California Property & Casualty Exam (2023/2024) Correctly Answered
5 vistas 0 veces vendidas
Grado
California Property & Casualty
Institución
California Property & Casualty
Premium payments received by a broker-agent from clients purchasing automobile insurance may be maintained by the licensee in any of the following investments EXCEPT?
1. High-yield stocks
2. Treasury certificates
3. Repurchase agreements
4. US Government bonds - ANSWER-High-yield stocks
Whic...
premium payments received by a broker agent from c
Escuela, estudio y materia
California Property & Casualty
California Property & Casualty
Vendedor
Seguir
IMORA
Comentarios recibidos
Vista previa del contenido
California Property & Casualty Exam (2023/2024)
Correctly Answered
Premium payments received by a broker-agent from clients purchasing automobile
insurance may be maintained by the licensee in any of the following investments
EXCEPT?
1. High-yield stocks
2. Treasury certificates
3. Repurchase agreements
4. US Government bonds - ANSWER-High-yield stocks
Which of the following is eligible for a Business owners Policy?
1. A vacant building
2. A credit union
3. A furniture store
4. A sports bar - ANSWER-A furniture store
"All risk" coverage is an old insurance term that, when used, refers to a ?
1. Comprehensive liability coverage
2. Named peril property coverage
3. Property coverage that does not include coverage for damage caused by any peril
4. Policy the contains no excluded perils - ANSWER-Property coverage that does not
include coverage for damage caused by any peril
If an employee embezzles $10,000 from an insured's company, which type of insurance
would the employer need for this loss to be covered?
1. Allied lines insurance
2. Business income insurance
3. General liability insurance
4. Crime insurance - ANSWER-Crime insurance
What is one difference between DP-2 and a DP-3?
1. The limit of liability under coverage D
2. The inside coverage limit for specified personal property
3. The perils insured against under coverage A
4. The definition of who is an insured - ANSWER-The perils insured against under
coverage A
The standard homeowners policy provides replacement cost coverage for which of the
following?
1. Personal property
2. Business personal property
3. Trees, shrubs and plants
,4. The dwelling structure - ANSWER-The dwelling structure
Which of the following is a characteristic of improvements and betterments?
1. They must be approved in advance by the building owner
2. They can be insured as business personal property
3. They are made by the building owner
4. The tenant can remove them when the lease expires - ANSWER-They can be
insured as business personal property
Which of the following events within the past 3 years would disqualify an individual from
receiving a Good Driver Discount?
1. An at-fault accident involving only minor bodily injury
2. A moving violation while driving a company car during business hours
3. A non at-fault accident resulting inn the death of a passenger
4. An at-fault accident involving only property damage - ANSWER-An at-fault accident
involving only minor bodily injury
Which commercial property form contains most of the exclusions that apply to a
commercial property policy?
1. Causes of Loss Forms
2. Common Policy Declarations
3. Common Policy Conditions
Commercial Property Conditions - ANSWER-Causes of Loss Forms
In the business income coverage form, "business income" is?
1. net income plus non-continuing expenses
2. net income plus continuing expenses
3. gross income minus expenses
4. net profit or loss before taxes - ANSWER-net income plus continuing expenses
Which of the following is a correct statement about the general aggregate limit?
1. It is the total limit for any occurrence
2. It is the total of all the other sub limits shown on the declarations page
3. It is the total limit for any one accident
4. It does not include product-completed operations aggregate limit - ANSWER-It does
not include product-completed operations aggregate limit
How is the combined ratio computed?
1. Divide the loss ratio by the expense ratio
2. Subtract the expense ratio from the loss ratio
3. Multiply the loss ratio by the expense ratio
4. Add the loss and expense ratios - ANSWER-Add the loss and expense ratios
Which of the following fits within the homeowners policy definition of an "insured
location"?
1. Any part of a premises rented to the insured for business use
,2. Farm land owned by the insured
3. Any part of a premises rented to another by the insured
4. Family cemetery plots owned by the insured - ANSWER-Family cemetery plots
owned by the insured
Which of the following is a principal rating factor for a personal automobile policy?
1. The type of vehicle insured
2. The gender of the insured
3. The number of miles the insured drives each year
4. The geographic location of the insured - ANSWER-The number of miles the insured
drives each year
If a named insured is not the owner of the building, improvements and betterments are
covered under the?
1. Building
2. Business personal property
3. Agreed value
4. Newly constructed property - ANSWER-Business personal property
Property under an unendorsed inland marine policy is usually valued on?
1. A replacement cost basis
2. A tax assed value basis
3. A stated value basis
4. An actual cash value (ACV) basis - ANSWER-An actual cash value (ACV) basis
Under an unendorsed personal automobile policy what coverage is available for
personal effects?
1. Luggage up to $200
2. Luggage and clothing up to $500
3. All personal property in automobile up to $5200
4. None, there is no coverage - ANSWER-None, there is no coverage
What is the main purpose of tort law?
1. To minimize the amount of insurance claims made
2. To prosecute the responsible party
3. To assign punitive damages to the responsible party
4. To determine responsibility for damages - ANSWER-To determine responsibility for
damages
The system of allocating damages between two or more people in which the damages
collectible are diminished in proportion to the persons degree of negligence is called
1. Comparative negligence
2. Contributory negligence
3. Controlled negligence
4. Cooperative negligence - ANSWER-Comparative negligence
, Damages caused by earth movement is excluded by most insurance contracts. Which
of the following policies, if any, includes coverage for this peril that is standard
coverage?
1. Dwelling policy
2. FAIR plan
3. Standard HO-3 policy
4. Personal auto policy - ANSWER-Personal auto policy
Which of the following is an example of loss retention?
1. A couple installs a sprinkler system in their home
2. A couple decides not to purchase collision coverage on their vehicle
3. A couple chooses not to buy a motorboat
4. A couple purchases homeowners insurance for their lake cabin - ANSWER-A couple
decides not to purchase collision coverage on their vehicle
What is a person guilty of if he or she acts or assumes to act in the capacity of a
licensed agent, but does NOT have a valid license?
1. A misdemeanor
2. Alienation
3. Subrogation
4. A felony - ANSWER-A misdemeanor
The retroactive date of a claims made professional liability policy is always the?
1. Effective date for the current policy to renew
2. Earliest date an event/loss may occur and still be eligible for recovery
3. Date after which no more claims may be made under the policy
4. Date on which the claims made policy expires - ANSWER-Earliest date an event/loss
may occur and still be eligible for recovery
Yacht policies typically provide coverage for
1. Physical damage, liability & medical payments
2. Hull and collision
3. Hull and protection and indemnity
4. property, liability and contingent medical p[payments - ANSWER-Hull and protection
and indemnity
Which of the following is considered covered equipment under an equipment
breakdown policy?
1. Equipment manufactured by the insured for sale
2. Air conditioner compressor
3. Computer media
4. Excavation equipment - ANSWER-Air conditioner compressor
The term "assignment" refers to the
1. Insurers right to collect damages from a third property
2. Transfer of the insureds interest in the policy to another party
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable.
Así llegas a la conclusión rapidamente!
Preguntas frecuentes
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.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for 10,78 €. You're not tied to anything after your purchase.
