PROPERTY AND CASUALTY PSI PRACTICE EXAM QUESTIONS WITH
COMPLETE SOLUTIONS 2024
The Fair Credit Reporting Act permits consumer reporting agencies to include
applicant information about bankruptcies MORE than 10 years old under which of
the following circumstances?
a. The applicant is employed in the financial industry.
b. The applicant is a public or political figure.
c. The applicant has been convicted of a felony or fraud.
d. The applicant is seeking a transaction greater than $150,000.0
d
The insured carries uninsured motorist coverage limits of 100/300/100 and is
struck by an uninsured motorist, who will pay the insured's bodily injury
damages claimed for $100,000?
a. the uninsured driver
b. the state's uninsured motorist fund
c. the insured's insurance company
d. the insured has no avenue to recover
c
Which of the following liability insurance policies would provide coverage to ABC
Company in a suit brought by a fired employee for wrongful discharge?
a. Commercial General Liability
b. Workers' Compensation
c. Employment Practices Liability
d. Employers Liability
c
,The property coverage of a BOP includes which of the following?
a. carpeting that is permanently installed inside the building
b. motor vehicles
c. outdoor fencing
d. outdoor signs that are not attached to the building
a
All of the following are considered an insured under Part A liability coverage, of
the personal auto policy EXCEPT
a. anyone using the insured's car with permission.
b. owners of a vehicle the insured is using.
c. employer while insured is driving a company car.
d. others to the extent that they share liability with the insured.
c
Which of the following describes market value?
a. It is what property is listed for by a Realtor.
b. It represents cost to repair.
c. It is what property could be sold for.
d. It is the same as value agreed to.
c
When does the coverage begin for a builders risk form?
a. On the date construction starts above the lowest basement floor if there is a
basement
b. On the date any construction begins
c. The date the policy premium is paid
d. On the date construction starts above the highest basement floor if there is a
basement
a
, Which of the following terms refers to the transfer of the insured's right of
recovery against others to his insurance company?
a. legal release
b. subrogation
c. loss transfer
d. abandonment
b
Which policy condition applies when an insurer covers property losses at cash
value rather than an amount that exceeds the repair or replacement value?
a. recovered property condition
b. consent to settle condition
c. loss payment condition
d. loss settlement condition
d
An insurance company's right to cancel a policy is often limited by state laws but
is generally permitted under which of the following conditions?
a. non-payment of premium
b. insured files three claims
c. underwriting action
d. catastrophic loss event
a
All of the following are common exclusions in a liability policy EXCEPT
a. losses covered under workers' compensation laws.
b. damage to property in the insured's care, custody, or control.
c. damage caused by acts of civil disobedience and riots.
d. damage to property owned by the insured.
c
COMPLETE SOLUTIONS 2024
The Fair Credit Reporting Act permits consumer reporting agencies to include
applicant information about bankruptcies MORE than 10 years old under which of
the following circumstances?
a. The applicant is employed in the financial industry.
b. The applicant is a public or political figure.
c. The applicant has been convicted of a felony or fraud.
d. The applicant is seeking a transaction greater than $150,000.0
d
The insured carries uninsured motorist coverage limits of 100/300/100 and is
struck by an uninsured motorist, who will pay the insured's bodily injury
damages claimed for $100,000?
a. the uninsured driver
b. the state's uninsured motorist fund
c. the insured's insurance company
d. the insured has no avenue to recover
c
Which of the following liability insurance policies would provide coverage to ABC
Company in a suit brought by a fired employee for wrongful discharge?
a. Commercial General Liability
b. Workers' Compensation
c. Employment Practices Liability
d. Employers Liability
c
,The property coverage of a BOP includes which of the following?
a. carpeting that is permanently installed inside the building
b. motor vehicles
c. outdoor fencing
d. outdoor signs that are not attached to the building
a
All of the following are considered an insured under Part A liability coverage, of
the personal auto policy EXCEPT
a. anyone using the insured's car with permission.
b. owners of a vehicle the insured is using.
c. employer while insured is driving a company car.
d. others to the extent that they share liability with the insured.
c
Which of the following describes market value?
a. It is what property is listed for by a Realtor.
b. It represents cost to repair.
c. It is what property could be sold for.
d. It is the same as value agreed to.
c
When does the coverage begin for a builders risk form?
a. On the date construction starts above the lowest basement floor if there is a
basement
b. On the date any construction begins
c. The date the policy premium is paid
d. On the date construction starts above the highest basement floor if there is a
basement
a
, Which of the following terms refers to the transfer of the insured's right of
recovery against others to his insurance company?
a. legal release
b. subrogation
c. loss transfer
d. abandonment
b
Which policy condition applies when an insurer covers property losses at cash
value rather than an amount that exceeds the repair or replacement value?
a. recovered property condition
b. consent to settle condition
c. loss payment condition
d. loss settlement condition
d
An insurance company's right to cancel a policy is often limited by state laws but
is generally permitted under which of the following conditions?
a. non-payment of premium
b. insured files three claims
c. underwriting action
d. catastrophic loss event
a
All of the following are common exclusions in a liability policy EXCEPT
a. losses covered under workers' compensation laws.
b. damage to property in the insured's care, custody, or control.
c. damage caused by acts of civil disobedience and riots.
d. damage to property owned by the insured.
c
