STUDY THIS: Property Insurance Test PearsonVue (LAW) Exam Questions With 100% Correct
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Course
Pearson Vue
Institution
Pearson Vue
STUDY THIS: Property Insurance Test PearsonVue (LAW) Exam Questions With 100% Correct In this state, a domestic insurer is defined as a company that: A. Operates in this state but is incorporated in another state B. operates in this state but is domiciled in another state C. is headquartered in thi...
STUDY THIS: Property Insurance Test PearsonVue (LAW)
1.In this state, a domestic insurer is defined as a company that:
A. Operates in this state but is incorporated in another state
B. operates in this state but is domiciled in another state
C. is headquartered in this state
D. is incorporated in this state: answer- D. is incorporated in this state
2.The Insurance Commissioner may issue a limited insurance
representative license to an individual who wants to sell which of the
following types of policies?
A. Fire
B. Automobile
C. Mortgage Guaranty
D. Health: answer- C. Mortgage Guaranty
3.Upon determining that a producer has violated the insurance law, the
Insur- ance Commissioner is required to take which of the following
actions?
A. Place the licensee on probation immediately
B. Publish notice of the violation
C. Hold a hearing on the infraction
D. Submit the infraction to the Department of Insurance for review: answer-
,C. Hold a hearing on the infraction
4.An insurer that intends to nonrenew a Homeowners policy MUST take
which of the following actions?
A. Obtain coverage for the policyholder from another insurer
B. Obtain coverage for the policyholder under the FAIR Plan
C. Send a nonrenewal notice to the Commissioner of Insurance thirty
days prior to the policy expiration date
D. Send a notice stating the reason for nonrenewal to the insured: D. Send
a notice stating the reason for nonrenewal to the insured
5.All of the following items contained in a basement are covered under
the standard flood insurance policy EXCEPT:
A. drywall for walls and ceilings and the cost of labor to nail it, unfinished
and unfloated and not taped to the framing
B. functioning electrical outlets and switches
C. carpet permanently installed over unfinished flooring
, D. fuel tanks, if installed in their functioning locations and connected to
a power sources: C. carpet permanently installed over unfinished
flooring
6.If a commercial insurer fails to meet the requirements of the forty-five
days Notice of Nonrenewal Rule prior to the expiration date of the existing
policy, the company MUST
A. extend the current policy for one year and waive the premium
B. reduce coverage to develop a new premium that does not exceed
the expiring policy's premium
C. provide a renewal policy that matches the expiring policy's coverages
and premium
D. pay a $3,000 fine per violation to the Division of Insurance: C. provide
a renewal policy that matches the expiring policy's coverages and
premium
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7.Which of the following persons may assign a Standard Fire policy?
A. A claims adjuster
B. The Superintendent of Insurance
C. The insured with the permission of the insurance company
D.The insured only: C. The insured with the permission of the insurance
company
8.The Insurance Commissioner may suspend, revoke, or deny a
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