Tx Property And Casualty Exam Practice Exam Questions

Which of the following is NOT an essential element of an insurance contract? {Ans: counteroffer}Events or conditions that increase the chances of an insured loss occurring are referred to as {Ans: Hazards}To be eligible for coverage under the National Flood Insurance Program, an insured must live in which of the following communities? {Ans: That has met the minimum floodplain management guidelines}Individuals in the business of selling construction equipment and mobile equipment should insure with a/an {Ans: Equipment dealers coverage form An equipment dealer's coverage form covers a dealer's stock in trade consisting primarily of mobile agricultural equipment and construction equipment. It also covers property of others in the dealer's care, custody, or control. It excludes coverage for autos, motorcycles, aircraft, and watercraft.}he insured purchased a $200,000 extra expense policy. If the percentages applying to the limit of insurance are 40%, 80%, and 100%, what would be the maximum payable for a 47-day loss? {Ans: 160,000}An insured is applying for a casualty insurance policy. One of the conditions of the policy allows the insurance company to inspect the insured's books at the end of the policy term to make sure sufficient premium has been collected for