Property and casualty exam (150 questions) Top Questions and answers, rated A+

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Property and casualty exam (150 questions) Top Questions and answers, rated A+ The Commercial Property policy applies a limit of what dollar amount for business personal property temporarily aw... ay from the premises? - ✔✔-$10,000 What is the name of the organization created to provide auto insurance to individuals who have been unable to obtain it through the private market? - ✔✔-The Connecticut Automobile Insurance Assigned Risk Plan Which term describes the situation when two policies covering the same property contain different policy periods? - ✔✔-Nonconcurrency Which of the following is true about an aggregate limit? - ✔✔-It applies to losses from all occurrences within a specified policy period Which of the following is not true about medical payments under the Personal Auto Policy? - ✔✔- Coverage applies only for medical expenses incurred within one year of the accident Section II of the Garage Coverage Form does not cover: - ✔✔-Damage to the customer's car in the insured's care Policyholder J has a no-fault auto policy. Upon being hit by a driver that ran a stop light, J suffers a broken leg. Whose insurance company will pay for J's injury? - ✔✔-J's insurer Which of the following is correct about aircraft liability insurance? - ✔✔-A passenger may be covered by a sublimit All the following terms describe a loss covered by a commercial crime policy, except: - ✔✔-Mysterious disappearance Which of the following losses would not be covered under a NFIP policy? - ✔✔-A water main in the street breaks, flooding the insured's basement The BOP policy provides the same liability coverage as which of the following policies? - ✔✔-Commercial General Liability Which of the following best describes the Debris Removal coverage under the Homeowners policy? - ✔✔-The policy will pay the insured for removing debris from a covered loss B is traveling to Europe for a month's vacation. Which of the following coverages might her agent recommend to cover personal items? - ✔✔-Personal effects floater Which statement is false regarding uninsured motorist coverage under a Personal Auto Policy? - ✔✔- Coverage includes injuries suffered by someone using a covered vehicle without permission Which of the following is not true of the supplemental extended reporting period under the ClaimsMade Form of the CGL? - ✔✔-The insurer may void it after the premium has been paid by the insured Which of the following is true of Employers Liability insurance? - ✔✔-It covers actions brought against the insured in a capacity other than as an employer Which of the following may be insured on a replacement cost basis under the National Flood Insurance Program? - ✔✔-1- to 4-family residences and residential condominiums The Commissioner may revoke, suspend, or refuse to renew a license for all the following, except: - ✔✔- Issued insufficient coverage to a customer through apparent authority The Miscellaneous Type Vehicle Endorsement attached to a Personal Auto Policy allows eligibility of a motorcycle by: - ✔✔-Amending the definition of 'your covered auto' and 'newly acquired auto' to include any miscellaneous type vehicle Which of the following statements about liability insurance is false? - ✔✔-Bodily injury includes personal injury, sickness and disease Which of the following is an example of Special Damages? - ✔✔-Compensation to an injured party for actual medical expenses and loss of earnings The common policy declarations of the CPP contain all of the following, except: - ✔✔-Transfer of rights and duties A restaurant discovers that one of its suppliers has changed the amount payable on a check they issued. Under which Commercial Crime insuring agreement would this loss be covered? - ✔✔-Forgery or Alteration Which of the following injuries would not be covered under CGL Medical Payments? - ✔✔-A child accidentally overdoses on cough medication he drank from his parent's medicine cabinet Which statement is true concerning Dwelling policies? - ✔✔-The Special Form insures the dwelling on an open perils basis, and insures the contents against the broad form perils The Builder's Risk Coverage Form will not cover which of the following? - ✔✔-Roof antenna Endorsements that coordinate CPP coverages to avoid duplication are called: - ✔✔-Interline Which of the following would not be covered under a Valuable Papers and Records Floater? - ✔✔- Securities Which term describes coverage that applies only to loss by the perils stated in a policy? - ✔✔-Named peril Which endorsement is the best choice to cover a store's holiday inventory? - ✔✔-peak season A Mobile Home Insurance Policy is most similar to: - ✔✔-A Homeowners Policy Which statement is true regarding the Accounts Receivable coverage form? - ✔✔-It covers the insured's uncollectibles from customers due to a direct physical loss of the insured's business records Under the Farm Property Coverage Form, the Special Causes of Loss form would insure against all of the following, except: - ✔✔-Dishonest or criminal acts, pollutants, or contaminants Coverage B of the CGL would cover which of the following claims? - ✔✔-The insured was accused of causing a business associate to be falsely arrested Which of the following is true regarding liability insurance? - ✔✔-A liability policy provides coverage for unintentional torts How is debris removal categorized in the BOP? - ✔✔-Additional Coverages Which statement about the Umbrella Liability Policy is false? - ✔✔-The standard deductible on an umbrella policy is $100,000 Section II of the BOP policy provides the same liability coverage as: - ✔✔-The Commercial General Liability policy An applicant could purchase an insurance policy to cover losses from all the following, except: - ✔✔-An operation of drug smuggling Which of the following provisions in an Ocean Marine policy covers direct damage caused by bursting of boilers? - ✔✔-Inchmaree Clause The Terrorism Insurance Program created by TRIA is administered by which of the following federal entities? - ✔✔-Department of the Treasury The Gramm-Leach-Bliley Act was responsible for which of the following? - ✔✔-Establishment of privacy protection for consumers Policy A provides liability coverage to Fred's Grocery up to $500,000. Policy B provides coverage for the same risks up to $1.5 million. Both policies pay on a pro rata basis. If Fred's Grocery is determined to have a legal liability of $400,000 to a claimant who was injured on the property, how much will Policy A pay? - ✔✔-$100,000 Under the Workers' Compensation policy, the insurer may audit the insured's records for a period of how many years following policy termination? - ✔✔-3 Under the Business Income form, the period of restoration begins how many hours after the time of loss? - ✔✔-72 hours Advertising Injury Coverage includes all of the following, except: - ✔✔-Wrongful entry P's liability policy has the following limits: $50,000 per person, $250,000 per occurrence, and $400,000 aggregate. During the policy period, the policy paid out $250,000 in liability claims. If P suffers another loss of $250,000 during the same policy period, how much will the policy pay? - ✔✔-$150,000 Which statement is false regarding the Businessowners Policy? - ✔✔-Supplementary Payments include first aid expenses The Personal Auto Policy may be used to insure all of the following, except: - ✔✔-A motorcycle Which of the following types of liability limits allow the most to be paid for a single occurrence without regard for the number of claimants? - ✔✔-Combined Single Limit Damage to a building insured under the Businessowners Policy is valued on which basis? - ✔✔- Replacement Cost When a building has physical contents but no occupants, the building is said to be: - ✔✔-Unoccupied Choose the true statement regarding the Value Reporting Form. - ✔✔-Late reporting or under-reporting will result in a penalty in the event of a loss Insurance Company C has decided that it is insuring too many homes in a particular area. Therefore, it decides to reinsure Mr. R's Homeowners Policy because of the high value of his dwelling. The reinsurance contract can best be described as: - ✔✔-An agreement between Insurance Company C and the reinsurer The Garage Coverage Form may be written for all of the following, except: - ✔✔-Car rental agency Which of the following property is covered under the Homeowners Policy? - ✔✔-A model airplane If a messenger has insured property stolen by a pickpocket on a subway, this is an example of what kind of crime? - ✔✔-Theft Which of the following is a necessary element of robbery? - ✔✔-A face to face confrontation Which of the following is not a common policy condition on a commercial property policy? - ✔✔- Abandonmen [Show More]

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