Certified Insurance Service Representative (CISR) Tests Bundle Set

Which one of the following best describes actual authority? CORRECT ANSWER-When the agency is expressly given authority in the agency contract Which one of the following statements best describes the standard of care an insurance agency owes an insurance company? CORRECT ANSWER-Loyalty, good fait...

Legal Liability CORRECT ANSWER-A responsibility or obligation to others, which courts recognize and enforce. In general failure to meet this duty often results in the imposition of monetary damages. 3 Types of Legal Liability CORRECT ANSWER-Tort Liability, Statutory Liability, Contractual Liabili...

What are ethics? CORRECT ANSWER-A discipline dealing with good and evil and with moral duty' A set of rules, based on a set of principles or values that we accept as truths and that govern our behavior What are the four benefits of ethical behavior? CORRECT ANSWER-to be recognized as knowledgeab...

A ____ is a cause of loss CORRECT ANSWER-peril A situation, behavior, or condition that may lead to adverse financial consequences CORRECT ANSWER-exposure A cyberattack is an example of a ____ CORRECT ANSWER-peril An Insured who shows no regard for his insured property demonstrates a CORREC...

Real property is CORRECT ANSWER-comprised of buildings, structures and fixtures that are tangible. Real property can be seen. Give examples of Real Property CORRECT ANSWER-Land is real property, but it is generally not the subject of insurance. Buildings are real property. They have walls an...

Real property is CORRECT ANSWER-comprised of buildings, structures and fixtures that are tangible. Real property can be seen. Give examples of Real Property CORRECT ANSWER-Land is real property, but it is generally not the subject of insurance. Buildings are real property. They have walls an...

In BAP what does liability section provide protection from claims for? CORRECT ANSWER-Bodily Injury and Property Damage for which insured is legally responsible for. In BAP physical damage section what type of protection? CORRECT ANSWER-provides coverage for damage to or loss of an insured's cov...

Section I Property Coverages CORRECT ANSWER-The two major sections of the Homeowners policy are ___________________ & Section II Personal Liability Package Policy; a Residence CORRECT ANSWER-Combining these two sections provides a ______________________ used to insure loss exposures related to ow...

Agency Characteristics CORRECT ANSWER-Number of Employees, Locations, Areas of Specialization, AMS used, Local, Regional, National, International Operations, Use of Service Centers. Small Agency CORRECT ANSWER-Require staff to fill multiple roles. Mid-Sized Agencies CORRECT ANSWER-Staff may be...

TCOR CORRECT ANSWER-Total Cost of Risk Risk Management CORRECT ANSWER-the process of managing uncertainty of exposures that affect an organizations assets 5 steps of risk management process CORRECT ANSWER-Identification, analysis, control, financing and administration Six general classes of...

List the 3 Covered Causes of Loss Forms CORRECT ANSWER-Basic Broad Special Basic and Broad Forms operate on what peril basis? CORRECT ANSWER-Named Perils - Insured must prove that a covered cause of loss occurred What peril basis does a Special Form operate on? CORRECT ANSWER-Open Peril - In...

Identify the types of commercial property exposed to loss. CORRECT ANSWER-Real Property Personal Property Personal Property of others Real Property CORRECT ANSWER-comprised of buildings, structures and fixtures that are tangible. Real property can be seen. Real Property Examples CORRECT ANSW...

Summary of Exposures covered by the CGL Coverage Form: CORRECT ANSWER-Premises Operations Products Completed Operations Contractual Contingent Personal Injury Advertising Injury +Vicarious Liability Exposures covered by the CGL - Vicarious Liability CORRECT ANSWER-CGL will afford coverage...

3 Main Coverage Parts in the CGL Coverage Form, each with its own insuring agreement and exclusions. CORRECT ANSWER-1. Coverage A, 2. Coverage B, 3. Coverage C Coverage A in the CGL CORRECT ANSWER-Bodily Injury and Property Damage LIABILITY - protection for injuries and damage arising out of in...