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Property and Casualty Insurance Exam With 100% Correct Solutions
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Property and Casualty Insurance Exam With 100% Correct Solutions An organization that writes liability insurance to cover the liability exposure f or the mining engineers that belong to its associations is: - Answer A Risk Retenti on Group Which of the following parties may assign a standard property policy? - Answer The insurer with prior written permission of the insurer The Difference in Conditions Policy is a special form used to fill in gaps of a propert y policy. Which of the following is true regarding this policy? - Answer It is generally written on an open perils basis, excluding losses by perils that are covered under standard property forms Under Part A of a Personal Auto policy, which of the following losses would be covered? - Answer Damage to a neighbor's parked car Assumption of Risk - Answer Not an element of negligence Which of the following coverages is not provided by the Personal Liability Supplement? - Answer Medical payments to a regular resident of the dwelling who sustains an injury Truckers Coverage Form - Answer Covers business exposures of motor carriers for hire who transport the goods of others, rather than its own goods. Under a Homeowners policy, how much coverage is provided for theft or unauthorized use of a credit or debit card? - Answer 500 Valuation Clause - Answer A condition under a Building and Personal Property C overage Form that determines how losses will be paid? Discovery Form - Answer A crime for that requires the use of a Retroactive Date The Farm Liability Policy WOULD NOT cover? - Answer A neighbor who is acciden tally hurt on the insured's farm makes a claim for medical payments 4 years after suffering injury False Advertising - Answer It is an unfair trade practice to present any information that is misleading about any insurer in the conduct of their insurance business. The Personal Liability endorsement DOES NOT provide coverage for which of the following? - Answer Injury caused to a regular resident of the dwelling. The Additional Coverages part of a property insurance policy provides: - Answer Coverage automatically included in the policy to supplement the basic coverages in the Insuring Agreement without an additional premium Premises liability exposure - Answer Not a contingent liability exposure Part D of the Personal Auto Policy provides which of the following coverages? - Ans wer Coverage for Damage to Your Auto Which statement about the Builders Risk form is NOT correct? - Answer Coverage is always written on an open peril basis Which of the following statements about a property policy is false? - Answer The purpose of coinsurance is to have the insure retain part of the risk A Broad Form Homeowners policy would NOT cover which of the following losses? - Answer Water damage to personal property stored in the basement after a sump pump overflows Insureds under Part C - Uninsured Motorists Coverage of a Personal Auto policy include: - Answer A family member, occupying an insured auto struck by an uninsured vehicle Combined single limits - Answer The policy liability limits that may be applied to either bodily injury or property damage, in any combination Which of the following is NOT one of the limits of liability provided by the CGL? - Answer Bodily injury limit A person operating a motor vehicle who is not able to provide current proof of financial responsibility in the vehicle when requested by a Nebraska law enforcement officer is allowed _____ days to prove that financial responsibility was in effect at the t ime of the request. - Answer 10 Which coverage is NOT an Additional Coverage under the Businessowners Coverage Form? - Answer Equipment breakdown Section II of a Homeowners policy may cover which of the following inci dents? - Answer Bodily injury to a stranger, caused by an insured's activities while picnicking at a city park The insured is part of a homeowners association. After a property loss to the common area owned by all of the association's members, the insured is assessed $1,500 for the damages. The insured's Homeowners policy will provide: - Answer $1,000 of coverage All of the following must be listed on Form MCS-90, except: - Answer The policy premium amount Which of the following is true regarding Personal Inland Marine Insurance? - Answ er Since moveable property is also known as floating property, the policies are sometimes known as floater policies The Commercial basic Cause of Loss Form DOES NOT cover which of the following perils? - Answer Earth Movement Which of the following is NOT an Optional Coverage under the Businessowners Policy? - Answer Personal property of others that is in the insured's care, custody and control Which statement about the BOP's Hired Auto and Non-owned Auto endorsement is correct? - Answer Business auto coverage for a vehicle the insured rents is added to the coverage It is prohibited for an agent to include in the sum charged for a polic y any fee, compensation, or charge that is not specified in the policy. This is an unfair trade practice referred to as: - Answer Nondisclosure of fees Under the Nebraska's Workers' Compensation Plan, assignments may not exceed: - Answer 5 years Which of the following is not an additonal coverage under the BOP? - Answer Pe rsonal effects P is an agent for ABC Insurer, which has just issued an insurance policy to M. In this transaction, who is known as the principal? - Answer ABC Insurer Section II (Liability) of the Garage Coverage Form covers which of the follow ing? - Answer Property damage for which the insured is legally responsible All of the following are additional coverages under the Building and Personal Property Coverage Form, except: - Answer Peak season Which of the following is true concerning monopolistic states regarding Workers' Compensation insurance? - Answer In Monopolistic states, Workers' Compensation is only available through a state fund Which of the following would not be covered under a Valuable Papers and Records Floater? - Answer Securities The Nebraska Property and Liability Insurance Guaranty Association will cover claims existing prior to the determination of insolvency and arising within _____ da ys after the determination of insolvency . - Answer 30 Which of the following is true about Builders Risk Floater? - Answer Coverage can be provided for farms Which of the following is not a condition found in an insurance policy? - Answer Insurance Agreement Which statement regarding liability insurance coverage is incorrect? - Answer The per occurrence limit is the maximum amount recoverable during the policy period Which of the following vehicles IS covered under Part B - Medical Payments of t he PAP? - Answer A car used to carpool with coll eagues Which statement about property coverages provided by Homeowners policies is incorrect? - Answer The HO-4 covers the dwelling against the Broad Form named perils On the Personal Auto Policy, the Collision coverage provides payment for losses: -The benefits of buying summaries with Stuvia:
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