Property and Casualty Insurance License, California Top Questions and answers, 100% Accurate, rated A

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Property and Casualty Insurance License, California Top Questions and answers, 100% Accurate, rated A Loss Exposure refers to: - Liability loss - Property loss - Human loss - All of the above... - ✔✔-All of the above Pure risk is: - gambling - a chance of gain or profit - unacceptable as an insurance risk - no chance of gain or profit - ✔✔-- no chance of gain or profit personal injury is the legal term for bodily injury - true -false - ✔✔-false which is the best definition of Loss Reserve? - funds held back from a claim benefit - a deductible - commission holdback - estimated amount that and insurer will reserve for a potential claim - ✔✔-- estimated amount that and insurer will reserve for a potential claim Assumption of risk doctrine means: - risk assumed by an individual - speculative risk assumed by an insurance company - pure risk assumed by an insurer - ✔✔-- risk assumed by an individual vicarious liability is liability that: - we assume for the actions of others - we assume for our actions - excess liability over primary - involves financial loss - ✔✔-- we assume for the actions of others the mortgage clause protects the: - lender - insurer - insured - none of the above - ✔✔-- lender in the insurance industry causes of loss are called perils. perils, in turn are affected by hazards. of the following which is a general category of hazard? - code hazards - moral hazards - document hazards - contractual hazards - ✔✔-- moral hazards the agent has a responsibility in underwriting an insurance policy: - in all cases - only when it's allowed by the company - the agent has no responsibilities in the underwriting process - only on commissioned products - ✔✔-- in all cases all of the following are examples of avoiding a risk except: - a person not travelling by airplane - a person gives his Bengal tiger to the zoo, as he fears he could be held liable for harm caused by the tiger - A person does not leave the house at night - an insured realizes his driving skills are diminishing, so he decides to purchase more liability insurance on his auto policy. - ✔✔-- an insured realizes his driving skills are diminishing, so he decides to purchase more liability insurance on his auto policy. don frequently drives faster than the speed limit. don was injured in an auto accident. what was the hazard? - driving too fast - owning an automobile - lack of knowledge - medical problems - ✔✔-- driving too fast all are methods for handling a risk, except: - transfer the risk - avoid the risk - retain the risk - identify and increase the hazards - ✔✔-- identify and increase the hazards Joe takes out a policy and did not mention that he just has taken up the hobby of sky-diving. Not disclosing this information is an act of: - misrepresentation - fraud - concealment - adhesion - ✔✔-- concealment A new agent is attempting to sell an insurance policy but makes several presentation statements that prove to be untrue. The agent is guilty of a: - misrepresentation - replacement - felony - concealment - ✔✔-- misrepresentatio [Show More]

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