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CALIFORNIA PROPERTY AND CASUALTY EXAM
TESTBANK 2024 ACTUAL QUESTIONS AND CORRECT
ANSWERS AGRADE
What of the following is NOT one the three main types of insurance losses - ANSWER-Financial loss
Under a special cause of loss form if a landslide is caused by an unnatural flow of water due to improper grading, the loss is, - ANSWER-Excluded under the concurrent causation
An open peril policy protects agaginst the loss from - ANSWER-Any peril, other than those specifically excluded
What factor supportd the principle of indemnity? - ANSWER-Insurable interest
All of the following are characteristics of an ideally insurable loss exposure"except" - ANSWER- Losses that are catastrophic
The amount to replace property with " like property of the same quality and construction" is the properties - ANSWER-Replacement value
All of the following are considered intentional torts - ANSWER-except, Assult 1 / 4
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What is the difference between per accident limit in a split limit policy and single limits - ANSWER-There is no difference
The intentional relinquishment of known right is - ANSWER-Waivier
Which type of loss is a business retirement or disability of key employee, exposed to death retirement or disability of key employee, - ANSWER-Personnel loss exposure
The amount to replace an insured's damaged property - ANSWER-less depreciation, is know as the, Actual cash value
The commercial property conditions included a condition called " liberalization". The effect of this condition is - ANSWER-To automatically apply broader coverage to the commercial property coverage part if a policy form revision would broaden coverage without an addition premium
In a commercial lines program policycommon policy condition do not include which of the following as a condition?, - ANSWER-Perils insured
A possibility of financially loss resulting from the ownership of property is know as - ANSWER- insurable interest 2 / 4
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laura is driving her own car on behalf of her employer laura's negligent operation of her car injures a member of public. The employer may be held liable because of what is called., - ANSWER-Vicarious liability
Type of exposure can be best defined as a condition or situation where the exposure to financial loss is presented to a business owner by the injury - ANSWER-disability, death, sickness, of valuable employee, Personnel loss exposure
Which of the following is also know as a human loss exposure - ANSWER-Personal loss exposure
Which of the following best characterize a speculative risk? - ANSWER-A situation that offers the possibility for a loss or gain
In the state of CA no rate will remain in effect if it is considered to be any of the following, EXCEPT, - ANSWER-Impartial
What course of action does a party to a contract have if the other party is found to be breach of that contract - ANSWER-Damage for breach, reasonable attorney fee and cost
Which part of the insurance contract summarize the major promises of the insurer - ANSWER- Insuring agreement 3 / 4
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Under tort law a corporation can be subject to a claim for legal liability on the basis, - ANSWER- Absolute liability
Risk management technique that eliminates a loss exposure and reduces the chance of loss to zero is - ANSWER-Avoidance
A situation is which there only the possibility of loss or no loss is considered a - ANSWER-Pure risk
A reduction in value of property that results immediately from damage to the property is know as - ANSWER-Direct loss
Items that are paid on replacement cost is defined as the - ANSWER-Amount to replace the damage property without a deduction for depreciation
A wrongful act other than a crime or breach of contrat is law - ANSWER-Tort law
The amount to replace property with like property of the same quality and construction is the - ANSWER-Replacement cost
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