texas property and casualty exam Chapter 1-5.pdf file:///C:/Users/HP/Desktop/eewwww/texas%20property%20and%20c
Texas Property And Casualty Exam
Chapter 1-5
1. all of the following are basic parts of an insurance contract EXCEPT
a) declarations
b) conditions
c) exclusions
d) binders
ANS Binders
2. which of the following terms is used to describe an empty building that is not being
used?
ANS Vacant
3. An insurance company takes possession of a damaged auto it has covered. when the
company becomes the legal owner of the auto, it is exercising the right of?
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ANS Salvage
4. all of the following are property coverage forms EXCEPT?
a) special
b)basic
c)broad
d)base
ANS base
5. which of the following legal principles allows insurance companies to col- lect from a
negligent third party damages it paid to an insured?
ANS Subrogation
6. transferring is a method of handling risk. which of the following best de- scribes the
concept of transfer?
ANS purchasing insurance
7. the insured has a named peril policy that covers hail, fire, wind, and light- ning.
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which one of the following events would be covered?
ANS A roof that is damaged in an electrical storm
8. (TRIPRA) the federal govt's share of compensation that exceeds the insur- er's TRIPRA
deductible is
ANS 80%
9. why do ins. policies usually define who is considered an insured under the policy?
ANS to specify who is covered in addition to the named insured
10. the federal govt. is not obligated under theTRIA to make payments for any portion of
losses that exceed how much annually?
ANS $100 BILLION
11. in the insurance business, the insurance comp. is also known as the?
ANS prin- ciple
12. an insurance company that sells insurance only to people who meet spe- cific
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