100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
PSI PROPERTY CASUALTY PRACTICE QUIZ QUESTIONS AND ANSWERS $12.49   Add to cart

Exam (elaborations)

PSI PROPERTY CASUALTY PRACTICE QUIZ QUESTIONS AND ANSWERS

 5 views  0 purchase
  • Course
  • Psi
  • Institution
  • Psi

PSI PROPERTY CASUALTY PRACTICE QUIZ QUESTIONS AND ANSWERS

Preview 2 out of 7  pages

  • August 29, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Psi
  • Psi
avatar-seller
biggdreamer
PSI PROPERTY CASUALTY PRACTICE
QUIZ QUESTIONS AND ANSWERS
An insured operates a auto repair shop and has a garage coverage form with
garagekeepers insurance when an employee on a test drive with a customer's car is
involved in a crash. How will the customer's car be covered by the insured's policy? -
Answer-The customer's car is covered for any physical damage while in the custody of
the insured.

Liability arising out of any of the following is excluded from the personal and advertising
injury liability coverage EXCEPT - Answer-unknowingly inflicting injury that violates the
rights of another.

A bank customer's identity was compromised and the thieves made numerous
purchases from a retailer by signing the customer's checks. When the bank refused to
make payment for the goods, the retailer brought suit against the bank. Which coverage
indemnified the bank for liability in the suit? - Answer-forgery and alteration

Workers' compensation coverage is rated on the basis of which of the following? -
Answer-employer's payroll

Which of the following is the party who agrees to be responsible for loss in the case of a
fidelity bond? - Answer-the surety

The insured carries underinsured motorists coverage limits of 250/500/250 on his
automobile policy and his vehicle is struck by an at fault motorist who insures with the
State minimum for liability of 20/40/10. If the insured brings suit for bodily injury
damages to himself of $500,000, how much will he recover from at fault driver's policy?
- Answer-$20k

Under the commercial general liability which one of the following is covered under
supplementary payments? - Answer-cost of bail bonds

When the insured's child spills red juice on the carpet of insured's covered automobile,
which of the following coverages will apply? - Answer-comprehensive

Which of the following best describes the commercial general liability?s general
aggregate annual limit as it applies to the coverage parts of the CGL? - Answer-
Coverage A, B, and C apply in sum and are the most that will be paid subject to the
general aggregate annual limit.

Under liability coverage which of the following will trigger coverage for property
damage? - Answer-unintended damage to tangible property of others

, All of the following are exclusions are found under the personal auto policy Part A
liability coverage, EXCEPT - Answer-bodily Injury to an insured's nonresident family
member or relative.

All of the following specify limits of insurance for the commercial general liability
EXCEPT - Answer-legal defense.

All of the following activities would warrant the imposition of absolute liability EXCEPT -
Answer-risky transportation.

Which of the following is TRUE when the insured's limits of insurance apply per
occurrence? - Answer-Coverage is triggered for smoke damage to siding caused by
repeated acts by insured's neighbor.

Which of the following describes market value? - Answer-It is what property could be
sold for.

Which of the following defines the term peril? - Answer-cause of loss

The Terrorism Risk Insurance Act and the National Flood Insurance Program are similar
by providing which of the following? - Answer-subsidies, loss sharing or excess
coverage

All of the following are responsibilities of the insured listed in the loss provisions for
most property insurance contracts EXCEPT - Answer-to determining adequate
indemnification.

When an insured disagrees with the valuation of a loss and his appraiser and the
insurance company's appraiser disagree, how will the loss be settled? - Answer-the
amount agreed to by any two of the three

Underwriters are permitted to use all of the following when underwriting an application
for insurance EXCEPT - Answer-disability.

Which of the following policy assignment rights occurs when the named insured dies? -
Answer-The insured's legal representative takes over the policy.

The Fair Credit Reporting Act permits consumer reporting agencies to include applicant
information about bankruptcies MORE than 10 years old under which of the following
circumstances?
1. The applicant has been convicted of a felony or fraud.
2. The applicant is a public or political figure.
3. The applicant is seeking a transaction greater than $150,000.
4. The applicant is employed in the financial industry. - Answer-3. The applicant is
seeking a transaction greater than $150,000.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller biggdreamer. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart