance training. Review and test your knowledge of Property and Casualty insurance concepts and terms with question/answers, and terms/definitions formats. Online Flashcards are organized by chapter and students can drill into relevant insurance exam-specific content to be more confident on

Study with Quizlet and memorize flashcards containing terms like What type of insurance policy insures against All risk of loss that are not specifically excluded from the policy? A. Specified peril policy B. Binder policy C. Named peril policy S. Open peril policy, An insured’s 9-year-old son threw a ball, accidentally breaking a neighbor’s plate glass window. The insured was found Study with Quizlet and memorize flashcards containing terms like Insurable Interest – 3 Elements, Named Insured, First Name Insured and more. Study with Quizlet and memorize flashcards containing terms like General principles Insurable interest in a property policy must be proven at the tieme of application At the time of loss When a policyowner is changed Wen a claim is paid, To purchase insurance, the policy owner must have financial interest in the property being insured. This is known as Insurable interest Pure loss

Study with Quizlet and memorize flashcards containing terms like The section of an insurance policy that details what perils are not insured against and what persons are not insured is known as the what?, Which of the following policy conditions wold automatically broaden coverage under a policy without requiring additional premium?, The legal process that gives the insurer, after