Property and Casualty Insurance Exam (California)

Liability that arises from extremely dangerous situations.

A person, firm, or corporation other than the Named Insured on a policy, or a lender in a mortgage clause, who is protected against loss.

A company that meets the state insurance department's standards and is authorized to do business in the state.

A type of policy limit found in liability policies that limits the coverage to a specified total amount for ALL losses occurring within the policy period.

An insurance company in a country other than the United States.

Insurance protecting the insured from loss arising from any peril other than those that are specifically excluded by name.

If the insured and insurer cannot agree on the amount of loss, either may demand an appraisal. If demanded, each will select an appraiser, who jointly will select an umpire.

This coverage is also called 'other structures' or 'out buildings'.

To become authorized, a Casualty company must agree to participate in the Assigned Risk Pool and take its turn providing Auto insurance to high-risk drivers.

A fidelity bond that specifies a single limit of liability applicable to each employee involved in a loss.

An obligation of the insurance company to protect one against financial loss caused by the acts of others.

A commercial package policy designed for certain types of small businesses, that combines Property and Liability coverage. It is very similar to a Commercial Package Policy (CPP).

A type of insurance that is primarily concerned with losses caused by injury to persons and legal liability imposed upon the insured for such injury or damage to property of others.

A multi-peril, multiline policy that provides a broad spectrum of Property and Casualty coverages for businesses.

Any form of insurance which is required by law.