And Casualty Insurance Exam Graded A Latest Version Questins And Answers

Binder {Ans: temporary contract of insurance. Pending issue of the policy, good for 30 days}DP-2 {Ans: Broad, damage by burglars, falling objects, accidental discharge, freezing of home systems, damage caused by ice, sleet, snow}Declarations {Ans: 6 P's policy number, parties, property description, policy term, policy limits, premium}State regulation {Ans: State legislature passes the laws}Commissioner {Ans: Runs Tx Dept of Ins. Appointed by Governor, does not write laws}accident {Ans: event that is sudden and unexpected}law of large numbers {Ans: as the number of homogenous loss exposures increases, the more accurate claims can be predicted from the group}Direct Liability {Ans: Insured is the wrongdoer}Perils {Ans: causes a loss}actual loss negligence {Ans: another suffers a loss}HO-5 {Ans: Comprehensive of all property including mysterious disapperance}Domestic {Ans: same state}Insuring Agreement {Ans: Promise to Pay, Perils, Liability}Coverage D {Ans: Loss of use; Fair Rental Value, Additional living expenses}Conditions {Ans: Rules of the Game, Insured's duties in a loss, Insurer's subrogation rights, mortgagees rights}Speculative Risk {Ans: Chance of loss or gain}hazard {Ans: Are not causes of loss but are things that increase the chance of a peril happening.}HO-4 {Ans: