texas property and casualty exam Questions and Verified Answers, 100% Score Guarantee Pass (Latest 2025) all of the following are basic parts of an insurance contract
EXCEPT
- declarations
- conditions
- exclusions
- binders - Correct Answers ✅Binders
- special
which of the following terms is used to describe an empty building that is not being used? - Correct Answers ✅Vacant 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? - Correct Answers ✅Salvage all of the following are property coverage forms EXCEPT?
b)basic c)broad d)base - Correct Answers ✅base which of the following legal principles allows insurance companies to collect from a negligent third party damages it paid to an insured? - Correct Answers ✅Subrogation 1 / 3
texas property and casualty exam Questions and Verified Answers, 100% Score Guarantee Pass (Latest 2025) transferring is a method of handling risk. which of the following best describes the concept of transfer? - Correct Answers ✅purchasing insurance the insured has a named peril policy that covers hail, fire, wind, and lightning. which one of the following events would be covered? - Correct Answers ✅A roof that is damaged in an electrical storm (TRIPRA) the federal govt's share of compensation that exceeds the insurer's TRIPRA deductible is - Correct Answers ✅80% why do ins. policies usually define who is considered an insured under the policy? - Correct Answers ✅to specify who is covered in addition to the named insured the federal govt. is not obligated under the TRIA to make payments for any portion of losses that exceed how much annually? - Correct Answers ✅$100 BILLION in the insurance business, the insurance comp. is also known as the? - Correct Answers ✅principle 2 / 3
texas property and casualty exam Questions and Verified Answers, 100% Score Guarantee Pass (Latest 2025) an insurance company that sells insurance only to people who meet specific membership requirements is known as what kind of ins. comp? - Correct Answers ✅Fraternal what is the actual cause of a loss? - Correct Answers ✅peril the purpose of insurance is to - Correct Answers ✅Transfer risk a warranty is a statement made by the applicant regarding the risk to be insured. which of the following statements is NOT true about warranties? - Correct Answers ✅A warranty must be refer to a material fact all of the following are basic ways in which underwriters assign rates EXCEPT?
- manual (class) rating
- judgement rating
- application rating
- experience (merit) rating - Correct Answers ✅c)
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application rating