NM Insurance/ Property and Casualty license Study Guide Exam Fully Solved.
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Course
CT 109890
Institution
CT 109890
Insurable interest must exist on property insurance at___? - Answer time of loss
For one intentional violation of the insurance code, the maximum civil penalty is...? - Answer $10,000
Written binders are good for a maximum of ____ days, unless extended with approval of the insurer: - An...
NM Insurance/ Property and Casualty
license Study Guide Exam Fully Solved.
Insurable interest must exist on property insurance at___? - Answer time of loss
For one intentional violation of the insurance code, the maximum civil penalty is...? - Answer $10,000
Written binders are good for a maximum of ____ days, unless extended with approval of the insurer: -
Answer 90
What type of insurance is unregulated by state law? - Answer Ocean marine
Defamation is - Answer misstating financial condition
One of main purposes of P&C Guaranty Assoc is to..? - Answer cover claims of insolvent insurance
companies
Underinsured motorist coverage limits, if written, must be at least.. - Answer $25k/$50k/$10k
Agents must notify the Superintendent of a change of address within ____ days? - Answer 20
Funeral benefits are covered under worker's comp up to how much? - Answer $7500
Uninsured Motorist Property damage liability is subject to a deductible of..? - Answer $250
Minimum auto liability limits in NM are?? - Answer $25K/$50K/$10K
, Part I of a package policy is the ____ section and does it have a deductible?? - Answer Property section,
yes
Standard deductible on most property policies is?? - Answer $250/occurence
Part II of a package policy is ____and does it have a deductible? - Answer Liability section and no
deductible
Examples of packages policies - Answer HO, BOP, and the CPP
Inflation guard endorsement - Answer automatically keep policy limits in synch with the rate of
inflation
How much does the inflation guard endorsement on a BOP increase policy limits on anniv date each
year?? - Answer 8%
Are BI and PD coverage included in HO if there is damage arising from the loading or unloading of motor
vehicle? - Answer no
NFIP first-tier flood insurance is only available up to what amount? - Answer $35,000
Dwelling property policies do not cover breakage of glass after how many days of vacancy? - Answer 60
Where do you read on a HO policy to determine who is the "insured'? - Answer Definitions
Expediting expense on a Boiler & Machinery policy covers what? - Answer temporary repair or
temporary replacement NOT PERMANENT
Bailee's Customer's Goods Floater is written for who? - Answer Dry cleaners and appliance repair shops
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