Property And Casualty Exam Master Set Questions And Answers

Represention as to the future is considered which of the following {Ans: promise}Which of the following perils is insured against in the special form, but not in the basic form? {Ans: collapse}• An insurance company pays a loss and continues coverage under an auto policy under the following circumstances. An insured honestly thinking that he received his last traffic ticket more than 36 months ago. Applies for an auto policy stating that he has had not ticket or accidents in the past 36 months. Several days after the policy is issued the insured's car is stolen. While the claim is being processed the insurance company discovers that the insured had received his most recent traffic ticket for speeding 32 months ago. Why is the claim paid and the policy {Ans: the concealed facts were not material, they would paid the claims anyways}of the following which is true characteristic about insurance {Ans: it is considered a method of transferring risk}A reduction in value of property that results immediately from damage to the property is know as {Ans: Direct loss}The ordinance or law limitation in a homeowner's policy may cause a gap in coverage in which of