Property and Casualty Unit 3 Quiz

What type of insurance policy protects the
insured from loss caused by damage to covered
property by a covered peril?

Which of the following is not a part of the
structure of a property or casualty insurance
policy?

Which of the following terms describes the
person listed first on the declarations page of
a policy when there is more than one named
insured?

Greg’s policy states that a loss will not be
covered unless it occurs within the United States
or Canada. What is the name of this provision
in his policy?

When an insured decides to cancel an insurance
policy before the expiration date, the unearned
premium is returned on

Todd and Mary have insurance protection for
their home with a policy deductible of $500.
One night, a thunderstorm knocks a tree onto
their roof and causes $2,500 in damage. How
much money will the insurance company pay to
Todd and Mary to fix their roof?

Which of the following is NOT a type of merit
rating that modifies the manual premium on the
basis of the insured’s loss experience?

Factors that determine premium rates set
by insurance companies include loss costs,
operating expenses, claims handling costs, and

Marcus has two policies that will cover his
$20,000 loss. Company A will pay the first
$15,000, and Company B pays the remainder. In
this example, Company A’s policy is considered

Which provision specifies that an insurance
policy may not be transferred to anyone else
without the written consent of the insurer unless
the named insured dies?