Exam (elaborations)
PROPERTY AND CASUALTY INSURANCE FINAL EXAM AND ANSWERS
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PROPERTY AND CASUALTY INSURANCE FINAL EXAM AND ANSWERS
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PROPERTY AND CASUALTYINSURANCE FINAL EXAM AND
ANSWERS
An unlicensed employee of an insurance agency may perform
all of the following EXCEPT: ANSWER A) Accept a claim form
B) Type correspondence for a direct mail campaign
C) Deposit properly endorsed checks into the agency's bank
account
•• D) Advise an insured of coverage issues
A producer must notify the insurance division of an address
change within: ANSWER A) 10 days
B) 20 days
C) 25 days
•• D) 30 days
A Temporary License may be issued to approved individuals for
a period of: ANSWER A) Twelve Months
B) Nine Months
•• C) 90 days with extensions up to 180 days
D) 30 days
Contribution by Equal Shares: ANSWER A) Is applicable in
Workers Compensation
B) Is excess over primary coverage
C) Prorates coverage between all policies equally
•• D) Is a form of proportional coverage in which losses are paid
equally by all policies until one policy is exhausted, whereby the
other policy pays alone
,Which of the following is NOT a requirement necessary to
qualify as a producer in Iowas? ANSWER A) Pass the exam
required by statute
B) Be a resident of the state of Iowa
C) Be of good character and company
•• D) Complete a 36-hour licensing course
All of the following are true of the Iowa's Continuing Education
Regulation EXCEPT: ANSWER A) A continuing education term
is three years
B) New producers must complete 36 credits every continuing
education term
•• C) Continuing education is automatically waived for
producers that are attorneys
D) Producers must have 3 credits in ethics every CE term
All of the following applicants may be denied a producer's
license EXCEPT: ANSWER •• A) An attorney
B) An individual that provides incomplete information on a
license application
C) An applicant whose letter of clearance is dated 120 days
prior
D) A nonresident not licensed in their state of domicile
Personal liability coverage under the Dwelling Policy is:
ANSWER A) Automatically provided under the policy
•• B) Only provided by endorsement
C) Broader and more comprehensive than homeowner
personal liability
D) Limited to 10% of Coverage A
All of the following would be considered a hazard EXCEPT:
ANSWER A) Trash and debris in the basement of a home
B) Broken steps and hand railings
C) Overloaded electrical wiring
•• D) Properly stored paint and related solvents
, All of the following would be considered a Unfair Claims
Practice EXCEPT: ANSWER A) Failure to acknowledge written
or oral communications
B) Failure to deny or affirm coverage
•• C) Dealing with the insured or claimant in good faith
D) Refusing to pay covered claims
A producer license is: ANSWER A) Automatically renewed
B) Renewed for one-year periods subject to the completion of
CE
C) Renewed for two-year periods subject to the completion of
CE
•• D) Renewed for three-year periods subject to the completion
of CE
In a Personal Umbrella Policy, the amount paid by the insured
for certain losses not covered under the primary coverage is
called: ANSWER A) The deductible
B) The security insured retention
•• C) The self-insured retention
D) The sole insurable retention
To form a contract, a competent part: ANSWER A) Must be 16
years old
•• B) Must have legal capacity
C) Is anyone age 18 or older regardless of their personal
history
D) Is anyone 21 or older, even if that person is intoxicated
In 2010, a homeowner insured his home for its purchase price
of $100,000 and added the inflation guard endorsement. Under
the Homeowner Policy, what amount should the homeowner be
carrying today to be property insured? ANSWER A) The
$100,000 plus the inflation guard coverage amount
B) The $100,000 plus the inflation guard, but minus
depreciation coverage
C) Its fair market value
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