VA P&C Practice Exam Questions/ 142 Q&A/ Already Graded A+/ .
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VA P&C
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VA P&C
VA P&C Practice Exam Questions/ 142 Q&A/ Already Graded A+/ . Terms like:
All of the following are duties of the insured as detailed in the Conditions of the policy EXCEPT:
A. Make premium payments on time
B. Notify insurer of incidents that may lead to a claim
C. Cooperate with the insurer
D...
VA P&C Practice Exam Questions/ 142
Q&A/ Already Graded A+/ 2024-2025.
All of the following are duties of the insured as detailed in the Conditions of the policy EXCEPT:
A. Make premium payments on time
B. Notify insurer of incidents that may lead to a claim
C. Cooperate with the insurer
D. Assist in selecting an insurance adjuster - Answer: D. Assist in selecting an insurance adjuster
Which of the following is true regarding the insurer's rights to claim settlement?
A. The insured must agree to all aspects of the settlement.
B. The insurer may not settle a claim unless there is a court order.
C. The insurer may settle a liability claim without the insured's permission.
D. The insured retains complete rights of claim settlement. - Answer: C. The insurer may settle a
liability claim without the insured's permission.
Which of the following statements concerning a proof of loss is NOT true?
A. It is the duty of the insured to submit a proof of loss.
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,B. The insurer provides the insured with the proof of loss at the appropriate time
C. A proof of loss details the circumstances of the loss
D. A proof of loss may be oral - Answer: D. A proof of loss may be oral
A notice of claim to an insurer must include all of the following EXCEPT:
A. Insured's name
B. Insured's address
C. Name of insured's attorney
D. Description of how the loss occurred - Answer: C. Name of insured's attorney
John has two homeowner's policies in force. Policy A covers the home for $200,000 and Policy B
covers the home for $100,000. The total insurance in force is $300,000. John has a fire that does
$45,000 damage to the home. How much will Policy A pay?
A. $45,000
B. $0
C. $15,000
D. $30,000 - Answer: D. $30,000
Select the item that is considered a consumer report:
A. Driving record
B. Application for insurance
C. The agent's knowledge of the applicant
D. Inspection of the property - Answer: A. Driving record
If information on consumer reports differs from an applicant's statements and causes the
insurer to reject the application, the insurer has made a/an:
A. Adverse underwriting decision
B. Unfair decision
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,C. Unfair discriminatory decision
D. Negative underwriting decision - Answer: A. Adverse underwriting decision
Identify a federal law that protects the privacy of insurance applicants:
A. Equal Employment Opportunity Law
B. Fair Housing Act
C. Financial Modernization Act of 1999
D. Equal Rights Amendment of 1964 - Answer: C. Financial Modernization Act of 1999
Which of the following is NOT included on a Certificate of Insurance?
A. Name of insured
B. Policy number
C. Effective date
D. Premium - Answer: D. Premium
Which HO form provides broad named perils coverage for both the dwelling and its contents?
A. HO 2
B. HO 3
C. HO 4
D. HO 5 - Answer: A. HO 2
The HO3 differs from the HO2 in what manner?
A. Liability coverage provided
B. Amount of coverage provided for personal property
C. Amount of coverage provided for additional living expenses
D. Perils insured against for the dwelling - Answer: D. Perils insured against for the dwelling
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, The only difference between the HO3 and HO5 is:
A. Liability coverage provided
B. Amount of coverage provided for personal property
C. Amount of coverage provided for additional living expenses
D. Perils insured against for personal property & valuation of loss - Answer: D. Perils insured
against for personal property & valuation of loss
After a torrential rain, Velma discovered her basement was filling up water. If she has an HO5,
the loss would be:
A. Covered
B. Excluded
C. Considered a flood loss
D. Damage to the house is covered, but the personal property is not - Answer: B. Excluded
Removal is provided in the NFIP for how many days when property is moved to another location
and enclosed in a building to protect it from flooding?
A. 10
B. 15
C. 30
D. 45 - Answer: D. 45
How is the deductible required to be paid under the NFIP?
A. No deductible is required
B. Only one deductible applies to both the building and contents
C. A separate deductible applies to the building and contents
D. Federal government is responsible for paying the deductible - Answer: C. A separate
deductible applies to the building and contents
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