Property and Casualty Insurance Exam (TEXAS) - Questions and Answers Insurance - Answer- The transfer of risk through a legal contract Property - Answer- Covers real property and personal property aga... inst damage or loss resulting from covered causes of loss called perils casualty - Answer- covers non-property losses (3rd Party) Personal lines - Answer- Insurance for families and individuals Commercial Lines - Answer- Insurance for Business Risk - Answer- Uncertainty of financial loss Pure Risk - Answer- Chance of loss only (insurance only covers) Speculative Risk - Answer- Chance of loss or gain law of large numbers - Answer- as the number of homogenous loss exposures increases, the more accurate claims can be predicted from the group Perils - Answer- causes a loss Named Peril - Answer- lists the perils that are covered open peril - Answer- cover all perils except those specifically excluded by the policy hazard - Answer- Are not causes of loss but are things that increase the chance of a peril happening. Physical Hazard - Answer- something you can physically look at Moral Hazard - Answer- dishonest tendencies morale hazard - Answer- attitude of carelessness Direct Loss - Answer- immediate physical damage to property indirect loss - Answer- loss that happens after the direct loss but due to the loss of use of the property. Also called consequential proximate cause - Answer- the first cause in an unbroken chain of events Elements of a legal contract [Show More]
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