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Property And Casualty Insurance License Exam Cram

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Property and Casualty Insurance License Exam Cram

  
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1.  George is a trash collector earning $35,000 a year who hurts his back on the job, so he can no longer go out with the collection trucks. However, he can still be a route coordinator in the office at a salary of $25,000 per year. To what extent is George industrially disabled?
A.
B.
C.
D.
2.  When are losses under the Building and Personal Property coverage form paid at replacement or repair cost?
A.
B.
C.
D.
3.  When insurance is written on a dwelling form, each of the following types of property would be insured under Coverage A (dwelling coverage) except which one?
A.
B.
C.
D.
4.  An insured must file a proof of loss within how many days after a loss?
A.
B.
C.
D.
5.  Which one of the following answer choices lists all of the parties to a Surety bond?
A.
B.
C.
D.
6.  Under a Personal Umbrella policy, a self-insured retention is an amount that
A.
B.
C.
D.
7.  Which of the following would be excluded under Coverage C of the CGL? Select all that apply.
A.
B.
C.
D.
8.  The Electronic Data Processing Equipment floater covers what? Select all that apply.
A.
B.
C.
D.
9.  At DEF Insurance Company, agents are employees of the company who are paid a salary plus commissions. This is an example of what type of insurance marketing system?
A.
B.
C.
D.
10.  Walt and Joanna are co-owners of a bagel shop. Both Walt and Joanna are listed in the declarations of the policy that insures the business, with Joanna's name appearing first. The declarations also list First State Bank, which has an outstanding loan on the business. Who is considered a named insured on the policy?
A.
B.
C.
D.
11.  What is the standard deductible under the regular program of the National Flood Insurance Program?
A.
B.
C.
D.
12.  A Basic Dwelling policy form automatically provides coverage for losses caused by each of the following perils except which one?
A.
B.
C.
D.
13.  Coverage for defense costs is included in which of the following?
A.
B.
C.
D.
14.  Under the NCCI workers compensation and employers liability policy form, the basic, or minimum, limit for employers liability coverage is how much per accident?
A.
B.
C.
D.
15.  Which of the following losses could be covered under the Theatrical Property coverage form?
A.
B.
C.
D.
16.  The term "time element coverage" is used when the amount of loss depends on which of the following?
A.
B.
C.
D.
17.  Which of the following cannot be covered by a homeowners Watercraft Liability endorsement?
A.
B.
C.
D.
18.  Which of the following coverages are provided by Business Auto Physical Damage coverage?
A.
B.
C.
D.
19.  Who administers the NFIP?
A.
B.
C.
D.
20.  Under which of the Dwelling policy forms may the insured be reimbursed for the replacement cost when the dwelling is destroyed?
A.
B.
C.
D.
21.  Under which part of a Workers Compensation and Employers Liability policy would you find a description of employers liability coverage provided?
A.
B.
C.
D.
22.  Liability that is imposed as a matter of law without regard to negligence is called what?
A.
B.
C.
D.
23.  All of the following must be present to establish negligence except which one?
A.
B.
C.
D.
24.  The purpose of FAIR Plans (Fair Access to Insurance Requirements) is to do what?
A.
B.
C.
D.
25.  Lee sues Pat for injuries sustained in an auto accident. During the trial, it is determined that Lee's negligence contributed to the loss. Under comparative negligence laws, what can Lee recover?
A.
B.
C.
D.
26.  Who may cancel a CPP?
A.
B.
C.
D.
27.  A breakdown of equipment covered under the Equipment Breakdown Protection coverage form results in the simultaneous breakdown of three other pieces of covered equipment. According to the form, how many "breakdowns" occurred in this loss?
A.
B.
C.
D.
28.  Under a CPP, when does the Inspections and Surveys condition give the insurance company the right to inspect the insured's premises?
A.
B.
C.
D.
29.  Insurance is a mechanism used to manage which of the following types of risk?
A.
B.
C.
D.
30.  Under a personal auto policy, if an insured already has physical damage coverage for at least one vehicle, a new vehicle will be automatically covered from the date it is acquired as long as the insured notifies the insurer and requests the coverage within how many days?
A.
B.
C.
D.
31.  Consuela's Homeowners policy has an 80% Coinsurance condition. Her home's value is $125,000. What is the minimum amount of coverage she must carry to avoid a coinsurance penalty for partial losses?
A.
B.
C.
D.
32.  Which of the following have special loss valuation requirements under the Building and Personal Property coverage form?
A.
B.
C.
D.
33.  What is the purpose of a retroactive date in the claims-made form?
A.
B.
C.
D.
34.  Policies issued under the National Flood Insurance Program provide removal coverage for property removed to protect it from flood. This coverage applies at another location for up to how many days?
A.
B.
C.
D.
35.  Some property insurance policies provide for payment of the full policy limit in the event of a total loss by a covered peril, regardless of the actual value of the property. These policies are known as which of the following?
A.
B.
C.
D.
36.  The Excel Insurance Company is incorporated in the state of Tennessee. It is also authorized to do business in Georgia. In Georgia, Excel is known as what type of company?
A.
B.
C.
D.
37.  Which one of the following illustrates the concept of contributory negligence?. Martin buys a tanning bed for his home. Although he follows the manufacturer's directions to the letter, he is severely burned after spending five minutes in the bed.
A.
B.
C.
D.
38.  Under a CPP, how many days advance notice is required if the insurance company is cancelling the contract for nonpayment of premium?
A.
B.
C.
D.
39.  Which homeowners form provides broad coverage for both the dwelling and its contents?
A.
B.
C.
D.
40.  How do deductibles apply in the Equipment Breakdown Protection coverage form?
A.
B.
C.
D.
41.  Which of these statements concerning personal liability coverage are correct?
A.
B.
C.
D.
42.  Which one of the following coverages is not included in the BOP?
A.
B.
C.
D.
43.  An individual lives in an apartment. Which homeowners form should he purchase to cover his personal property?
A.
B.
C.
D.
44.  The name of the coverage that provides legal liability insurance for damage to customers' autos that are left with the insured for service, repair, or storage is which of the following?
A.
B.
C.
D.
45.  The "ground rules" are described in which part of an insurance policy?
A.
B.
C.
D.
46.  Which of the following is not true about difference in conditions (DIC) insurance?
A.
B.
C.
D.
47.  What is the maximum amount of coverage that can be purchased for a single-family home under the emergency Flood insurance program?
A.
B.
C.
D.
48.  What is the standard deductible for the BOP property coverage?A. $500B. $1,000C. $750D. $250
A.
B.
C.
D.
49.  Loss caused by sprinkler leakage is covered under which Commercial Property Causes of Loss forms?
A.
B.
C.
D.
50.  Which Causes of Loss form provides open peril coverage?
A.
B.
C.
D.
51.  The Special Dwelling policy form provides which of the following?
A.
B.
C.
D.
52.  Judgment rating is based on which of the following?
A.
B.
C.
D.
53.  J&M Industries does not have a group health insurance plan for its employees. Instead, it pays employees' medical expenses out of a fund specifically created for this purpose. This is an example of
A.
B.
C.
D.
54.  The Additional Coverage for collapse is included in which homeowners form(s)?
A.
B.
C.
D.
55.  An employer purchases a fidelity bond to protect against potential losses by employee dishonesty. In this situation, each of the employees covered by the bond is considered which of the following?
A.
B.
C.
D.
56.  What is the discovery period for coverage of losses under the employee dishonesty optional coverage?
A.
B.
C.
D.
57.  A mutual insurance company
A.
B.
C.
D.
58.  A commercial property coverage part with the basic causes of loss form attached covers all of the following perils except which one?
A.
B.
C.
D.
59.  Commercial insureds who need more Liability coverage than provided by a certain policy or want coverage for losses excluded by a certain policy should purchase which of the following?
A.
B.
C.
D.
60.  Adequate coverage for large, powerful boats is provided by which of the following?
A.
B.
C.
D.
61.  Under most property insurance policies, the policy territory includes which of the following?
A.
B.
C.
D.
62.  A typical Outboard Motor and Boat policy provides which of the following coverages?
A.
B.
C.
D.
63.  Which of the following could be covered by an unendorsed homeowners policy?
A.
B.
C.
D.
64.  Which of the following losses would be paid under the Other Than Collision coverage of the Personal Auto policy?
A.
B.
C.
D.
65.  Which of the following would not be covered under Coverage A or Coverage B of a Dwelling policy?
A.
B.
C.
D.
66.  Something that might increase the likelihood that a loss will occur, is called what?
A.
B.
C.
D.
67.  Up to what percent of the amount paid for direct loss will the insurance company pay for debris removal expense under the Business and Personal Property coverage form?
A.
B.
C.
D.
68.  An action that, in a natural and continuous sequence, produces a loss is the
A.
B.
C.
D.
69.  Who is responsible for licensing insurance agents?
A.
B.
C.
D.
70.  Under liability insurance policies, what does an "aggregate limit" mean?
A.
B.
C.
D.
71.  Which of the following properties can be covered under the Film coverage form? Select all that apply.
A.
B.
C.
D.
72.  The Motor Truck Cargo policy does which of the following?
A.
B.
C.
D.
73.  In a competitive state, an employer can obtain workers compensation insurance from which of the following?
A.
B.
C.
D.
74.  Which of these losses is covered under the Signs coverage form? Select all that apply.
A.
B.
C.
D.
75.  Which of the following would be included in an unendorsed Business Auto coverage policy? Select all that apply.
A.
B.
C.
D.
76.  Under liability insurance policies, what does the term "personal injury" usually mean?
A.
B.
C.
D.
77.  Which of the following are excluded under Business Auto Liability coverage?
A.
B.
C.
D.
78.  Mobile home policies include which of the following?
A.
B.
C.
D.
79.  Which of the following is not excluded under commercial general liability coverage for bodily injury and property damage liability?
A.
B.
C.
D.
80.  Jake has two insurance policies on his house. They are issued by different companies, but they are otherwise identical. The term for this is
A.
B.
C.
D.
81.  Which of the following are usually excluded under Coverage A of the Commercial General Liability policy? Select all that apply.
A.
B.
C.
D.
82.  An Assigned Risk Plan covers which of the following?
A.
B.
C.
D.
83.  Which of the following describes the principle of indemnity?
A.
B.
C.
D.
84.  Which of the following businesses might be covered under a Garage coverage form?
A.
B.
C.
D.
85.  Which of the following statements applies to Mechanical Breakdown coverage?
A.
B.
C.
D.
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