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Texas Property & Casualty License Questions and Answers Already Passed
SKU: | Pages: 20 | Year: 2024
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Texas Property & Casualty License
Questions and Answers Already Passed
Property vs Casualty: What is considered property? ✔✔Structure & Personal P...
Texas Property & Casualty License
Questions and Answers Already Passed
Property vs Casualty: What is considered property? ✔✔Structure & Personal Property
Property vs Casualty: What is considered casualty? ✔✔Non-property losses. Legal liability to
others. 3rd Party
Risk ✔✔uncertainty of financial loss
Pure Risk ✔✔Chance of Loss
Speculative Risk ✔✔Chance of Loss or Gain (Gamble)
Insurance (covers which type of risk?) ✔✔Pure Risk Only
How does the law of large numbers apply in insurance? ✔✔Actuaries use the law of large
numbers to estimate claims
What is the law of large numbers? ✔✔as the number of a similar loss exposure increases, the
more accurate claims can be predicted from the group.
What is a peril? ✔✔cause of loss
What is a hazard? ✔✔things that increase the chance of a peril happening
Three types of hazards ✔✔Physical: visible characteristic (dead tree)
Moral: Dishonest tendencies
Morale: Attitude of carelessness
Proximate Cause ✔✔First cause in an unbroken chain of events
Elements of a legal contract (CALC) ✔✔C - Competent parties (18/Right frame of mind)
A - Agreement (Both parties agree)
L - Legal Purpose (The risk is LEGAL)
C - Consideration (It has to be fair)
What is representation? ✔✔Information believed to be true.
What is misrepresentation? ✔✔Information that is not true. False information.
What is material misrepresentation? ✔✔Information that is not true but would have caused the
insurer not to issue the policy. (4 prev spd tix)
What is fraud? ✔✔An all out effort by one party to deceive and cheat the other.
What is warranty? ✔✔Guarantee that an insured will or will not do something
What are the four major parts to an insurance policy structure? (DICE) ✔✔D - Declarations Page
(First Page)
I - Insuring Agreement (Insurers promise to pay)
C - Conditions (Rules)
E - Exclusions (Not covered)
What information is on the declarations page? (Remember 6 Ps) ✔✔Policy Number
Parties
- 20-pages detailed model answer (PDF + online view)
- Clinical reasoning & medication selection justified
- NP-level explanation with key teaching points
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Texas Property & Casualty License Questions and Answers Already Passed
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