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WASHINGTON STATE PROPERTY AND CASUALITY INSURANCE EXAM COMPLETE ACTUAL EXAM REAL QUESTIONS WITH WELL ELABORATED ANSWERS (VERIFIED SOLUTIONS) LATEST UPDATED VERSION |ALREADY GRADED A+ $19.99
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WASHINGTON STATE PROPERTY AND CASUALITY INSURANCE EXAM COMPLETE ACTUAL EXAM REAL QUESTIONS WITH WELL ELABORATED ANSWERS (VERIFIED SOLUTIONS) LATEST UPDATED VERSION |ALREADY GRADED A+

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WASHINGTON STATE PROPERTY AND CASUALITY INSURANCE EXAM COMPLETE ACTUAL EXAM REAL QUESTIONS WITH WELL ELABORATED ANSWERS (VERIFIED SOLUTIONS) LATEST UPDATED VERSION |ALREADY GRADED A+

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  • November 20, 2024
  • 52
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • washington state property and casuality insurance

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  • University Of The People
  • WASHINGTON STATE PROPERTY AND CASUALITY INSURANCE

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WASHINGTON STATE PROPERTY AND CASUALITY
INSURANCE EXAM COMPLETE ACTUAL EXAM
REAL QUESTIONS WITH WELL ELABORATED
ANSWERS 2024-2025 (VERIFIED SOLUTIONS)
LATEST UPDATED VERSION |ALREADY GRADED A+

-The Value of the lost or damaged property
-The cost of repairing or replacing the lost or damaged property
-The cost of taking all or part of the property at an agreed or appraised value
-The cost of repairing, rebuilding or replacing the property with other property of like kind and
quality - ......answer.....At the time of loss, the insurer's loss payment options, or claim
settlement options, include paying the least of the following:


$100 - ......answer.....Allowed value for prizes, goods or merchandise not to be considered
rebating.


$1000 - ......answer.....what is the maximum amount a policy will pay to remove trees after a
windstorm which have fallen on the driveway


$250 deductible - ......answer.....All coverage forms include a basic deductible of how much?


12:01 AM the day after application and premium payment have been mailed -
......answer.....During the first 30 days after a community enters the emergency or normal
programs, coverage on a flood policy begins when?


18 - ......answer.....Minimum required age for producing licensing


2 years - ......answer.....How often does a producer need to renew their license with continuing
education?


2 years - ......answer.....Producer Licensing period

,24 Hours and 3 ethics training hours - ......answer.....Continuing education requirements


4 Years - ......answer.....How long is the comissioners elected term


45 days after the date of cancellation - ......answer.....If there is unearned premium, this
premium must be returned to the insured no later than...


5 days - ......answer.....When a Standard Fire Policy is cancelled due to nonpayment of
premium, how much prior notice must the insurer give to the named insured?


90 days - ......answer.....a binder issued on a policy in this state may last for a maximum of...


Absolute Liability - ......answer.....Imposed on defendants engaged in hazardous activities, such
as harboring wild animals, using explosives, etc.


Actual cash value - ......answer.....Method of valuation reinforces the principle of Indemnity
because it recognizes the reduction of value of property as it ages and become subject to wear
and tear and obsolescence


Additional Coverage - ......answer.....Provides an additional amount of coverage for specific loss
expense, at no additional premium.


Additional Insureds - ......answer.....individuals or businesses that are not named as insureds on
the declaration page, but are protected by the policy, usually in regard to a specific interest.
Usually added to the policy by endorsement.


Aggregate Limit - ......answer.....Maximum limit of coverage available under a liability policy
during a policy year, regardless of the number of claims made or the number of accidents that
occur. Losses paid under aggregate limits reduce the amount available for a future loss. Limits
are restored at the anniversary of the policy.


Agreed Value - ......answer.....A property policy with provisions agreed upon by the insurer and
insured as to the amounts of insurance that represents a fair valuation for the property at the

,time the insurance is written. The amount is paid in a loss, regardless of the insured property's
appreciation or depreciation.


Also referred to as tenant broadform or contents broad form, insures personal property for broad
perils. Coverage may not be issued to an owner-occupant. The hero4 form may be written for a
tenant who resides in a rented dwelling, apartment, or mobile home, but does not provide
coverage on the dwelling itself. - ......answer.....H04


Any officer, director or employee of an insurer or organization employed by insurers, provided
they are not directly or indirectly involved with the actual sale of an insurance contract and DO
NOT RECEIVE ANY COMMISION. - ......answer.....Who doesn't need an insurance agent
license?


Apparent - ......answer.....is the appearance or assumption of authority based on the actions,
words, or deeds of the principal or because of circumstances the principal created.


Assignment - ......answer.....The transfer of a legal right or interest in an insurance policy. In
property and casualty insurance, assignments of policies are usually valid only with the prior
written consent of the insurer. Example: transferring a policy to a friend who will be taking over
renters insurance when you move out.


Assumption of risk - ......answer.....This defense of an action for recovery for injuries attests that
if a person recognizes and understands that there is danger involved in an activity and
voluntarily chooses to encounter it. This may bar recovery for injury caused by negligence


At a minimum, the homeowner must carry at least 80% of replacement cost. So in this situation
the answer is $80,000 - ......answer.....What is the minimum amount of coverage that should be
carried on an HO-2 on a home that was purchased four years ago for $75,000, which today has
a replacement value of $100,000?


Blanket insurance - ......answer.....Single property insurance policy that provides coverage for
multiple classes of property at one location, or for one or more classes of property at multiple
locations

, broad form provides protection for losses from named perils. There are some noticeable
limitations that should be pointed out to a client the following are not covered: the inside of a
building for damaged by rain snow sleet sand or dust unless wind or hail damage first creates
the opening, the inside of a building for lost by a falling object unless the falling object first
damages the roof or an outside wall, fences, driveways, and walks for damage from a vehicle
owned or operated by a resident, damages from water or steam if dwelling is vacant for a period
Of more than 60 days - ......answer.....H02


Certificate of authority - ......answer.....The item needed to transact business in a specific State,
received from the state department of insurance. Along with item, the company needs to meet
any financial (capital and surplus) requirements set down by the state.


Class rating - ......answer.....The practice of computing a price per unit of insurance that applies
to all applicants possessing a given set of characteristics such as type of dwelling, specific City
or drivers of a given gender and age


Comparative Negligence - ......answer.....Many states, by statute, require that damage be
apportioned based upon the degree of negligence of each party in an accident.


Components - ......answer.....Factors that determine rates, including loss reserves, loss
adjusting expenses, operating expenses and profits.


comprehensive form covers both the dwelling and other structures on an open peril basis. It also
covers personal property on an open peril basis, with the exception of landlord Furnishings in an
apartment that is rented. Landlord furnishing is limited to $2,500 and provided on a named peril
basis - ......answer.....H05


Conditions - ......answer.....States the legal obligations and duties of the parties to the contract.


Condominium unit owners also expands coverage to include parts of the building, such as
alterations and appliances that the insured is required to ensure because of the Condominium
Association agreement. - ......answer.....H06

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