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Personal Lines Insurance PA Questions and Answers Fully Solved
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Personal Lines Insurance PA
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Personal Lines Insurance PAWhat are the penalties for violating the Fair Credit Reporting Act? - answer$5,000,
Imprisonment for 1 year or both
How long to give notice to client about credit report? - answer3 days after report is
requested
TRIPRA defines terrorism as... - answer A violent act or an act that is dangerous to
human life, property or infrastructure that results in damage in or outside the US
committed by domestic or foreign terrorists.
TRIPRA Regulations - answer Triggering event to go into effect $200 million
Insurance carrier's deductible set at 20% of last years direct earned premium
Federal share of compensation 80%
Gramm-Leach-Bliley Act - answer requires financial institutions to ensure the security
and confidentiality of customer data
Consumer - answer Anyone about whom information is collected.
customer - answer someone who has an ongoing relationship with a financial institution.
Fraud and false statements penalties - answer a fine, imprisonment for up to 10 years
or both
or imprisonment for up to 15 years if false statements jeopardize insurer.
Scheduled Coverage - answerInsurance for property specifically listed (scheduled) on a
policy, with a limit of liability for each item.
Blanket Coverage - answerOne price to cover all as opposed to specific
peril - answercause of loss
Basic Perils - answerFire, lightning, and internal explosion
extended coverage Perils - answerWind, Civil Commotion, Smoke, Hail, Aircraft,
Vehicles, Volcanoes, Explosion, Riot, Vandalism and Malicious Mischief (WC
SHAVVER and V&MM)
Broad Perils - answerBig Affect
, Broad Peril Exclusions - answer- Weight of ice, snow, or falling objects on awnings,
fences, patios, swimming pools, docks, and retaining walls
- Accidental discharge over water from continuous leaking
- Flooding from river or lake
- Burglary if property vacant more than 60 consecutive days
Special Perils - answerCovers any peril except those specifically excluded
Direct Loss - answera financial loss that results from the physical damage, destruction,
or theft of the property
Indirect Loss/Consequential Loss - answeroccurs as a consequence of the direct loss;
fire would be a direct loss; loss of rental dollars due to fire would be the indirect loss
Class 1 - Frame - answerframe structures have outside support walls, roof, and floors
constructed of wood or other combustible materials. The exterior walls may be covered
with stucco or brick veneer, and the interior walls are typically lath and plaster.
Class 2 - Joisted Masonry - answerJoisted masonry structures have outside support
walls made of noncombustible masonry materials (such as concrete, brick, hollow
concrete block, stone, or tile) and a roof and floor made of combustible materials (such
as wood)
Class 3 - Noncombustible - answerA noncombustible structure is one whose exterior
walls, floors, and roof are constructed of and supported by noncombustible materials
such as metal, asbestos, or gypsum.
Class 4 - Masonry Noncombustible - answerStructures in this construction class have
exterior walls constructed of masonry materials and a roof and floor made of metal or
other non-combustible materials.
Class 5 - Modified Fire Resistive - answerBuildings that are modified fire resistive have
exterior walls, floors and roof constructed of masonry or fire resistive material with a fire
resistance rating of two hours or less.
Class 6 - Fire Resistive - answerThese structures are constructed of masonry or fire
resistive material with a fire resistance rating of 2 hours or more
Actual Cash Value - answerreplacement cost minus depreciation
Repair Cost - answerThe cost to repair a damaged or destroyed item of property.
Functional Replacement Cost - answerThe cost to replace damaged property with less
expensive and more modern construction or equipment.
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