Exam (elaborations)
Personal Lines Practice Exam 2 Questions And Answers With Verified Solutions Already Passed!!!
- Course
- Institution
Personal Lines Practice Exam 2 Questions And Answers With Verified Solutions Already Passed!!!
[Show more]
Content preview
Personal Lines Practice Exam 2Questions And Answers With Verified
Solutions Already Passed!!!
Which of the following would be considered covered auto on your personal auto
policy?
A- Your pickup truck used for deliveries of your retail business
B-Your farm tractor
C-Your farm wagon being towed by your tractor
D-Your farm wagon being towed by your pick up truck - ANSWERS✔✔D-Your
farm wagon being towed by your pick up truck
During the 120-day period after receiving notice of cancelling of an agency
contract, the agency can continue to perform which of the following transactions?
A-Appoint agent
B-Bind coverage
C-Write new business
D-Perform routine adjustments of losses - ANSWERS✔✔D-Perform routine
adjustments of losses
Which of the following would be an example of an insurer participating in the
unfair trade practice of discrimination?
A-Charging the insured higher premiums based on her race
B-Making malicious statements about the insured based on his race
C-Charging different premium rates to the insureds in different insuring classes
D-Charging the insured higher premiums based on life expectancy -
ANSWERS✔✔A-Charging the insured higher premiums based on her race
,To be valid, an insurance policy must have all of the following EXCEPT?
A-Acceptance
B-Consideration
C-Offer
D-Countersignature - ANSWERS✔✔D-Countersignature
For an insurance contract, the principle of utmost good faith means?
A-The contract involves only the policyowner and the insurer
B-Each party is equally responsible for the value of the policy
C-The policyowner will be indemnified in case of loss
D-Each party relies upon the truthfulness of the other - ANSWERS✔✔D-Each
party relies upon the truthfulness of the other
After a covered loss on a homeowners policy, the insured must do all of the
following EXCEPT?
A-Allow the insurer to inspect the property as often as reasonably necessary
B-If requested, submit to an examination under oath
C-Prepare an inventory of damaged and undamaged property, including bills,
receipts, and related documentation
D-Abandon the property involved to the insurer - ANSWERS✔✔D-Abandon the
property involved to the insurer
In order to get a nonresident license in this state, a licensed producer from another
state must
A-Apply for a nonresident license and pay a fee
B-Pass the nonresident state exam
C-Represent an agency located in this state
, D-Surrender his or her license in the state of residence - ANSWERS✔✔A-Apply
for a nonresident license and pay a fee
Which of the following is NOT an indicator of a competent party?
A-Comprehension of contract
B-Business profession
C-Legal Age
D-Mental proficiency - ANSWERS✔✔B-Business profession
In a DP-1, if the insured elects to apply Coverage B to a detached garage,
Coverage A will?
A-Only be applicable if the insured pays a higher deductible
B-Only be applicable if the insured pays an additional premium
C-Be increased by 10%
D-Be reduced by 10% - ANSWERS✔✔D-Be reduced by 10%
An insured has decided to never drive another vehicle and wants to transfer his
auto insurance policy to his wife. What does the insured need to transfer the
policy?
A-The written consent of the insurer
B-An auto policy cannot be transferred
C-Nothing, because the wife is automatically included as an insured
D-The written consent of all other insureds covered by the policy -
ANSWERS✔✔A-The written consent of the insurer
Which method of dealing with risk is applied when insurance is purchased?
A-Transfer
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now