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Personal Lines Practice Test Questions And Answers With Verified Solutions Rated A+ Latest Updated 2024
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Personal Lines Practice Test Questions And Answers With Verified Solutions Rated A+ Latest Updated 2024

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  • October 1, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • personal lines practice test questions and answers
  • which word describes an insurance company incorpor
  • all of the following are examples of conduct of an
  • which of the following standards is an agent vi

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  • Personal lines
  • Personal lines

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Personal Lines Practice Test Questions
And Answers With Verified Solutions
Rated A+ Latest Updated 2024
Which word describes an insurance company incorporated outside of the state in
which it is doing business? - ANSWER✔✔Foreign


All of the following are examples of conduct of an agent that is regulated by
Department of Insurance EXCEPT - ANSWER✔✔misappropriation or conversion
of funds by an insurance agent


Which of the following standards is an agent violating by providing insurance to an
insured at a lower or higher premium than another insured in identical
circumstances? - ANSWER✔✔Unfair Discrimination


Which of the following makes use of market value in determining loss valuation? -
ANSWER✔✔Property is evaluated for what it sells for at the time of the loss.


the company cannot afford to insure its risks - ANSWER✔✔All of the following
are reasons a company would decide to self-insure EXCEPT


calls from or on behalf of political campaigns or organizations and charities -
ANSWER✔✔Which of the following is EXEMPT from the Telemarketing Sales
Rule that established the National Do Not Call Registry?


10 - ANSWER✔✔How many business days does a business have to honor a
requested email opt-out according to the 2003 CAN-SPAM Act?

,The applicant is seeking a transaction greater than $150,000. - ANSWER✔✔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?


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


financial institutions must have a privacy policy in place - ANSWER✔✔The
Gramm-Leach-Bliley Act was enacted to protect consumer's right to privacy and
made mandatory which of the following?


Avoidance - ANSWER✔✔What method of risk management is being utilized
when a person chooses not to drive because of the risk of having an automobile
accident?


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


less depreciation - ANSWER✔✔With what method are losses settled on an actual
cash value (ACV) basis?


Theft - ANSWER✔✔Which of the following property crimes also includes the
unlawful taking of property by stealth?


Nonpayment of premiums - ANSWER✔✔What is generally accepted as a
condition for which an insurer is allowed to cancel a policy?

, Insurable interest in the property - ANSWER✔✔Which of the following gives a
mortgagee rights at the time of loss?


the benefit can exceed the policy limitations when the deductible is paid. -
ANSWER✔✔The following is true regarding deductibles EXCEPT


premiums cost less for vacant or unoccupied property due to lower risk. -
ANSWER✔✔Which is FALSE regarding vacancy and unoccupancy


the loss is produced by an unnatural and broken series of events. -
ANSWER✔✔Which is FALSE regarding proximate cause


Morale Hazard - ANSWER✔✔Which type of hazard is an example of a person
who increases the chance of loss through carelessness or by irresponsible actions?


Negligence - ANSWER✔✔Absolute liability can be imposed by law and exist in
the absense of which of the following?


Cost of damages - ANSWER✔✔All of the following are used to establish
negligence EXCEPT


it is a written or verbal agreement confirming the policy. - ANSWER✔✔All of the
following is TRUE regarding a certificate of insurance EXCEPT


Promise - ANSWER✔✔Which is another term for offer and acceptance?

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