Tennessee Property and Casualty License Exam – Casualty Exam Questions and Answers (Solved Papers) First-named Insured - Correct Answers ✅The first person listed in the declarations as an insured; may have a higher level of duties or rights under the policy.Exemplary Damages; Punitive Damages - Correct Answers ✅Type of damage intended to punish the defendant and make an example out of them to discourage others from behaving the same way.Endorsement - Correct Answers ✅A form attached to an insurance policy that alters the policy's coverage, terms, and conditions. The additional coverage is listed in the policy, and the cost of insuring each risk must be added to the cost of the premium.Burglary - Correct Answers ✅Taking of property by a person unlawfully entering or leaving the premises as evidenced by visible signs of forced entry or exit.Collision - Correct Answers ✅Type of physical damage coverage that covers loss that occurs when the insured auto strikes another object or vehicle; may also include upset or overturn of the insured auto.Retroactive date - Correct Answers ✅Under the claims- made CGL form, a date stipulated in the declarations as the 1 / 3
Tennessee Property and Casualty License Exam – Casualty Exam Questions and Answers (Solved Papers) first date on which an event may occur and be covered by the policy if a claim is filed.Slander - Correct Answers ✅Oral false statements injurious to a person's reputation; a false and malicious statement of report about someone.Safe Burglary - Correct Answers ✅The unlawful taking of property from within a locked safe or vault, evidence by marks of forcible entry or removal of entire safe or vault.Exclusions - Correct Answers ✅Section of an insurance policy that lists property, perils, persons, or situations that are not covered under the policy.Hazards - Correct Answers ✅Something that increases the
chance of loss. The three types are:
-Moral -Morale -Physical Fiduciary Bond - Correct Answers ✅Type of surety bond that guarantees that a person of a special trust will fulfill obligations set forth by law. 2 / 3
Tennessee Property and Casualty License Exam – Casualty Exam Questions and Answers (Solved Papers) Newly Acquired Vehicles - Correct Answers ✅New or used vehicles acquired by the insured during the policy period in addition to or as replacement to vehicles already owned and listed on the policy.Umbrella Policy - Correct Answers ✅Type of policy that provides broad coverage for an insured's liability over and above liability covered by an underlying contract. May also cover losses that are excluded by the underlying policy.Available as personal or commercial insurance.Trailer Interchange Insurance - Correct Answers ✅Under the trucker's coverage form, covers damage to a specific trailer under the policy of the trucker in whose possession the trailer is at the time of loss.Waiver - Correct Answers ✅The intentional relinquishment of a known right.Monopolistic State Fund - Correct Answers ✅Method of Providing workers' compensation coverage used in some states; employers must purchase workers' compensation insurance from a state fund; private insurance companies are not allowed to compete.
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