CFA CERTIFICATION EXAM Questions with Complete Correct Answers | Grade A+
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Module
CFA
Institution
CFA (CFA)
With regard to binders, which of the following statements is correct?
A
Binders are valid for 15 days after the policy is issued
B
A binder may be oral or written
C
A binder may be canceled by the insured with 2 days' notice
D
A Binder is not usually valid for more than 90 days
Ans: b ?
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CFA CERTIFICATION EXAM
Questions with Complete Correct
Answers | Grade A+
With regard to binders, which of the following statements is correct?
A
Binders are valid for 15 days after the policy is issued
B
A binder may be oral or written
C
A binder may be canceled by the insured with 2 days' notice
D
A Binder is not usually valid for more than 90 days
Ans: b ?
Which of the following is NOT considered a fiduciary responsibility of an agent in Florida?
A
,Have knowledge of state laws
B
Accept premiums on behalf of the insurer
C
Maintain funds belonging to the insurer in a separate account
D
Use insurer funds to cover agency expenses
Ans: D
Which of the following describes a date after which an occurrence can take place and be
covered under the Claims-Made Form?
A
The Expiration Date
B
The Countersignature Date
C
The Effective Date
D
The Retroactive Date
,Ans: D - The Retroactive Date is the date that defines the extent of coverage in time under a
Claims-Made Form. Claims resulting from occurrences prior to the policy's stated retroactive
date are excluded.
Which concept is designed to eliminate small claims and help in reducing the cost of
insurance?
A
Exclusions
B
Franchise
C
Coinsurance
D
Deductibles
Ans: D
Which of the following types of risk are insurable?
A
, Pure
B
Whole
C
Partial
D
Speculative
Ans: A - Only pure risks are insurable because they involve the chance of loss only.
Who are the owners of a mutual insurance company?
A
Stockholders
B
Policyholders
C
Underwriters
D
Directors
Ans: B
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