Exam (elaborations)
TEXAS INSURANCE LICENSE EXAM
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TEXAS INSURANCE LICENSE EXAM
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TEXAS INSURANCE LICENSE EXAM____ damages punish the wrongdoer. - ANSWER punitive
____ includes burglary, safe burglary, robbery, larceny, embezzlement and forgery. -
ANSWER theft
____ is an all-out effort by one party to deceive. - ANSWER fraud
____ liability protects employees from benefit administrator mistakes or negligence. -
ANSWER fiduciary
____ risk is the chance of loss. - ANSWER pure
_____ are considered special damages. - ANSWER Medical expenses
_____ can only perform duties in the office such as giving quotes. - ANSWER
insurance service representatives
_____ coverage must be added to a dwelling policy by endorsement. - ANSWER
Theft and liability
_____ deals with disagreements on coverage issues. - ANSWER arbitration
_____ deals with disagreements on the value of the loss. - ANSWER appraisal
_____ insurance covers real property and personal property. - ANSWER property
_____ insurance covers your legal liability to others. - ANSWER casualty
_____ is the transfer of risk through a legal contract from the insured to the insurer. -
ANSWER insurance
_____ protects against unreasonable profits. - ANSWER Texas Department of
Insurace
_____ protects insured's from a rate hike after credit review. - ANSWER FCRA
______ on a Homeowner's policy takes care of loss of use and provides additional
living expenses and lost rental values if a portion is rented out. - ANSWER
Coverage D
_____carriers provide insurance that is not available from private insurers, such as
flood insurance. - ANSWER residual market
_____liability refers to product defect claims. - ANSWER strict
,1st source of underwriting? - ANSWER Application, Inspection, credit score, Bureau
of motor vehicles, Insurance industry bureus, Financial Info, Previous insurer,
Insurance claim file
A ___ insurer shares profits with policy holders. - ANSWER mutual
A ___ is a civil wrong, such as slander, libel or false arrest, other than breach of
contract. - ANSWER tort
A ____ agent may place insurance risks with unauthorized insurers. - ANSWER
surplus lines
A ____ hazard is caused by carelessness. - ANSWER morale
A _____ is not true, but has no effect on the insurer's decision to issue a policy. -
ANSWER misrepresentation
A binder or temporary contract of insurance is good for up to _____ days. -
ANSWER 30
A business income policy covers lost profits, continuing expenses and _____. -
ANSWER extra expenses
A business owners policy (BOP) can stand by itself as a ____? - ANSWER
commercial package policy
A business owners policy is called a package policy because it insures property and
_____. - ANSWER negligence
A car dealership would be covered by a ____ policy. - ANSWER garage
A commercial general liability policy is the broadest business liability policy and pays
____. - ANSWER actual damages
A deductible is also called a ____. - ANSWER retention
A delivery boy hits a pedestrian and hurts them, is covered by ____. - ANSWER
operations exposure
A DP1 is also known as a ____. - ANSWER dwelling fire policy
A DP3 policy does not cover code ordinance, power interruption off premises or
_____. - ANSWER theft
A dwelling policy is a _____ policy. - ANSWER monoline
A dwelling policy with no endorsements attached contains personal property
coverage, dwelling coverage and _____. - ANSWER medical payments coverage
, A farm policy is like a home owner's policy A, B, C and D, with some changes to
insure the farm and property coverage ____. - ANSWER E, F, and G
A flood policy has a ____ waiting period, unless it is purchased with a mortgage. -
ANSWER 30 day
A garage policy includes garage liability, garage keepers, and _____. - ANSWER
physical damage
A home owner's policy will NOT cover _____. - ANSWER mudslides
A Lloyds company is an arrangement between an attorney and at least 10
underwriters to provide coverage. Must be members of ____. - ANSWER TWIA
A managing general agent is one taht - ANSWER
A person cannot collect lost wages and _____in a personal injury protection claim. -
ANSWER essential services
A person receiving an inquiry from the state of Texas has ___ days to respond. -
ANSWER 15
A piece of jewelry valued at $10,000 is stolen from the insured while at the mall. How
much will an HO-3 policy pay for this loss? - ANSWER $1500
A policy used to insure separate pieces of jewelry is called a ____. - ANSWER
personal articles floater
A proof of loss form is required to be submitted within ___ days in Texas. - ANSWER
91
A property owner wants to insure both the rental property and any of the tenant's
belongings if they are stolen. Which policy would you recommend and why? -
ANSWER DP-3 special form and a separate tenant's policy to cover personal
property.
A truckers contract is also called common carrier cargo ____. - ANSWER liability
A watercraft policy for boats less than ___ feet and limited to use in the Gulf is a type
of umbrella policy. - ANSWER 26
Abandonment condition - ANSWER A condition often contained in property
insurance policies that states that the insured cannot abandon damaged property to
the insurer and demand to be reimbursed for its full value.
Absolute liability - ANSWER A type of liability that occurs due to extremely
dangerous operations, such as the use of explosives or working at extreme heights
May be held responsible for the damage of anothers property even though the are
not negligent.
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