Prometric Practice Test 2022 (Verified answers) with Complete Solution

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Monetary damages awarded to an injured party must be based on all of the following elements EXCEPT: a. Damages as the proximate result b Negligence c. Available insurance d. A legal duty owed - �... �✔c The risk of financial loss that an individual faces illustrates the principle of: a. Indemnity b. Limit of recovery c. Subrogation d. Insurable interest - ✔✔d Under a Homeowners Policy, the insured location includes all of the following EXCEPT: a. A cemetery plot b. A secondary location used by the insured for a business c. Vacant land on which the insured plans to build a house d. A motel room in which the insured is residing temporarily - ✔✔b If Policy A states that it will pay after payment by other applicable policies, Policy A is: a. Excess b. Primary c. Pro rata d. Reinsurance - ✔✔a The Coverage A limit for a dwelling under construction is the:a. Actual cash value on the date of completion b. Actual cash value at specified periods during construction c. Average value during the period of construction d. Replacement cost on the date of completion - ✔✔a A licensed producer or agent may receive commission compensation for all of the following services EXCEPT: a. Negotiation of any insurance contract b. Procurement of any insurance contract c. Acting as a consultant to provide insurance advice d. Adjustment of claims arising from insurance contracts [Show More]

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