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VA Property & Casualty Insurance Exam Questions & answers with Complete solutions | Latest edition
VA Property & Casualty Insurance Exam Questions & answers with Complete solutions | Latest edition
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VA Property & Casualty Insurance Exam- correct answer-
A written agreement which indemnifies a person for fire damage to the premises rented to
the insured - correct answer-Which of the following is not insured by uninsured contract
under the commercial general liability policy?
Absolute Liability - correct answer-obviously hazardous activities
Injured Party does not need to provide negligence
Actual Cash Value - correct answer-replacement cost minus depreciation
Actual loss or damage - correct answer-Actual injury or damage must have been suffered by
the party seeking recovery
Additional/Supplementary Coverage - correct answer-Additional amount of coverage for
specific losses
Adverse Selection - correct answer-insuring of risks that are more prone to losses than the
average risk
After the execution of the contract - correct answer-The commercial general liability
coverage form excludes bodily injury or property damage that the insured has assumed
under any contract or agreement. However the exclusion does not apply to certain types of
contracts, as long as the injury or damage occurs
Agent/Producer - correct answer-a legal representative of an insurance company; the
classification of producer usually includes agents and brokers; agents are the agents of the
insurer
aggregate limit - correct answer-The maximum limit of coverage available under a liability
policy during a policy year regardless of the number of claims that may be made or the
number of accidents that may occur.
Agreed Value - correct answer-Fair valuation based on the amount of insurance agreed
upon
All of the following are characteristics of the dwelling policy EXCEPT
A) Incidental occupancy of limited service-type exposure is permitted
B) Dwellings up to four family units are eligible
C) The dwelling must be owner-occupied
D) Coverage includes the dwelling only, contents only, or both - correct answer-The dwelling
must be owner-occupied
, Dwelling policies insure residential exposures with only limited service-type business
exposure allowed. the dwelling can be completed or under
All of the following would be eligible for coverage under the dwelling policy EXCEPT:
A) A duplex with one primary owner
B) A house that has 5 residential units
C) A tenant-occupied dwelling
D) A dwelling in the course of construction - correct answer-A house that has 5 residential
units
Eligibility requires that the dwelling have not more than 4 family units
Applicant or proposed insured - correct answer-a person applying for insurance
Basic extended reporting period - correct answer-A provision found in most claims made
liability policy forms that provide a specified period of time following the policy expiration,
during which claims arising out of occurrences during the policy. Maybe made against the
policy at no extra cost is called
Binder - correct answer-a temporary contract for insurance and can be either written or oral
Both a and B
A: bodily injury or property damage caused by a pollution accident
B: cleanup costs after he pollution accident that are mandated by the government - correct
answer-Pollution liability coverage under a general liability policy provides which types of
coverage
Broker - correct answer-an insurance producer not appointed by an insurer and is deemed to
represent the client
Cancellation - correct answer-is the termination of an in-force insurance policy, by either the
insured or the insurer, prior to the expiration date shown in the policy
Claims made form - correct answer-A liability policy that provides coverage for a claim for
injury or damage if the claim is for sure reported or filed against the insured during the policy
period is called
Coinsurance - correct answer-(insurance carried/ Insurance required) x loss amount = loss
payment
Commercial general and professional - correct answer-A professional who wants coverage
for all liability exposures should purchase what form of liability insurance?
Comparative Negligence - correct answer-More lenient
Awards for damages are reduced by the percentage of negligence of each party
Conditions - correct answer-are hazards and may increase the chance of loss occuring
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