Property and Casualty Insurance Test Questions and Answers Already Passed

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Property and Casualty Insurance Test Questions and Answers Already Passed What is a peril? ✔✔A Peril is a cause of loss What is a hazard? ✔✔Something that increases the chance of a loss Wh... at is the difference between a Moral hazard and a Morale Hazard? ✔✔Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? ✔✔Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire considered? ✔✔A Peril What are the elements of an insurable risk? ✔✔CANHAM Calculable, Affordable, Non-Catastrophic, Homogeneous, Accidental, Measurable If an insurance company is housed in Tennessee, what type of insurer are they considered? ✔✔Domestic An insurance company incorporated in Wisconsin and conducting business in Minnesota is know as what type of insurer? ✔✔Foreign What is it meant by "Express Authority"? ✔✔Authorities are written in agent contract What is a term that is typically used to describe an Insurance Agent? ✔✔Fiduciary - a person in a position of financial trust What is a contract or device for transferring risk fro [Show More]

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