Texas Property and Casualty Insurance Policies. (State Test) Questions and Answers 100% Pass

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Texas Property and Casualty Insurance Policies. (State Test) Questions and Answers 100% Pass The businessowners policy liability coverage will pay for necessary medical expenses of others within w... hat maximum time period? ✔✔1 Year Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck? ✔✔Moto truck cargo policy- truckers form In which of the following types of property valuation will the policy pay the full value specified on the policy schedule, regardless of the insured property's appreciation or depreciation? ✔✔Agreed Value If the actual values exceed the limit of insurance, the buisnessowners policy (BOP) contains a seasonal increase provision that automatically increases the limit of insurance for business personal property by ✔✔25% In which type of commercial crime policy coverage is triggered by a loss that happens during the policy period but is not necessarily discovered during the policy period? ✔✔Loss sustained form Under the dwelling policy, if an insurer chooses to repair or replace damaged or lost property, it must inform the insured within how many days of receiving proof of loss? ✔✔30 Days Under a dwelling policy, which of the following is NOT a factor in determining a loss? ✔✔The amount negotiated by the insured Which professional liability form provides form coverage for liability arising out of malpractice, error, or mistakes made in rendering professional services? ✔✔Physicians, surgeons and dentists malpractice Which of the following would be covered under the crime coverage inside the premises - theft of money and securities? ✔✔loss or damage to a locked safe, vault, or cash register What is the purpose of the coinsurance clause found in the property insurance policies? ✔✔Encourage the insured to insure the property to its closest value A property insurance policy that is not subject to any coinsurance requirements but has a set amount of insurance scheduled for the property would use what valuation method? ✔✔Stated amount All the following are major coverages included in the homeowners policy EXCEPT ✔✔Loss of income An insurance agency could purchase an errors omission insurance policy which would provide protection in the event of the following events EXCEPT ✔✔The agency loses commission income from policies that were not issued by the insurer Under the provisions of the business income coverage form, all of the following are true EXCEPT ✔✔The insured is reimbursed for the loss from the date of loss to the date of restoration or policy expiration date, whichever comes first The primary purpose of a surety bond is to ✔✔Secure a line of credit of a contractor All of the following situations would be covered under a professional liability policy EXCEPT ✔✔The failure of an attorney to properly defend a client due to his personal dislike of the client Coverage for all the following is found in Section I of a homeowners policy EXCEPT ✔✔Personal Liability Which of the following is NOT a primary property coverage in homeowners coverage? ✔✔Loss of use Which of the following coverages is NOT included in the basic form dwelling policy ✔✔Additional living space A beauty parlor burns to the ground. What type of loss is this to the owner? ✔✔Direct All of the following are true of coverage B - Other structures EXCEPT ✔✔It must be added by endorsement to a homeowners policy Under the commercial crime coverage inside the premises - robbery or safe burglary of other property, what is the special per occurrence limit that applies to loss or damage to precious metals, precious and semiprecious stones, pearls, furs, manuscripts, drawling's, or records? ✔✔$5,000 The basic dwelling form (DP-1) provides all of the following coverages without endorsement EXCEPT ✔✔Coverage for personal property Who might receive dividends from a mutual insurer?` ✔✔Stockholders Which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right to vote? ✔✔Mutual Which of the following actions is NOT in violation of the Unfair Claims Settlement Practices Act? ✔✔Denying any unsubstantianted claim Which of the following can qualify for a surplus lines license? ✔✔An individual licensed as a local Recording Agent in Texas An individual licensed as a Managing General agent in Texas A nonresident agent using the license for limited purposes on behalf of a purchasing group in Texas [Show More]

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