Exam (elaborations)
PERSONAL LINES PROPERTY & CASUALTY TEST WITH ALL ANSWERS UPDATED
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PERSONAL LINES PROPERTY & CASUALTY TEST WITH ALL ANSWERS UPDATED
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PERSONAL LINES PROPERTY &CASUALTY TEST WITH ALL ANSWERS
UPDATED
Risk - correct answer-Chance or Uncertainty of a Loss
n nn n n n n n n
Peril - correct answer-Possible cause of a loss
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2 Years - correct answer-The Commissioner of insurance is appointed by the
n n nn n n n n n n n n
governor for a term of ______ ending on February 1 of each odd-numbered year?
n n n n n n n n n n n n n n
5 Years - correct answer-The Commissioner of insurance MUST have ________ of
n n nn n n n n n n n n
experience in business or government.
n n n n n
$50,000 - correct answer-The Commissioner of insurance must provide a
n nn n n n n n n n
__________ surety bond. (A surety bond guarantees performance)
n n n n n n n n
$500,000 - correct answer-The Commissioner of insurance requires state fees in
n nn n n n n n n n n
excess of _____________ to be submitted by electronic transfer.
n n n n n n n n n
15 Days - correct answer-The Commissioner of insurance requires that persons
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must respond to commissioner inquires within_______ ?
n n n n n n n
20 Days - correct answer-Response from alleged violator must be within ______ of
n n nn n n n n n n n n n
receipt?
n
,14 Days - correct answer-Department must send notice of violation within _____ of
n n nn n n n n n n n n n
finding?
n
$25,000 - correct answer-Maximum penalty for insurance code violations?
n nn n n n n n n
18 Years Old - correct answer-Minimum age for a license?
n n n nn n n n n n
5 years - correct answer-The waiting period to reapply if license is denied or
n n nn n n n n n n n n n n
revoked?
n
90 Days - correct answer-An Emergency License is valid for up to ___?
n n nn n n n n n n n n n
90 Days - correct answer-An Emergency license may be renewed an additional
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____?
n
90 Days - correct answer-A temporary license is valid for up to ___?
n n nn n n n n n n n n n
2 years - correct answer-Business entity agent licenses are renewed every ______
n n nn n n n n n n n n
after the license is issued?
n n n n n
1 Year - correct answer-If the license is expired for more than _______ all
n n nn n n n n n n n n n n
requirements for a new license (including the exam) must be met?
n n n n n n n n n n n
90 Days - correct answer-If a license has been expires for _________ or less, it may
n n nn n n n n n n n n n n n n
be renewed by paying the renewal fee plus a 50% penalty.
n n n n n n n n n n n
90 Days - correct answer-A license expired more than ______ but less than one
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year cannot be renewed; a new license maybe issued with no exam upon payment
n n n n n n n n n n n n n n
of license fee & penalty fee?
n n n n n n
Monthly Basis - correct answer-Change in address, felony convictions, or
n n nn n n n n n n
administrative actions must be reported to the commissioner on a __________?
n n n n n n n n n n n
24 Hours - correct answer-Total continuing education requirements?
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2 Hours - correct answer-Ethics & consumer protection continuing education
n n nn n n n n n n
requirement?
n
3 hours - correct answer-Flood insurance requires _____ certification course?
n n nn n n n n n n
4 years - correct answer-Continuing education records must be kept for _____?
n n nn n n n n n n n n
25% - correct answer-At least ____ of annual premiums must be derived from
n nn n n n n n n n n n n
persons other than the applicant, applicants family, & applicants business
n n n n n n n n n n
associates.
n
60 Days - correct answer-Approval of Rate & forms must be filed _____ before use?
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, 30 Days - correct answer-Binders must be replaced by the insurance policy within
n n nn n n n n n n n n n
____?
n
$15 million - correct answer-Surplus lines insurer's capital & surplus must be at least
n n nn n n n n n n n n n n
______?
n
30 Days - correct answer-Suspected fraudulent acts must be reported to the
n n nn n n n n n n n n
commissioner or law enforcement within _____?
n n n n n n
10 Days - correct answer-______ in advance for Homeowners Insurance
n n nn n n n n n n
cancellation?
n
6 months - correct answer-Texas FAIR (Fair Access to Insurance requirements)
n n nn n n n n n n n
provides residential property insurance when coverage is unavailable in other
n n n n n n n n n n
markets or when there has been no insurance on the property in the past ______?
n n n n n n n n n n n n n n n
30 Days - correct answer-_________ in advance for a Nonrenewal?
n n nn n n n n n n
$60,000 - correct answer-Bodily injury or death of 2 or more people _____?
n nn n n n n n n n n n n
$25,000 - correct answer-Property damage per accident?
n nn n n n n
30/60/25 - correct answer-Minimum liability in Texas ($30,000 per person for bodily
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injury, $60,000 per accident for bodily injury, $25,000 for property damage of others)
n n n n n n n n n n n n n
$30,000 - correct answer-Bodily injury or death of any 1 person?
n nn n n n n n n n n
$2,500 - correct answer-Minimum PIP limits?
n nn n n n
30 days - correct answer-Claims must be paid within ____ after proof of claim?
n n nn n n n n n n n n n n
3 years - correct answer-Covers expenses incurred within _______ of accident?
n n nn n n n n n n n
90 days - correct answer-Commercial auto policy may be cancelled for ANY reason
n n nn n n n n n n n n n
within the first _______ of the policy?
n n n n n n n
60 Days - correct answer-______- in advance for a nonrenewal commercial auto
n n nn n n n n n n n n
insurance policy?
n n
10 days - correct answer-_____- in advance to cancel a commercial auto insurance
n n nn n n n n n n n n n
policy?
n
10 Days - correct answer-_______ in advance for a personal auto cancellation
n n nn n n n n n n n n
60 Days - correct answer-Policy may be canceled for any reason within the first
n n nn n n n n n n n n n n
______ of a personal auto policy?
n n n n n n
30 Days - correct answer-_______ in advance for a nonrenewal or cancellation on a
n n nn n n n n n n n n n n
12-month anniversary date.
n n n
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