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PA Property & Casualty License Practice Exam Practice Questions and Answers (100% Pass)
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PA Property & Casualty License Practice Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMPA Property & Casualty License Practice Exam
Practice Questions and Answers (100% Pass)
An exclusion that states that an insurer will not pay any claim in which an individuals
property is damaged as a result of an earthquake, mudslide, landslide, or sinkhole. -
✔️✔️an Earth movement exclusion
An exclusion that states that an insurer will not pay any claim in which an individuals
property is damaged as a result of the fact that the individual did not maintain the
property. - ✔️✔️Neglect exclusion
Which Home Owner's form covers damage to a condo owner's PROPERTY that occurs
as the result of any event that is not specifically excluded in the policy. - ✔️✔️HO-6 Unit
Owner's Form
Which Home Owner's form covers damage to a TENANT'S property that occurs as a
result of an aircraft, civil commotion, explosion, fire, nail, lightning, smoke, theft,
vandalism, vehicles and/or wind. - ✔️✔️HO-4 Content's Broad Form
Which HO form covers damage to the DWELLING that occurs as the result of any event
that is not specifically excluded in the policy and damage to the property inside the
dwelling that results of an aircraft, civil commotion, explosion, fire, hail, lightning, smoke,
theft, vandalism, vehicles, and/or wind. - ✔️✔️HO-3 Special Form
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
Which HO Form covers damage to the DWELLING & PROPERTY inside the dwelling
that occurs as an result of any event that is not specifically excluded in the policy. -
✔️✔️HO - 5 Comprehensive Form
What means conducting business in accordance with current rules and laws set by
government regulatory agencies and the courts. - ✔️✔️Compliance
Standards of conduct and moral judgement. - ✔️✔️Ethics
Legal term that describes the relationship between parties. - ✔️✔️Agency
What is the term to describe how an insurer appoints an individual to act on its behalf. -
✔️✔️Agency Contract
An individual whose position and responsibilities involve a high degree of trust and
confidence (trustees, guardians, and executors). - ✔️✔️Fiduciary
The name for the fact a producer must sell the kind of policies that best fit the prospects
needs and in amounts that the prospects can afford. - ✔️✔️Needs Selling
What is given when the applicant pays the initial premium at the time the application for
a policy is signed. - ✔️✔️Conditional Receipt
What is the term for informing the prospect or client of all facts involving a specific policy
or plan so that an informed decision can be made. - ✔️✔️Full Disclosure
What is the name for the watchdog group whose member companies agree to adhere to
and enforce ethical principles. - ✔️✔️Insurance Standards Association (IMSA)
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
What Act deals with the inappropriate use of advertising. - ✔️✔️Unfair Trade Practices
Act
Any written or oral statement that does not accurately describe a policy's features,
benefits, or coverage. - ✔️✔️Misrepresentation
Any false, maliciously, critical or derogatory communication that injures another's
reputation, fame, or character. - ✔️✔️Defamation
What is the term if the buyer of an insurance policy receives any part of the producers
commission or anything else of significant values as an inducement to purchase a
policy. - ✔️✔️Rebating
The unethical act of persuading a policy owner to drop a policy solely for the purpose of
selling another policy without regard to the possible disadvantages to the policy owner. -
✔️✔️Twisting.
A resident producers license must meet what 2 requirements? - ✔️✔️1.) May either
reside in PA -or-
2.) Have their principal place of business in PA
In what 2 situations is it not required to be a licensed as a manager or exclusive general
agent? - ✔️✔️1.) The licensee who has limited underwriting authority - or-
2.) A manager or agent who has started before Dec. 22, 1965
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
Which of the following can not be issued a temp license? - ✔️✔️A person selling
insurance for the estate of a deceased producer.
Which is NOT a reason for a licensed to be suspended or revoked?
a.) Making factual by subjective comparisons of 2 policies.
b.) Intentionally violating a cease and desist order.
c.) Making false statements in a license application.
d.) Violating an insurance regulation. - ✔️✔️A.
Increases a chance for loss - ✔️✔️Hazard (i.e. leaving a door unlocked)
Chance of a loss - ✔️✔️Risk
A means of transferring the risk of loss - ✔️✔️Insurance
The cause of the loss - ✔️✔️Perils (i.e. Fire, Flood, Collision, Theft)
States that there must be an adequate spread of risk for insurance to be effective. -
✔️✔️Law of Large #s
Installing an automatic sprinkler system is an example of - ✔️✔️Reduction (can not avoid
risk but can reduce it)
Deciding not to produce a produce due to serious potential side effects. - ✔️✔️Avoidance
(avoid the risk of being sued)
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