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Xcel Ohio Property & Casualty Insurance Exam Questions with Solutions 2024
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Xcel Ohio Property & Casualty Insurance Exam
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Xcel Ohio Property & Casualty InsuranceExam
All of the following statements are CORRECT regarding interest EXCEPT: - answer The
insured must have a speculative risk in the property
Which of the following losses is an example of the assured suffering an average loss? -
answer’s ship's mast is damaged during a lightning storm and must be repaired
Free from Particular Average Coverage: - answer Frees the shipper from minor losses
What will the superintendent of insurance do to an insurer who violates the cancellation
rules? - answer Revoke their certificate of authority
Once a controlling producers calendar aggregate gross written premiums reach 2% or
less, what action must the controlling insurer take? - answerThe controlling insurer does
not need to take any action.
High Rise/Condo buildings typically have which construction (according to ISO
guidelines)? - answerModified/Semi Fire Resistive
Which of the following incidents would not be excluded under a DP-3 policy? -
answerBurglary of a property that was vacant for 30 consecutive days
Which of the following perils is not a Basic Form (DP-1) peril? - answerExplosion
J has Garagekeepers coverage for his auto sales business and has added excess
direct coverage. Excess direct coverage can be best explained as: - answerno-fault,
goodwill coverage the insurer will pay for regardless of G's company being at fault or not
Bodily injury is best defines as: - answerbodily harm, sickness, disease
An agreement is reached when an insurance contract is formed. Which of the following
is NOT considered to be an element of an agreement? - answerEquity
Which of the following statements about NFIP deductibles is TRUE? - answerThere is a
deductible applied to the building and another to the contents under both the emergency
and the regular programs.
, According to the Homeowners Endorsement HO 01 34, Special Provisions for Ohio, an
insurer may cancel a policy after it has been in force for 60 days for all of the following
reasons, except - answerThe insurer needs to review the coverage following a claim
If an agent is believed to be causing considerable harm, the superintendent -
answermay issue a cease and desist order against the agent
G's was drinking coffee at a local coffee shop and working on his laptop. He went back
to the counter and ordered a danish and left his computer on the table. When he came
to his table, his computer was gone. When G called his agent to report a claim under his
DP-3 policy, the agent informed G that while he was covered for theft, he was only
covered for theft that occurred on his premises. G had: - answerLimited Theft Coverage
Which of the following falling objects causing loss would be covered by a homeowners
Broad form policy (HO-2)? - answerThe propeller of a helicopter falls from the sky,
crashes through the roof of the insured's home and destroys his dining room set
A larger business with varied property and casualty insurance needs is likely best
served by: - answera commercial package policy
Which of the following liability limits are given in addition to the applicable limits of
liability stated in the policy? - answeradditional (supplementary) payments
All of the following are conditions of a homeowners policy found in BOTH Sections I and
II, EXCEPT: - answerAppraisal
Which of the following is not a form of coverage available under Commercial Building
and Business Personal Property Form? - answerEarthquake
Which of the following Commerical Building and Business Personal Property Form
perils is covered by the Broad form but not by the Basic form/ - answerWeight of snow,
ice or sleet
According to a Businessowners policy conditions section, changes must be made in
writing as in endorsement by the _____ insured - answerFirst Named
A contract is considered void in all of the following situations EXCEPT - answerWhen
consideration is unequal
Which of the following perils are covered by HO-3 & HO-5 policies? - answerEarth
Movement caused by an explosion
What is the purpose of the Special Provisions endorsement of a Dwelling Policy? -
answerTo adjust the terms of the standard policy to better reflect local conditions and
state law
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