Exam (elaborations)
AR COMPREHENSIVE EXAM QUESTIONS AND ANSWERS
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AR COMPREHENSIVE EXAM
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AR COMPREHENSIVE EXAMWhich of the following is eligible to receive medical payments under Section II of a
Homeowners Policy?
A
The named insured's spouse
B
The named insured
C
A residence employee
D
A tenant who lives in a portion of the insured's residence - answerThe residence
employee is eligible, if injured in the course of employment.
Which of the following is true concerning the Limit of Liability under the Business Auto
Coverage Form?
A
The Limit of Liability is the most the policy will pay for any single accident
B
The Limit of Liability is determined by the number of vehicles scheduled on the policy
C
The Limit of Liability is determined by the number of the insured's vehicles involved in
the accident
D
The Limit of Liability is the amount available for each claim made under the policy -
answerThe Limit of Liability is the most the policy will pay for any single accident
The Limit of Liability is the most the policy will pay resulting from any one accident
regardless of the number of autos, insureds, premiums paid, claims made, or vehicles
involved in the accident.
,When would a person purchase a value reporting form?
A
When the insured is insuring buildings or structures only
B
When the insured is insuring property that has a relatively constant value
C
When an insured has business personal property values that fluctuate, and needs
protection for the values actually at risk
D
When the insured is concerned about the Ordinance or Law exclusion - answerWhen an
insured has business personal property values that fluctuate, and needs protection for
the values actually at risk
With the value reporting form, the insured makes either daily, monthly, or quarterly
reports of the values at risk. The final policy premium is based on the average values
reported and the premium is adjusted at the end of the policy term.
The rules and procedures to be followed by the insured and the insurer are found in
which section of an insurance policy?
A
Conditions
B
Insuring Agreement
C
Declarations
D
Definitions - answerConditions
The rules and procedures to be followed by the insurer and insured throughout the
policy period are found in the Conditions.
A temporary license issued to a representative of a licensed producer who dies or
becomes disabled is valid for up to how many days?
A
,120
B
360
C
240
D
180 - answer180
In certain cases, the Commissioner may issue a temporary agent's license without
requiring the applicant to pass a written examination. Temporary licenses are issued for
a period not to exceed 180 days.
Which form responds to losses that occur while the policy is in force, regardless of when
the claim is made?
A
Claims-Made
B
Products
C
Occurrence
D
Premises and Operations - answerOccurrence
An occurrence form provides coverage for losses that take place during the policy
period. It doesn't matter when the loss is reported; what matters is when the loss
occurred. The key in this form is the date the loss actually happened and if it happened
when the policy was in effect.
Proximate cause refers to:
A
The fact that a wrongdoer could not foresee the consequences of his/her actions
B
A second negligent act that interferes with the chain of events leading to a loss
C
, An unbroken chain of events leading to a loss, that were initiated in a negligent act of
wrongdoing
D
The fact that a policy restricts the territory to which coverage applies - answerAn
unbroken chain of events leading to a loss, that were initiated in a negligent act of
wrongdoing
The part of a property policy that gives basic information such as the named insured, a
description of the property, the location of the property, and the amount of premium
involved, is known as the:
A
Policy Provisions
B
Declarations
C
Insuring Agreement
D
Conditions - answerDeclarations
The Declarations contain the information that is specific to the individual and property
being insured
Which of the following would not be eligible to purchase a Homeowners Policy?
A
A person who owns and occupies a two-family dwelling
B
A person who provides daycare in their home
C
A person who owns and lives on a farm
D
A person whose dwelling contains an accounting office - answerA person who owns
and lives on a farm
Which of the following is covered under Part D of the Personal Auto Policy?
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