PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND ANSWERS 2024/2025
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Module
PROPERTY AND CASUALTY INSURANCE
Institution
PROPERTY AND CASUALTY INSURANCE
PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND ANSWERS 2024/2025
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PROPERTY AND CASUALTY INSURANCE EXAM
QUESTIONS AND ANSWERS 2024/2025
Which of the following are the authorities that an agent can hold? -
Precise Answer ✔✔Express and implied
Which of the following terms refers to such disabilities the loss of a
limb, hearing , or eye sight? - Precise Answer ✔✔Permanent partial
disability
Who is NOT considered an employee in an commercial general liability
(CGL) policy? - Precise Answer ✔✔Temporary worker
The major portion of the premium of an equipment breakdown policy
pays? - Precise Answer ✔✔For 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? - Precise Answer ✔✔80% 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 - Precise Answer ✔✔Respond to the consumer's complaint.
,All of the following are found in the declarations section of a policy
EXCEPT the - Precise Answer ✔✔Exclusions.
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? - Precise Answer ✔✔Up to $2,000
All of the following could be considered rebates if offered to an insured
in the sale of insurance EXCEPT - Precise Answer ✔✔Dividends from a
mutual insurer.
Which of the following may be covered by electronic data processing
coverage form under an inland marine policy? - Precise Answer ✔✔a)
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 - Precise Answer ✔✔Principal
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? - Precise
Answer ✔✔Computer fraud
Which of the following would NOT be covered under the liability
section of a personal auto policy? - Precise Answer ✔✔Bodily 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 - Precise Answer ✔✔30 days.
What will happen if a house covered by a standard mortgage clause is a
total loss? - Precise Answer ✔✔The 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? - Precise Answer ✔✔$10,000
The Business Pursuits endorsement under Section II of a homeowners
policy will cover all of the following EXCEPT - Precise Answer
✔✔Business 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? - Precise Answer ✔✔$8,000
, The risk management technique that is used to prevent a specific loss by
not exposing oneself to that activity is called - Precise Answer
✔✔Avoidance.
In a farm policy, any cost incurred by the insurer for the investigation or
defense of a claim will be paid by - Precise Answer ✔✔The insurer.
Which of the following entities must approve all continuing education
courses in this state? - Precise Answer ✔✔The Commissioner
An applicant knowingly fails to communicate information that would
help an underwriter make a sound decision regarding coverage. This is
an example of - Precise Answer ✔✔Concealment
A common exclusion found under physical damage to your auto
includes - Precise Answer ✔✔Mechanical breakdown.
Which of the following is true regarding a risk retention group? - Precise
Answer ✔✔It is a liability insurance company owned by its members.
Which of the following best describes a misrepresentation? - Precise
Answer ✔✔Issuing sales material with exaggerated statements about
policy benefits
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