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Arkansas Property & Casualty Practice Exam Questions and Answers 100% Solved
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Arkansas Property & Casualty Practice Exam
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Arkansas Property & Casualty PracticeExam
Pay the claims covered under the policy. - answer A primary obligation of an insurance
company is to:
Accumulating Risk - answer Which of the following is not a reaction to risk?
An increase in the possibility that a loss may occur. - answer Which of the following
describes a hazard?
Requiring the policyholder to carry insurance to value. - answer Which of the following
best meets the test of the "Principle of Indemnity"?
Overpayment of a claim - answer The principle of indemnity is designed to avoid:
Flood - answerWhich of the following losses would not be covered on an "all-risk" crop
insurance policy?
Crime Insurance - answerThe Fair Plan offers what kind of coverage for individuals and
businesses in high hazard areas?
Embezzlement - answerAn agent who collects premiums and converts those premiums
to his own personal use is guilty of:
Deductible - answerWhich of the following terms describes what is subtracted from a
claim payment to the insured?
Parol Evidence rule - answerOral discussion prior to the development of a written
contract can not be used to extend the terms of the final document. This because of the:
The agent must be appointed by each company. - answerTo be licensed by more than
one insurance company:
The covered perils - answerThe basic difference between the DP-1 and the DP-3 is:
The client - answerWhich of the following has the unlimited right to cancel an insurance
policy?
The trigger - answerThe main difference between a claims made liability coverage and
an occurence for liability coverage is:
, Endorsement - answerWhat is used to change an insurance policy from its original
wording?
A claim by the mortgagee can be denied. - answerAn insured hires someone to burn his
home. The insurance company can prove this fact. All of the following are true except:
Surplus Lines Insurance - answerA certificate of authority is not required for transacting:
Retained Limit - answerAn umbrella liability policy has a form of deductible called:
The insured building is vacant for over 60 days. - answerCoverage against loss by
some perils (vandalism, theft, etc.) under the Building and Personal Property Coverage
form is suspended if:
A retired person. - answerWhich of the following may be competent?
$7,250 - answerA 15 year old dwelling valued at $100,000 is insured for $60,000 on an
HO-3 with an HO-15 encorsement. A $250 deductible applies. If the insured had a
$10,000 loss, how much would he be paid?
Appealed to the Courts - answerAn order of the Commissioner may be:
Professional Liability is used in lieu of General Liability - answerAll of the following are
true about Professional Liability except:
Damages caused by products after their sale. - answerWhich of the following exposures
is covered under the basic Commercial General Liability policy?
On the biennial anniversary of your birthday. - answerProperty and Casualty licenses
must be renewed:
Risk - answerWhich of the following terms is defined as the uncertainty of future
outcome?
Unilateral - answerBecause the exact terms of an insurance policy are not the subject of
negotiation with the companym the contract of insurance is said to be:
The Zone Exam - answerThe kind of examination performed of a foreign insurer for the
benefit of all licensing states is called:
he must return his license within 10 days - answerIf an agent leaves the state to take
domicile elsewhere:
The policyholders - answerWho elects the Board of Directors in a mutual insurance
company?
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