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Xcel Solutions Property & Casualty Questions and Answers 2024 Verified
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Xcel Solutions Property & Casualty
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Xcel Solutions Property & CasualtyAn earned premium resulting from the cancellation of a policy is calculated on: - answer
On a pro rata basis, based on the previous year's rate
M owns a parking garage & has coverage that states: "We will cover losses regardless if
you are legally liable for the loss." This no-fault ideology will be found under: - answer
Excess Direct Coverage
An insurance company writing business in a state other than the one in which it is
domiciled is called: - answer a Foreign
Y is running a home daycare out of their home & has just earned $50,000 in her first
year of business. Under an HO policy, Y's daycare is defined as: - answer Not a
business
Underwriting guards against - answer Adverse Selection
A licensee whose name or address changes must notify the Dept of Insurance within
_____ days: - answer30 Days
Assumption of risk: - answer States that a party will not collect damages because they
should have known what they were doing was risky
Under a DP-2 Broad form, which of the following is not a Broad peril? - answer
Vandalism
Which of the following incidents would not be excluded under a DP-3 policy? - answer
Burglary of a property that was vacant for 30 consecutive days
Which of the following are losses excluded under Coverage F? - answer An individual
who is eligible to receive disability insurance
Which of the following will not provide a premium discount from standard market
workers comp insurance? - answer Assigned Risk Plan
The face amount of a Surety bond is called the: - answerPenalty
M has opened up his business, Tractors & Semis Sales, LLC. His stock will be covered
while it is being transported, if he: - answerAdds the equipment dealers floater
, All of the following are correct about the Commercial Endorsement regarding Spoilage
EXCEPT: - answerCoverage extends to stock off premises
What is a certificate of authority? - answerThe license required for an insurer to conduct
business in the state
A licensed producer who lives in another state & transacts insurance in AZ is called: -
answerA Non-Resident Producer
Any of the following may be an unfair claims settlement practice EXCEPT: -
answerRefusing to pay persons bringing false or fraudulent claims
What is the best description of an applicant to the AZ auto insurance plan? - answerAn
applicant in good-faith entitled to coverage but unable to obtain coverage through
ordinary methods
Which statement regarding the identification of the producer rule is false? - answerA
policy is invalidated if the producer is not identified as required by law
If an insured's dog bites a guest that results in a settlement amount of $150,000 plus
attorney fees of $70,000. How much is the insured personally responsible to pay if their
homeowners policy Coverage E amount was $100,000? - answer$50,000
J has a policy that pays a maximum single dollar amount for property damage & death
or bodily injury. Which Limit of Liability does J's policy have? - answerCombined Single
Limit
E is a professional musician who owns a vintage guitar with a current value of $20,000.
E should properly insure this guitar with a(n): - answerPersonal Articles Floater
For policyholders in the same risk classification, it is unlawful to: - answerCharge
different premiums
All of the following are main elements of a commercial package policy, EXCEPT: -
answerLiability
Which of the following homeowner forms pays for loss on a functional replacement cost
basis? - answerHO-8
A motor vehivle liability policy must state all of the following in order to remain in effect,
except? - answerWhether the policy has workers comp rider for employees working on
the property
H builds a 3 flat building that he will rent out to tenants & is the least fire resistant
construction available. Under ISO construction guidelines, H's building would be
classified as: - answerFrame
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