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Fred Loya Practice Test (106 questions) with 100% Correct Answers
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Fred Loya Practice Test (106 questions) with 100% Correct Answers
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Fred Loya Practice Test (106 questions)with 100% Correct Answers
What is the limit for sound reproducing equipment under the coverage endorsement for excess
sound reproducing equipment, audio, visual and date electronics, tapes, records, disks, and
other media endorsement in a PAP? - ✔$200
Which of the following statements is true about CAARP? - ✔The minimum liability for
CAARP is $15,000/$30,000/$5,000
The medical expense plan designed to cover a hospital visit for hernia repair is known as:
- ✔Basic medical
The amount to replace an insured's damaged property, less depreciation, is known as: -
✔Actual Cash Value
What is the difference between the per accident limit in a split limits policy and the single
limits? - ✔The per accident limit applies only to bodily injuries, and the single limit applies
to all claims
Which peril(s) is/are included in the vacancy permit endorsement? - ✔Building glass
breakage, sprinkler damage, vandalism. (all of the above)
If an insured rents an auto while on vacation, what coverage, if any, will be available for
physical damage coverage under a personal auto policy? - ✔The broadest coverage on
any auto shown in the declaration
, When is a fire and casualty agent required to inform an insured of any conditions which may
be precedent to coverage regarding a PAP? - ✔At application
If an insured with a PAP has an accident in a state with PIP, how does the policy respond? -
✔coverage automatically is broadened to provide PIP
What is the minimum discount percentage for the "good driver" discount/ - ✔20%
What is the primary difference between umbrella and excess liability policies? -
✔The umbrella covers most liability exposure; the excess liability may cover only one
line
The intentional relinquishment of a known right is: - ✔waiver
In the business of insurance, concealment is defined by all of the following statements except:
- ✔Concealment does not occur if no injury is made
all of the following are characteristics if an "ideally insurable loss exposure" EXCEPT: -
✔losses that are catastrophic
The liability coverage in a yacht policy is referred to as: - ✔protection and indemnity
The PAP territory limits include: - ✔Montreal, Canada
The collision coverage of a PAP covers: - ✔damages caused by the insured by driving into
a tree that had fallen during a recent storm
Which of the following perils is included in the broad form, but not in the basic form? -
✔falling objects
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