Exam (elaborations)
Property and casualty insurance Exam Questions and Answers Part one 2024/2025 already graded A+
- Course
- Institution
Property and casualty insurance Exam Questions and Answers Part one 2024/2025 already graded A+
[Show more]
2 reviews
By: katrinawilliams107 • 1 month ago
By: Ashley96 • 1 month ago
Thank you for the Review, wishing you very success in your studies. You are always welcome to my page any time you need any academic material.
By: kj3302 • 2 months ago
Excellent inspiring encouraging
By: Ashley96 • 2 months ago
Thank you for the 5-star Review, wishing you very success in your studies. You are always welcome to my page any time you need any academic material.
Seller
Follow
Ashley96
Reviews received
Content preview
Property and casualty insurance ExamQuestions and Answers Part one
Which of the following are the authorities that an agent can hold? - ANSExpress and implied
Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? -
ANSPermanent partial disability
Who is NOT considered an employee in an commercial general liability (CGL) policy? -
ANSTemporary worker
The major portion of the premium of an equipment breakdown policy pays? - ANSFor
inspections and examinations
An insured owns a building valued at $400,000. To comply with the 80% coinsurance provision
of his insurance policy, how , much should he insure the property for? - ANS80% of the
property's replacement cost or more
Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of the information
contained in his or her report, the reporting agency must - ANSRespond to the consumer's
complaint.
All of the following are found in the declarations section of a policy EXCEPT the -
ANSExclusions.
The cost of restoring farm records is an additional coverage offered under a farm policy. How
much will the policy pay to restore the records? - ANSUp to $2,000
All of the following could be considered rebates if offered to an insured in the sale of insurance
EXCEPT - ANSDividends from a mutual insurer.
Which of the following may be covered by electronic data processing coverage form under an
inland marine policy? - ANSa) Computer hardware that is specifically scheduled.
b) Extra expense the insured incurs to continue the business following a loss.
c) Data processing media, including magnetic tapes or paper tapes, punch cards and discs
The party to a surety or fidelity bond who promises to fulfill the obligation is the - ANSPrincipal
,The transfer of money from inside a banking premises to a person other than a messenger
outside those premises or to a place outside those premises is covered under which commercial
crime coverage? - ANSComputer fraud
Which of the following would NOT be covered under the liability section of a personal auto
policy? - ANSBodily injury is caused by the insured's negligence while driving a three-wheel
all-terrain vehicle.
When a producer holding a certificate or a broker's license has a change in his/her residence or
business address, he/she must notify the Department of Insurance and any company for which
the producer holds an appointment within - ANS30 days.
What will happen if a house covered by a standard mortgage clause is a total loss? - ANSThe
insurer pays the mortgagee according to the mortgagee's interest in the property.
What is the civil penalty for violating a cease and desist order of the Commissioner? -
ANS$10,000
The Business Pursuits endorsement under Section II of a homeowners policy will cover all of
the following EXCEPT - ANSBusiness liability.
If a property is covered by Company A for $20,000 and Company B covers the same property
for $40,000, how much will Company A pay on a $24,000 loss? - ANS$8,000
The risk management technique that is used to prevent a specific loss by not exposing oneself
to that activity is called - ANSAvoidance.
In a farm policy, any cost incurred by the insurer for the investigation or defense of a claim will
be paid by - ANSThe insurer.
Which of the following entities must approve all continuing education courses in this state? -
ANSThe Commissioner
An applicant knowingly fails to communicate information that would help an underwriter make a
sound decision regarding coverage. This is an example of - ANSConcealment
A common exclusion found under physical damage to your auto includes - ANSMechanical
breakdown.
Which of the following is true regarding a risk retention group? - ANSIt is a liability insurance
company owned by its members.
Which of the following best describes a misrepresentation? - ANSIssuing sales material with
exaggerated statements about policy benefits
, A builder's risk form is most often written as which of the following? - ANSCompleted value form
An insured has a liability policy that sets the amount for all claims that arise from a single
incident at $50,000. Which type of limit of liability does this insured's policy have? - ANSPer
occurrence
Which of the following is an example of a protective safeguard in a businessowners policy? -
ANSAutomatic sprinkler system
If a licensee wants to transact insurance under a different name than that listed on his or her
producer's license, which of the following must occur? - ANSThe change must be reported to
the Commissioner.
If more than one person has an insurable interest in the property covered under a dwelling
policy, - ANSThe insurer will be liable for only the insured's interest in the damaged property.
Bob's home is insured for $100,000 under a dwelling policy. Yesterday his home suffered
$20,000 damage from a fire. Today the home was struck by lightning, starting another fire that
completely destroyed the structure. Bob's policy will pay - ANS$100,000.
An automobile that is owned by a nontraditional household, not consisting of a husband and
wife, may be insured under a personal auto policy if - ANSA joint ownership coverage
endorsement is added.
Which of the following is defined as a covered cause of loss in businessowners property
coverage? - ANSLeakage from fire-extinguishing equipment
The insured's mother-in-law broke her leg falling down the front steps of the insured's premises.
The insured's homeowners medical payments coverage will - ANSApply to injuries of any
guests or visitors.
All of the following are exclusions under farm property coverage EXCEPT - ANSLoss of use.
Coverage for medical payments under a personal auto policy applies to expenses following a
covered accident that are incurred and services rendered within what maximum time period? -
ANS3 years
Which of the following is an example of an unfair claims settlement practice? - ANSFailure to
promptly settle a claim when liability has been clearly established
Which of the following definitions best defines the term "accident"? - ANSA sudden, unplanned
and unexpected event, not under the control of the insured, resulting in injury or damage neither
expected nor intended
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$18.85. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now