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Property and casualty insurance Exam Questions and Answers Part one QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES 2025/2026(VERIFIED ANSWERS) |ALREADY GRADED A+$12.99
Property and casualty insurance Exam Questions and Answers Part one QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES 2025/2026(VERIFIED ANSWERS) |ALREADY GRADED A+
Property and casualty insurance Exam Questions and Answers Part one QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES 2025/2026(VERIFIED ANSWERS) |ALREADY GRADED A+
Property and casualty insurance Exam
Questions and Answers Part one
A banker is prepared to shut on a client's mortgage. The financial institution is prepared to
provide the mortgage but most effective if the consumer purchases a life insurance coverage
from the bank in the amount of the mortgage. This is an example of - ANS-Coercion.
A builder's danger form is most usually written as which of the subsequent? - ANS-Completed
value form
A constructing is insured, however no person has lived or labored in it for 10 years. The
constructing is absolutely empty of any furniture or personal property. From an insurance
viewpoint, the building is taken into consideration - ANS-Vacant.
A business the use of its own trucks to move its personal shipment could insure the cargo the
use of - ANS-Motor truck shipment - proprietors shape.
A industrial bundle coverage (CPP) allows the insured to pick the insurance wished and
customise the policy to fulfill the desires of the insured's enterprise. In a CPP, the commercial
enterprise proprietor may pick out from all of the following forms of insurance EXCEPT -
ANS-Workers compensation insurance
A industrial belongings special shape covers property in transit up to - ANS-$five,000.
A commonplace exclusion located under bodily harm on your car consists of - ANS-Mechanical
breakdown.
A licensee serving within the navy is unable to satisfy her persevering with schooling
requirement. What would the licensee must do to renew the license? - ANS-The licensee may
additionally publish a request to the department to have necessities and prices waived. The
department will then decide if the request is permissible.
A meteorite hits the insured's automobile, inflicting damage. Under which of the subsequent
coverages in a personal auto coverage could this loss be paid? - ANS-Other-than-collision
A loan business enterprise is named as a loss payee on the insured's house owners coverage,
underneath the same old mortgage clause. If the insured suffers a loss because of a fire, which
of the subsequent is genuine? - ANS-The loss is payable to the insured and the mortgagee.
A municipality can shield itself in opposition to the development or repair of residences that don't
agree to the building codes established by means of ordinance with the aid of requiring the
contractors to obtain - ANS-License and allow bonds.
A participating insurance policy can also do which of the following? - ANS-Pay dividends to the
policyowner
A character applying for a manager or distinct wellknown agent license ought to meet all the
following criteria EXCEPT - ANS-Be chargeable for at least 25% of general commissions
accumulated by the office that she or he manages.
A individual who does no longer lock the doorways or does not repair leaks suggests an
detached mind-set. This person offers what form of risk? - ANS-Morale
, A person who isn't named as an insured on the declarations web page of a policy however is
included by using the policy is called the - ANS-Additional insured.
A top class cut price is the term that describes while an insured owes a total preferred premium
more than - ANS-$five,000.
A manufacturer certified in Pennsylvania ought to notify the Insurance Department of any
exchange of deal with in his or her house or enterprise deal with within how many days? -
ANS-30
A ranchowners coverage is most similar to which of the following? - ANS-Homeowners
A current college graduate offered a new automobile and is trying to get car insurance on it as
required by using the lienholder. After being rejected with the aid of numerous coverage
corporations because of his riding record, he finally talked to an agent who can get him
coverage. His agent called him a residual marketplace risk. From which sort of vehicle coverage
plan can the applicant purchase coverage? - ANS-Assigned hazard
A eating place is out of enterprise for 3 days after an insured's automobile hits an electrical pole.
The pole falls and hits the building, knocking out all electric energy supply. Which of the
following is NOT covered underneath the insured driving force's car policy? - ANS-Lost sales
from the eating place
A trucking business swaps trailers with different providers. What coverage is necessary to cover
loss to the alternative's trailer at the same time as inside the borrower's ownership? -
ANS-Trailer interchange insurance
A trucking corporation owns a large fleet of vehicles that transport oil across kingdom strains.
According to the economic responsibility requirements set by the Motor Carrier Act of 1980,
what is the minimal amount of insurance the enterprise ought to carry on cars that transport oil?
- ANS-$1 million
A form of coverage that is used to offer a selected quantity of substitute cost for a given risk
after it's been destroyed is known as a(n) - ANS-Valued policy.
ABC Trucking hauls merchandise for Acme, Inc. As a contract carrier. On one shipment, the
motive force stopped at a truck prevent for lunch. Leaving the truck within the parking lot, he
made sure that the truck became locked before leaving it. Upon returning to the truck, he
located that someone had damaged into the truck and stolen the shipment. Is ABC legally
answerable for this loss? - ANS-No, the motive force had taken reasonable measures to defend
the belongings through locking the truck.
According to the loss price circumstance in HO policies, losses should be paid inside what
number of days of the insurer receiving proof of loss? - ANS-60 days
According to the concepts of ocean marine insurance, an real general loss may additionally
occur in all the following conditions EXCEPT - ANS-When cargo is misplaced.
According to the privacy of purchaser economic facts law, if a customer comes to a decision to
choose out, this indicates - ANS-The customer directs the licensee not to reveal the purchaser's
nonpublic non-public financial information to a 3rd celebration.
According to the usual workers repayment and company liability coverage form, a state need to
be listed in Part Three - other states' coverage of the employees repayment and employers
legal responsibility coverage whilst - ANS-The insured expects to extend operations to that
country.
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