Pa Property & Casualty Exam

Front 1

in order to be insured an induvidual has to have a resource that he may lose if an even occurs. What term describes this concept?

Back 1

insurable interest

Front 2

What is the legal concept in which an individual is responsible for the harm that occurred because the individual failed to perform the actions that a reasonable person in a similar situation would take to ensure the safety of other individuals

Back 2

negligence

Front 3

A legal concept in which an indivudal must COMPENSATE an individual for the harm that he or she caused

Back 3

liability

Front 4

a legal concept in which an individual is responsible for the harm that occurred because the individual was performing an extremely hazardous activity, which caused harm even though the individual took all of the necessary precautions

Back 4

absolute liability

Front 5

a legal concept in which an individual is responsible for the harm that occurred due to the actions of another individual because the individual is responsible for the SUPERVISION OR CARE of the individual who caused the harm

Back 5

vicarious liability

Front 6

The declarations section of an insurance policy that identifies the specific resources and/or perils that the policy covers

Back 6

insuring agreement

Front 7

the declarations section of an insurance policy that identifies the specific resources/perils that the policy does not cover

Back 7

exclusions

Front 8

The declarations section of an insurance policy that identifies what key items

Back 8

-who is covered
-name of insurer
-amount of coverage
-phone # & address
-cost of premium
-specific property covered

Front 9

an individual who is covered by an insurance policy that he or she does now own but is listed on the policy

Back 9

additional insured

Front 10

an individual or organization that is covered by the policy because the individual or organization owns the policy

Back 10

named insured