29. Which of the following statements is/are TRUE regarding Property and Casualt

Question

29. Which of the following statements is/are TRUE regarding Property and Casualty Insurance? CIRCLE ALL THAT APPLY. (2 points) a. The portion of your car insurance that pays for damage to your car in the event of an accident is called Property Insurance. Property and Casualty Insurance protects against losses from fire, theft, storms and investments in marketable securities. Named-peril policies insure against loss only from perils that are specifically named in the policy, whereas open-peril policies insure against all perils except those specifically excluded by the policy. The portion of your car insurance that pays for damage to someone else's car or their property is called Casualty Insurance A professional such as a doctor, lawyer or building contractor would purchase Liability Insurance (a type of Casualty Insurance) to provide coverage in the event b. c. d. e. the professional gets sued by a client or customer. f. Reinsurance is the procedure in which a Property and Casualty Insurance 0 Company issues a new policy to replace an expiring policy

Explanation / Answer

All the statements, except f are true.

F is not true

Reinsurance is the practice where insurers share the risk by buying insurance from other insurers. This reduces average cost per insurers.

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