Property and Casualty Insurance - Final Exam with Verified Answers 100% Pass
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Course
Property and Casualty Insurance
Institution
Property And Casualty Insurance
Property and Casualty Insurance - Final Exam with Verified
Answers 100% Pass
1. An unlicensed employee of
an insurance agency may per-
form all of the following EX-
CEPT:
2. A producer must notify the
insurance division of an ad-
dress change within:
3. A Temporary License may be
issued t...
Property and Casualty Insurance - Final Exam with Verified
Answers 100% Pass
1. An unlicensed employee of A) Accept a claim form
an insurance agency may per- B) Type correspondence for a direct mail
form all of the following EX- campaign
CEPT: C) Deposit properly endorsed checks into
the agency's bank account
•• D) Advise an insured of coverage issues
2. A producer must notify the A) 10 days
insurance division of an ad- B) 20 days
dress change within: C) 25 days
•• D) 30 days
3. A Temporary License may be A) Twelve Months
issued to approved individu- B) Nine Months
als for a period of: •• C) 90 days with extensions up to 180 days
D) 30 days
4. Contribution by Equal Shares: 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
5. Which of the following is A) Pass the exam required by statute
NOT a requirement necessary B) Be a resident of the state of Iowa
to qualify as a producer in C) Be of good character and company
Iowas? •• D) Complete a 36-hour licensing course
6. All of the following are true of A) A continuing education term is three
the Iowa's Continuing Educa- years
tion Regulation EXCEPT: 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
, Property and Casualty Insurance - Final Exam with Verified
Answers 100% Pass
7. All of the following applicants •• A) An attorney
may be denied a producer's li- B) An individual that provides incomplete
cense EXCEPT: 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
8. Personal liability coverage un- A) Automatically provided under the policy
der the Dwelling Policy is: •• B) Only provided by endorsement
C) Broader and more comprehensive than
homeowner personal liability
D) Limited to 10% of Coverage A
9. All of the following would be A) Trash and debris in the basement of a
considered a hazard EXCEPT: home
B) Broken steps and hand railings
C) Overloaded electrical wiring
•• D) Properly stored paint and related sol-
vents
10. All of the following would be A) Failure to acknowledge written or oral
considered a Unfair Claims communications
Practice EXCEPT: B) Failure to deny or affirm coverage
•• C) Dealing with the insured or claimant in
good faith
D) Refusing to pay covered claims
11. A producer license is: 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 sub-
ject to the completion of CE
12. In a Personal Umbrella Poli- A) The deductible
cy, the amount paid by the in- B) The security insured retention
sured for certain losses not
, Property and Casualty Insurance - Final Exam with Verified
Answers 100% Pass
covered under the primary •• C) The self-insured retention
coverage is called: D) The sole insurable retention
13. To form a contract, a compe- A) Must be 16 years old
tent part: •• 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
14. In 2010, a homeowner insured A) The $100,000 plus the inflation guard
his home for its purchase coverage amount
price of $100,000 and added B) The $100,000 plus the inflation guard,
the inflation guard endorse- but minus depreciation coverage
ment. Under the Homeowner C) Its fair market value
Policy, what amount should •• D) The current cost to replace with like
the homeowner be carrying kind and quality at today's rebuilding costs
today to be property insured?
15. Which of the following re- •• A) Deductible
duces small nuisance claims B) Indemnity
and helps keep premiums C) Coinsurance
down? D) Salvage
16. A fire severely damages a ten- A) The Dwelling Policy will pay nothing
ant occupied duplex insured B) The Dwelling Policy will pay the tenant's
under a Dwelling Policy. After extra expenses
the fire the tenants are forced •• C) The Dwelling Policy will pay the own-
to move. In this case: er's loss of rental value
D) The Dwelling Policy will pay the tenant's
moving allowance
17. The Notice of Aftermarket A) Application of insurance
Crash Parts must be given to B) Approval of insurance
the insured no later than at: •• C) Delivery of policy
D) Time of repair
18. The Principle of Indemnity is A) Indemnity an insured in excess of their
used extensively in the prop- loss
erty casualty field to: B) Reduced lawsuits
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