Property and casualty insurance Exam Questions and Answers 2023
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Course
Property and Casualty Insurance
Institution
Property And Casualty Insurance
Which of the following are the authorities that an agent can hold?
Express and implied
Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight?
Permanent partial disability
Who is NOT considered an employee in an commercial general liabili...
Property and casualty insurance Exam Questions and Answers
Which of the following are the authorities that an agent can hold? correct answerExpress and implied
Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? correct answerPermanent partial disability
Who is NOT considered an employee in an commercial general liability (CGL) policy? correct answerTemporary worker
The major portion of the premium of an equipment breakdown policy pays? correct answerFor inspections and examinations
An insured owns a building valued at $400,000. To comply with the 80% coinsurance provision of his insurance policy, how , much should he insure the property for? correct answer80% of the property's replacement cost or more
Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of the information contained in his or her report, the reporting agency must correct answerRespond to the consumer's complaint.
All of the following are found in the declarations section of a policy EXCEPT the correct answerExclusions.
The cost of restoring farm records is an additional coverage offered under a farm policy. How much will the policy pay to restore the records? correct answerUp to $2,000
All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT correct answerDividends from a mutual insurer. Which of the following may be covered by electronic data processing coverage form under an inland marine policy? correct answera) Computer hardware that is specifically scheduled.
b) Extra expense the insured incurs to continue the business following a loss.
c) Data processing media, including magnetic tapes or paper tapes, punch cards and discs
The party to a surety or fidelity bond who promises to fulfill the obligation is the correct answerPrincipal
The transfer of money from inside a banking premises to a person other than a messenger outside those
premises or to a place outside those premises is covered under which commercial crime coverage? correct answerComputer fraud
Which of the following would NOT be covered under the liability section of a personal auto policy? correct answerBodily injury is caused by the insured's negligence while driving a three-wheel all-terrain vehicle.
When a producer holding a certificate or a broker's license has a change in his/her residence or business address, he/she must notify the Department of Insurance and any company for which the producer holds an appointment within correct answer30 days.
What will happen if a house covered by a standard mortgage clause is a total loss? correct answerThe insurer pays the mortgagee according to the mortgagee's interest in the property.
What is the civil penalty for violating a cease and desist order of the Commissioner? correct answer$10,000
The Business Pursuits endorsement under Section II of a homeowners policy will cover all of the following EXCEPT correct answerBusiness liability.
If a property is covered by Company A for $20,000 and Company B covers the same property for $40,000, how much will Company A pay on a $24,000 loss? correct answer$8,000 The risk management technique that is used to prevent a specific loss by not exposing oneself to that activity is called correct answerAvoidance.
In a farm policy, any cost incurred by the insurer for the investigation or defense of a claim will be paid by correct answerThe insurer.
Which of the following entities must approve all continuing education courses in this state? correct answerThe Commissioner
An applicant knowingly fails to communicate information that would help an underwriter make a sound decision regarding coverage. This is an example of correct answerConcealment
A common exclusion found under physical damage to your auto includes correct answerMechanical breakdown.
Which of the following is true regarding a risk retention group? correct answerIt is a liability insurance company owned by its members.
Which of the following best describes a misrepresentation? correct answerIssuing sales material with exaggerated statements about policy benefits
A builder's risk form is most often written as which of the following? correct answerCompleted value form
An insured has a liability policy that sets the amount for all claims that arise from a single incident at $50,000. Which type of limit of liability does this insured's policy have? correct answerPer occurrence
Which of the following is an example of a protective safeguard in a businessowners policy? correct answerAutomatic sprinkler system
If a licensee wants to transact insurance under a different name than that listed on his or her producer's license, which of the following must occur? correct answerThe change must be reported to the Commissioner.
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