Texas Property & Casualty Insurance, Insurance Exam Questions and Answers (Solved Papers) Which part of an insurance policy describes the responsibilities and obligations of both the insurance company and the insured under the policy? - Correct Answers ✅Conditions The limits of liability are found in which of the following sections of a casualty policy? - Correct Answers ✅Declarations The _____ page in an insurance contract contains information about the risk, the effective date of coverage, deductible, premium amounts, coinsurance percentage, and location of the insured property. - Correct Answers ✅Declarations The insured is looking for the amount of coverage in a property and casualty policy. This information would be found in the ______. - Correct Answers ✅declarations The coverages offered by an insurance policy are described in the ____. - Correct Answers ✅insuring agreement The purpose of the conditions section of an insurance policy is to list the ____ of the insured and the insurance company. - Correct Answers ✅obligations 1 / 4
Texas Property & Casualty Insurance, Insurance Exam Questions and Answers (Solved Papers) The list of perils covered under a policy is found in which part of the policy? - Correct Answers ✅Insuring agreement The Declarations page consists of 5 P's. Person or property, policy number, policy term, policy limit and ____. - Correct Answers ✅premium The Insuring agreement describes coverage provided and which ____ are covered. - Correct Answers ✅perils Lost rent is covered by _____. Limited by 20% of coverage A. - Correct Answers ✅Coverage D Under which of the dwelling forms may the insured be reimbursed for the replacement cost of a dwelling when it is destroyed? - Correct Answers ✅DP-2 and DP-3 The insured has a DP-3 covering a home that has a replacement value of $100,000. The insured carries $60,000 of insurance. Following a loss, it is determined that it would cost $12,000 to replace the damaged portion of the home.How much could the insured collect, assuming the ACV of the loss is $6,000? - Correct Answers ✅$9000 2 / 4
Texas Property & Casualty Insurance, Insurance Exam Questions and Answers (Solved Papers) Damage to covered property caused by glass breakage is covered in ___. - Correct Answers ✅DP2 and DP3 Which dwelling forms pay losses to dwellings and other structures on an actual cash value basis? - Correct Answers
✅DP1
Which dwelling forms pay losses to personal property on an actual cash value basis? - Correct Answers ✅DP1, DP2 and DP3 Would an earthquake that causes a fire that destroys an insured's home be covered by a DP1? - Correct Answers ✅yes A dwelling policy with no endorsements attached contains personal property coverage, dwelling coverage and _____. - Correct Answers ✅medical payments coverage An unendorsed dwelling policy contains the dwelling, other structures, personal property, and _____. - Correct Answers ✅fair rental value Other coverage included in all dwelling forms are fire department service charges, debris removal, reasonable 3 / 4
Texas Property & Casualty Insurance, Insurance Exam Questions and Answers (Solved Papers) repairs, and _____ limited to 10% of coverage C. - Correct Answers ✅glass safety material Does the DP1 provides coverage for appurtenant structures? - Correct Answers ✅yes _____ coverage must be added to a dwelling policy by endorsement. - Correct Answers ✅Theft and liability An insured has a $60,000 special form (DP-3). When a covered loss in the amount of $10,000 damages the attached garage, how much of that amount is paid under the Coverage B-Other Structures? - Correct Answers ✅$0 Of the dwelling forms, which one of the following provides the broadest coverage? - Correct Answers ✅special The special form (DP-3) covers the dwelling and other structures for ____. - Correct Answers ✅open perils In the dwelling forms, damage from vandalism is not covered if the building has been vacant for more than ____. - Correct Answers ✅60 days
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