Fx-Property and Casualty Exam 2024 with complete solution

Fx-Property and Casualty Exam 2024 with complete solution To be considered an insurable risk, a loss may NOT be - Answer ️️ -catastrophic Which of the following persons would be required to hold a producer license? - Answer ️️ -a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? - Answer ️️ -ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? - Answer ️️ -the difference in the actual cash value as a pair and as a single Which of the following additional perils is covered under both of the Basic and Broad forms in dwelling policies? - Answer ️️ -internal explosion When would a misrepresentation on the insurance application be considered fraud? - Answer ️️ -If it is intentional and material A bond is written for a set limit, and the surety will be liable only for this amount. This limit is known as the - Answer ️️ -penalty In insurance, an offer is usually made when - Answer ️️ -the application is submitted All of the following actions by a producer may be grounds for license revocation or non-renewal EXCEPT - Answer ️️ -participating in controlled business In personal auto policies, the term "you" refers to - Answer ️️ -the named insured Business personal property coverage form covers all of the following except: - Answer ️️ - automobiles held for sale in dwelling policies, automatic increase in insurance is - Answer ️️ -coverage by endorsement To be eligible for businessowners policy (BOP) coverage, an office building CANNOT be higher than - Answer ️️ -6 stories Elaborate homes with replacement costs greater than ACV or market value are insured on the - Answer ️️ -HO-8 Form Which of the following dwelling coverage forms would pay replacement cost for the dwelling? - Answer ️️ -DP-2 and DP-3 Business personal property coverage insures property out in the open if it is - Answer ️️ - Within 100 feet of the described premises A runaway shopping cart injures a customer in a supermarket's parking lot. Coverage for this claim would be provided under - Answer ️️ -premises and operations Which of the following businesses would be eligible for a businessowners policy? - Answer ️️ - Hill & Morton Funeral Home The designation symbols used in commercial auto policies can be found in which policy section? - Answer ️️ -covered auto Which of the following is used in the formula for calculating the actual cash value (ACV) of a property? - Answer ️️ -replacement cost What type of bond guarantees that the principal will complete the contract as agreed upon? - Answer ️️ -performance bond Peril is most easily defined as - Answer ️️ -The cause of loss insured against An insured building has had no residents for 10 years and it is empty of personal belongings. From an insurance standpoint, the building is - Answer ️️ -vacant Under a workers compensation policy, premiums will be determined when - Answer ️️ -the policy period ends Which commercial property form is used to insure buildings while under construction? - Answer ️️ -Builders risk Which of the following information will be found in the Declarations page of the commercial property policy? - Answer ️️ -description of the policy in