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Personal Lines Final Exam Combined Set Exam Questions With Verified And Reviewed Answers | Already Passed!!

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Personal Lines Final Exam Combined Set Exam Questions With Verified And Reviewed Answers | Already Passed!! 1) Which section of an insurance policy includes the names of the insurer and insured, the effective and expiration dates, and the limits of liability? A. Exclusions B. Conditio...

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  • October 6, 2024
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  • 2024/2025
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Personal Lines Final Exam
Combined Set Exam Questions
With Verified And Reviewed
Answers | Already Passed!!

1) Which section of an insurance policy includes the names of the insurer and
insured, the effective and expiration dates, and the limits of liability?
A. Exclusions
B. Conditions
C. Declarations

D. Insuring Clause - ANSWER C


2) Which type of coverage will replace damaged or destroyed property with
the equivalent at current cost?
A. Stated amount
B. Replacement Cost
C. Actual Cash Value

D. Market Value - ANSWER


3) The process of a neutral third party making a decision on a disputed claim is
called:
A. Liberalization
B. Arbitration

,C. Right of Salvage

D. Assignment - ANSWER


4) Which of the following statements regarding medical payments coverage is not
correct?
A. Payments are considered an admission of guilt
B. Coverage is for bodily injury of a third party as a result of the insured's activities
C. Provides payment for necessary medical, surgical and hospital expenses

D. Payments are made regardless of the insured's negligence - ANSWER


5) What is hazard?
A. Coverage for only certain perils
B. The increase in the cause of a loss
C. The cause of a loss

D. The increase in the change of a peril occurring - ANSWER


6) Which condition prevents the insured from collecting twice for the same loss?
A. Restoration
B. Liberalization
C. Subrogation

D. No Benefit to Bailee - ANSWER


7) Which of the following types of risk are insurable?
A. Whole

, B. Partial
C. Speculative

D. Pure - ANSWER


8) Yacht policies do not provide coverage for:
A. Worker's compensation
B. Hull damage
C. Tender and life boat

D. Factory installed equipment - ANSWER A. Worker's compensation


9) John has shingles delivered in his back yard to roof his home. A tornado blows
them away. Which coverage under homeowners would pay for the shingles?
A. Coverage A
B. Coverage B
C. Coverage C

D. Shingles are not covered - ANSWER A. Coverage A


10) An agent who misrepresents a policy to convince an insured to replace an
existing policy is an example of:
A. Rebating
B. Coercion
C. Fraud

D. Twisting - ANSWER D. Twisting

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