TX Insurance Exam Practice Questions and Answers 100% Pass Extended Coverage Perils ✔✔Wind, Civil Commotion, Smoke, Hail, Aircraft, Vehicles, Volcanos, Explosion, Riot WC SHAVVER Perils on an Unendorsed DP1 Policy ✔✔Fire, Lightening, Internal Explosion Coverage amount for Trees and Shrubs on a DP1 policy ✔✔0 Part of the Policy that lists the insured's limits ✔✔Declarations page Subrogation is listed in what part of the contract ✔✔Conditions Part of the contract that tells you what is not covered ✔✔Exclusions Coverage A on a Home Policy ✔✔The structure and anything attached to it, as well as materials used for the home. Coverage B on a Home Policy ✔✔other structures Coverage C on a Home Policy ✔✔Contents Coverage B, coverage limit on an HO ✔✔10% of Coverage A Coverage C, coverage limit on an HO ✔✔50% of Coverage A Coverage D, coverage limit on an HO4 ✔✔30% of Coverage C Coverage D, coverage limit on an HO3 ✔✔30% of Coverage A Coverage D, coverage limit on an HO6 ✔✔50% of Coverage C Loss Settlement on an HO3 for Contents (Cov B) ✔✔ACV Loss Settlement on an HO3 for the Structure (Cov A) ✔✔Replacement Cost ACV ✔✔Replacement Cost - Depreciation Deductible ✔✔Portion of the loss that the customer pays out of pocket Indeminity ✔✔insureds suffering a covered loss are entitled to recover an amount not greater than that which would be necessary to place the insured in the same preloss financial position. Insurable Interest ✔✔A financial interest in property permits someone to buy insurance to protect against the financial loss to that property. Speculative Risk ✔✔a risk in which there is a chance of either loss or gain Pure Risk ✔✔chance of only loss Risk ✔✔chance of a loss Moral Hazard ✔✔A condition that increases the likelihood that a person will intentionally cause or exaggerate a loss Hazard ✔✔Increases the chance of a loss Physical Hazard ✔✔a physical condition that increases the frequency or severity of loss. example skateboard on the sidewalk Morale Hazard ✔✔A condition of carelessness or indifference that increases the frequency or severity of loss. example leaving your keys in the
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