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PSI Practice Questions Property Casualty
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PSI Practice Questions Property Casualty
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PSI Practice Questions Property CasualtyAn insured operates a auto repair shop and has a garage coverage form with
garagekeepers insurance when an employee on a test drive with a customer's
car is involved in a crash. How will the customer's car be covered by the
insured's policy? - CORRECT ANSWER-The customer's car is covered for any
physical damage while in the custody of the insured.
Liability arising out of any of the following is excluded from the personal and
advertising injury liability coverage EXCEPT - CORRECT ANSWER-unknowingly
inflicting injury that violates the rights of another.
A bank customer's identity was compromised and the thieves made numerous
purchases from a retailer by signing the customer's checks. When the bank
refused to make payment for the goods, the retailer brought suit against the
bank. Which coverage indemnified the bank for liability in the suit? - CORRECT
ANSWER-forgery and alteration
Workers' compensation coverage is rated on the basis of which of the following?
- CORRECT ANSWER-employer's payroll
Which of the following is the party who agrees to be responsible for loss in the
case of a fidelity bond? - CORRECT ANSWER-the surety
The insured carries underinsured motorists coverage limits of 250/500/250 on his
automobile policy and his vehicle is struck by an at fault motorist who insures
with the State minimum for liability of 20/40/10. If the insured brings suit for bodily
injury damages to himself of $500,000, how much will he recover from at fault
driver's policy? - CORRECT ANSWER-$20k
Under the commercial general liability which one of the following is covered
under supplementary payments? - CORRECT ANSWER-cost of bail bonds
When the insured's child spills red juice on the carpet of insured's covered
automobile, which of the following coverages will apply? - CORRECT
ANSWER-comprehensive
, Which of the following best describes the commercial general liability?s general
aggregate annual limit as it applies to the coverage parts of the CGL? -
CORRECT ANSWER-Coverage A, B, and C apply in sum and are the most that
will be paid subject to the general aggregate annual limit.
Under liability coverage which of the following will trigger coverage for property
damage? - CORRECT ANSWER-unintended damage to tangible property of
others
All of the following are exclusions are found under the personal auto policy Part A
liability coverage, EXCEPT - CORRECT ANSWER-bodily Injury to an insured's
nonresident family member or relative.
All of the following specify limits of insurance for the commercial general liability
EXCEPT - CORRECT ANSWER-legal defense.
All of the following activities would warrant the imposition of absolute liability
EXCEPT - CORRECT ANSWER-risky transportation.
Which of the following is TRUE when the insured's limits of insurance apply per
occurrence? - CORRECT ANSWER-Coverage is triggered for smoke damage to
siding caused by repeated acts by insured's neighbor.
Which of the following describes market value? - CORRECT ANSWER-It is what
property could be sold for.
Which of the following defines the term peril? - CORRECT ANSWER-cause of
loss
The Terrorism Risk Insurance Act and the National Flood Insurance Program are
similar by providing which of the following? - CORRECT ANSWER-subsidies,
loss sharing or excess coverage
All of the following are responsibilities of the insured listed in the loss provisions
for most property insurance contracts EXCEPT - CORRECT ANSWER-to
determining adequate indemnification.
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