PSI Exam Questions with answers. Rated A. 2022/2023.

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PSI Exam Questions with answers. Rated A. 2022/2023. perils property is insured against - ✔✔The Causes of Loss form for farm property lists which of the following? The BOP prepackages a ... group of coverages desirable to small businesses. - ✔✔How does the BOP differ from the CPP? builder's floater form - ✔✔All of the following are the most commonly used personal inland marine forms EXCEPT Carpet cleaning after a water main break - ✔✔Which of the following would trigger coverage under business income form with extra expense coverage? residual market insurance - ✔✔Federal Crop Insurance is a type of insurance sometimes called which one of the following? HO-4 - ✔✔Which Homeowner Form covers fixtures, installations, and improvements made or acquired at the insured's expense? imported goods - ✔✔According to the Nationwide Definition of marine insurance, which category is an eligible marine risk? damage to awnings from weight of snow. - ✔✔A DP-2 policy covers all of the following EXCEPT Business Income Coverage forms - ✔✔Which coverage forms are used when the insured sustains loss of revenue due to direct physical loss from a peril insured against that forces the insured to suspend operations during the period of restoration? 168 hours - ✔✔A single earthquake constitutes all shocks that occur within which time period? DP-3 - ✔✔In which of the following DP forms is the dwelling covered under open perils and the personal property on a named peril basis? loss due to crime - ✔✔Which of the following would be covered by a commercial package policy? $2,500 - ✔✔Homeowner Form HO-2 provides coverage for loss of appliances, carpeting, and other household furnishings for a maximum of how much? with a HO-8 Modified Coverage form. - ✔✔Mobile homes can be insured in all of the following ways EXCEPT the United States Congress - ✔✔Which of the following created The National Flood Insurance Program? On the date construction starts above the lowest basement floor if there is a basement - ✔✔When does the coverage begin for a builders risk form? direct loss - ✔✔Which of the following is an example of a financial loss caused by a home being damaged in a windstorm? riot or civil commotion - ✔✔Which of the following would be covered perils under the DP-1 Basic policy form? Coverage C - ✔✔Which of the following represents the primary amount of insurance for the HO-4? 20% - ✔✔Which of the following limits of insurance on the dwelling are available and apply to Coverage D-Fair Rental Value? $1,000 - ✔✔Which of the following is the standard amount of Coverage A-dwelling provided by the HO-6 Unit-Owners Policy? to state which perils are insured against - ✔✔What is the purpose of the causes of loss form that lists specific exclusions? not driving a car to prevent getting in an accident - ✔✔Which of the following is an example of risk avoidance? insuring your friend's automobile. - ✔✔All of the following are examples of insurable interest EXCEPT a particular item insured - ✔✔All of the following describe blanket property insurance coverage EXCEPT the fall - ✔✔A woman slips on icy steps and breaks her leg. Which of the following is the peril in this situation? nonrenewal - ✔✔When the policy term ends and either the insured or the insurance company wants to discontinue coverage which provision is applied? burning debris near the building on a calm sunny day - ✔✔Which of the following hazards is an example of a physical hazard? Property is evaluated for what it sells for at the time of the loss. - ✔✔Which of the following makes use of market value in determining loss valuation? indemnity - ✔✔When an individual with a pre-existing condition is in an automobile accident and the insurance covers rehabilitation only to the level of the condition prior to the accident, this is because of which of the following principles? after a car crash you have to rent a replacement vehicle. - ✔✔All of the following are examples of direct loss EXCEPT 168 - ✔✔Which of the following is the correct timeframe for earthquake shocks to be considered as single earthquake? in home child care - ✔✔All of the following activities are subject to the imposition of strict liability EXCEPT disability - ✔✔Underwriters are permitted to use all of the following when underwriting an application for insurance EXCEPT warranties - ✔✔Which of the following are defined as a part of the policy and can void the policy if they are breached, whether the breach was intentional or unintentional? policy exclusions - ✔✔All of the following would be found on a declarations page EXCEPT insurance company - ✔✔Determining adequate indemnification after a loss is a principle duty of which of the following? legal purpose - ✔✔A contract that is against public policy is not enforceable according to which contract characteristic? insured - ✔✔After a loss occurs whose duty is it to complete a proof of loss? financial institutions must have a privacy policy in place - ✔✔The Gramm-Leach-Bliley Act was enacted to protect consumer's right to privacy and made mandatory which of the following? subrogation - ✔✔Which of the following terms refers to the transfer of the insured's right of recovery against others to his insurance company? the responsibilities and obligations of insured and insurer - ✔✔Which of the following best describes the policy conditions? unknowingly inflicting injury that violates the rights of another. - ✔✔Liability arising out of any of the following is excluded from the personal and advertising injury liability coverage EXCEPT a volunteer worker - ✔✔Which of the following persons is covered for accidental injury on the insured's premises under the commercial general liability medical payments? employer's payroll - ✔✔Workers' compensation coverage is rated on the basis of which of the following? The broadest coverage available extends from the insured's policy. - ✔✔If the insured has a loss with a private passenger nonowned temporary substitute vehicle how will the loss be treated by the insured's own policy for physical damage? Vehicle upset - ✔✔Which of the following causes of loss to a vehicle will trigger collision coverage on the personal auto policy Part D- coverage for damage to your auto? per occurrence - ✔✔For the commercial general liability coverages of bodily injury, property damage and medical payments, which of the following limits of insurance apply if the aggregate limit is NOT met? exclusive remedy - ✔✔Employees are barred from suing employers in court to obtain compensation for injuries covered by workers' compensation because of which of the following doctrines? $20,000 - ✔✔The insured carries underinsured motorists coverage limits of 250/500/250 on his automobile policy and his vehicle is struck by an at fault motorist who insures with the State minimum for liability of 20/40/10. If the insured brings suit for bodily injury damages to himself of $500,000, how much will he recover from at fault driver's policy? autos the insured leases, borrows or rents - ✔✔Which of the following is considered a hired auto under the commercial auto policy Symbol 8? a slip and fall while on the job at work - ✔✔In which of the following situations would workers' compensation benefits be covered for an injured employee? for liability arising while the insured auto is being used in an auto business. - ✔✔Exclusions common to liability coverage for both the personal auto policy and the business auto policy include all of the following EXCEPT vocational rehabilitation - ✔✔An injured employee covered under workers' compensation is entitled to reasonably justifiable expenses for retraining. This benefit falls under which of the following? all coverage extends if the insured reports the car within fourteen days. - ✔✔Under the insured's personal auto policy, which of the following is CORRECT for a newly acquired car to be covered prior to reporting it to the insurance company? to caps, covers, or bedliners on pickup trucks. - ✔✔All of the following are excluded losses under Part D-damage to an auto of the personal auto policy EXCEPT [Show More]

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