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Xcel Solutions Property & Casualty Exam/123 Questions and Answers
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Xcel Solutions Property & Casualty Exam/123 Questions and Answers
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Xcel Solutions Property &Casualty Exam/123 Questions and
Answers
An earned premium resulting from the cancellation of a policy is calculated on: - -On a pro rata basis, based on the previous year's rate -M owns a parking garage & has coverage that states: "We will cover losses regardless if you are legally liable for the loss." This no-fault ideology will be found under: - -Excess Direct Coverage -An insurance company writing business in a state other than the one in which it is domiciled is called: - -a Foreign -Y is running a home daycare out of their home & has just earned $50,000 in
her first year of business. Under an HO policy, Y's daycare is defined as: - -
Not a business -Underwriting guards against - -Adverse Selection -A licensee whose name or address changes must notify the Dept of Insurance within _____ days: - -30 Days -Assumption of risk: - -States that a party will not collect damages because they should have known what they were doing was risky -Under a DP-2 Broad form, which of the following is not a Broad peril? - -
Vandalism -Which of the following incidents would not be excluded under a DP-3 policy? - -Burglary of a property that was vacant for 30 consecutive days -Which of the following are losses excluded under Coverage F? - -An individual who is eligible to receive disability insurance -Which of the following will not provide a premium discount from standard market workers comp insurance? - -Assigned Risk Plan -The face amount of a Surety bond is called the: - -Penalty -M has opened up his business, Tractors & Semis Sales, LLC. His stock will be covered while it is being transported, if he: - -Adds the equipment dealers
floater -All of the following are correct about the Commercial Endorsement regarding Spoilage EXCEPT: - -Coverage extends to stock off premises -What is a certificate of authority? - -The license required for an insurer to conduct business in the state -A licensed producer who lives in another state & transacts insurance in AZ is called: - -A Non-Resident Producer -Any of the following may be an unfair claims settlement practice EXCEPT: - -Refusing to pay persons bringing false or fraudulent claims -What is the best description of an applicant to the AZ auto insurance plan? -
-An applicant in good-faith entitled to coverage but unable to obtain coverage through ordinary methods -Which statement regarding the identification of the producer rule is false? - -A policy is invalidated if the producer is not identified as required by law -If an insured's dog bites a guest that results in a settlement amount of $150,000 plus attorney fees of $70,000. How much is the insured personally responsible to pay if their homeowners policy Coverage E amount was $100,000? - -$50,000 -J has a policy that pays a maximum single dollar amount for property damage & death or bodily injury. Which Limit of Liability does J's policy have?
- -Combined Single Limit -E is a professional musician who owns a vintage guitar with a current value of $20,000. E should properly insure this guitar with a(n): - -Personal Articles
Floater -For policyholders in the same risk classification, it is unlawful to: - -Charge different premiums -All of the following are main elements of a commercial package policy, EXCEPT: - -Liability -Which of the following homeowner forms pays for loss on a functional replacement cost basis? - -HO-8
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