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Property And Casualty Exam Questions And Answers @ 2024
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Property And Casualty Exam Questions And Answers @ 2024- Placing primarily controlled business can result in the suspension or revocation of an
agent license by
If an insured knowingly withholds information and fails to disclose a known material fact
to the insurer, it is referred to as - Answer Concealment
which of the following statements pertaining to medical payment Part C of the CGL is
false - Answer A person has to establish the liability of the insured before medical
benefits will be paid under the contract
All of the following is Correct about Market Value EXCEPT - Answer The only policy that
normally carries Market Value is HO-6 form
What is Market Value? - Answer the value is the price at which property will sell in regular
marketplace when the sell nor buyer is forced to terms.
All of the following are covered under Directors and Officers Coverage EXCEPT - Answer
Punitive Damages
What does the D&O insurance protect? - Answer individuals that serve as officers or on
the board of directors of organizations and protects them against wrongful actors or
omissions. It does not pay fines, salary or punitive damages
If the building in which a business operates is a total loss, which of the following
expenses will not be covered under Business Income Coverage? - Answer Utility Bills
Business Income Coverage? - Answer does not pay for expenses that are susceptibile to
the shutdown( no building means not electric or gas bills) and only continuing expenses
of the business are paid
,Minimum Dollar Coverage Amount Requirement for Basic for coverage in a Dwelling
policy? - Answer There is not minimum dollar coverage requirement
J is an agent and has induced an insured through misrepresentation to surrender an
existing insurance policy. What is J guilty of? - Answer Twisting
What is Twisting? - Answer is inducing or attempting to induce any insured person
through misrepresentation to lapse, forfeit or surrender insurance
What would be the type of Fidelity Bond that would provide coverage for a maximum
amount in the case of a single loss regardless of the number of employees? - Answer
Commercial Blanket
A Commercial Blanket bond covers? - Answer covers a maximum amount not matter how
many employees are in involved in a single loss
At what time can an insured cancel an Insurance policy? - Answer At any time with
proper notice
Exclusions - Answer limit the scope of benefits, list which type of perils are not covered,
limits the wording of the insuring agreements
K owns a factory and has an Equipment Breakdown Policy on his business. Which of the
following would be covered as a pure accident under the contract language? - Answer A
boiler malfunctions and blows up
Which of the following statements about NFIP deductibles are TRUE? - Answer One is
applied to the building and one to the contents under both the emergency and regular
programs.
If a painter wanted to purchase a Business Owner Policy? - Answer His payroll cannot
, exceed $300,000
Contractors including but not limited to painters, electricians, drywallers, carpenters etc
are all eligble for the BOP Business Owner Policy, what is the stipulation? - Answer The
maximum payroll can not exeed $300,00
Beth gets a very good loan on a new car. She becomes uncomfortable, however, when
the loan officer advises her that in order to guarantee the loan approval, she must place
her auto insurance with a particular agent. This type of strong-arming is legally known as
- Answer Coercion
what is coercion? - Answer any kind of threat or intimidating act to enter into an
insurance transaction
Example of an unfair claims settlement practice - Answer refusing to settle a claim
without stating the reason for denial
Replacement Cost - Answer pays benefits that are the actual money value to replace
destroyed property at the time loss occurred
Which of the following statements regarding the parts of a Personal Auto Policy is true? -
Answer Each part of Coverage - A, B, C, D each have their own insuring agreements, set
of exclusions and are subject to general provisions of each sections policy
Which of the following policy forms most closely resembles the Farm Policy? - Answer
Homeowners policy
T s applying for a policy and has had many claims in the past on other properties. The
agent tells T that based on his past the insurer may want to investigate into T's past
claims. This type of report is - Answer Inspection report
Which of the following polices are considered to be professionally liability insurance? -
Answer Malpractice and Errors and Omissions
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