Arkansas Property & Casualty 185 Correctly Answered Questions Latest Update

Fiduciary {Ans: A person or institution which has responsibility for the money, property, or financial affairs of another.}Mutual Company {Ans: Insurance company owned by its policyholders. Policyholders share in profits made by the company through dividends or reductions in the future premiums.}Hazard {Ans: Something that increases the chance of loss. For instance, faulty wiring is a hazard because it increases the chance of a fire loss.}Storekeepers Policy {Ans: General Liability form which packages several liability coverages in one policy for the convenience of smaller retail operations.}Common Policy Declarations {Ans: Shows information which is to be made part of the CPP.}Direct Loss {Ans: Loss which is a direct result of a peril. Also includes loss due to efforts to end the peril or to unavoidable exposure following a peril.}