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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.  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.
2.  Commercial general liability coverage provides medical expense payments for accidental injuries if the expenses are incurred and reported to the insurer within what date?
A.
B.
C.
D.
3.  Which type of insurer consists of an unincorporated group of members who share losses and provide insurance to each other?
A.
B.
C.
D.
4.  Which of the following statements apply to Professional Liability policies?
A.
B.
C.
D.
5.  A homeowners policy has been in force 30 days, and the company discovers that the insured has misrepresented certain material facts. The insurer wants to cancel the policy. Under what circumstances may it do so?
A.
B.
C.
D.
6.  Most liability claims are based on negligence that results in injury or damage. An act of negligence is considered to be a tort. What does the term "tort" mean?
A.
B.
C.
D.
7.  Under which type of marketing system do agents or agencies operate as independent businesses but agree to represent only one insurance company?
A.
B.
C.
D.
8.  What is the discovery period for coverage of losses under the employee dishonesty optional coverage?
A.
B.
C.
D.
9.  Which of the following are excluded under Coverage A of the CGL?
A.
B.
C.
D.
10.  In a Crime insurance policy, certificates of deposit are considered which of the following?
A.
B.
C.
D.
11.  Which of the following Commercial Auto coverage forms does not offer liability coverage?
A.
B.
C.
D.
12.  Which of the following losses would be excluded under Part D of a Personal Auto policy?
A.
B.
C.
D.
13.  Which of the following losses could be covered under the Theatrical Property coverage form?
A.
B.
C.
D.
14.  Which of the following is not excluded under Businessowners Liability coverage?
A.
B.
C.
D.
15.  Which of the following statements concerning regulation of the insurance industry is correct?
A.
B.
C.
D.
16.  Which of the following could not be covered under a Dwelling policy?
A.
B.
C.
D.
17.  The Additional Coverage for collapse is included in which homeowners form(s)?
A.
B.
C.
D.
18.  Which of the following coverages may be attached to a homeowners policy only by endorsement?
A.
B.
C.
D.
19.  The Special Dwelling policy form provides which of the following?
A.
B.
C.
D.
20.  Which part of an insurance policy describes what property and/or perils will be covered by the contract?
A.
B.
C.
D.
21.  Which of the following losses would be excluded under the Building and Personal Property coverage form if the insured building had been vacant for more than 60 days before the loss occurred?
A.
B.
C.
D.
22.  The written agency contract between an insurer and an agent constitutes the agent's
A.
B.
C.
D.
23.  If coverage for personal liability and medical payments is attached to a dwelling policy, what basic limit of coverage applies to medical payments unless a higher amount is purchased?
A.
B.
C.
D.
24.  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.
25.  Which of the following is covered under personal and advertising injury liability coverage in the BOP?
A.
B.
C.
D.
26.  The Motor Truck Cargo policy does which of the following?
A.
B.
C.
D.
27.  If an insurer decides to not renew the CGL policy, how many days notice of nonrenewal must be provided to the first named insured?
A.
B.
C.
D.
28.  According to the terms of the Mortgage condition, which of the following does not apply to the rights and duties of the mortgagee?
A.
B.
C.
D.
29.  Three policies, totaling $300,000 in coverage, apply to an $80,000 loss. Policy A's limit of insurance is $100,000, policy B's limit is $50,000, and policy C's limit is $150,000. Use the pro rata method to determine how much policy C would pay for this loss.
A.
B.
C.
D.
30.  Which of the following coverage provisions would not be found in an unendorsed Dwelling policy form?
A.
B.
C.
D.
31.  An indirect loss is which of the following?
A.
B.
C.
D.
32.  Which of the following individuals have Liability coverage under Mr. Stump's Personal Auto policy?
A.
B.
C.
D.
33.  Which of the following properties would not be excluded under the Building and Personal Property coverage form?
A.
B.
C.
D.
34.  Tom Baxter has an automobile insured by a personal auto policy. He trades in his car and purchases a new private passenger auto as a replacement vehicle. If he does not notify the insurance company, the liability coverage for his replacement vehicle will apply automatically for how long?
A.
B.
C.
D.
35.  Theresa, a spectator at a baseball game, is injured when an errant ball hits her in the head. She sues the stadium owners for negligence. Which one of the following defenses against negligence would the owners probably use?
A.
B.
C.
D.
36.  Which of the following is a hazard as opposed to a peril?
A.
B.
C.
D.
37.  Mobile home policies include which of the following?
A.
B.
C.
D.
38.  Which of these statements concerning Medical Payments to Others coverage are correct?
A.
B.
C.
D.
39.  Which of the following statements concerning binders is correct?
A.
B.
C.
D.
40.  Under the 1989 dwelling policy forms, if coverage for vandalism and malicious mischief is attached to a policy, it will be suspended whenever the building has been vacant for more than how many days?
A.
B.
C.
D.
41.  Which of the following statements concerning Business Auto Liability coverage are correct?
A.
B.
C.
D.
42.  A mutual insurance company
A.
B.
C.
D.
43.  The term "time element coverage" is used when the amount of loss depends on which of the following?
A.
B.
C.
D.
44.  An action that, in a natural and continuous sequence, produces a loss is the
A.
B.
C.
D.
45.  What is required for an insured's rights and duties under a CPP to be transferred while the insured is alive?
A.
B.
C.
D.
46.  Highpoint Industries has an automatic sprinkler system installed in its office building. This is an example of which risk management method?
A.
B.
C.
D.
47.  Which of the following businesses might be covered under a Garage coverage form?
A.
B.
C.
D.
48.  Which of the following would be eligible for a Personal Auto policy?
A.
B.
C.
D.
49.  When an insured decides to cancel an insurance policy prior to the expiration date, the unearned premium is returned on what basis?
50.  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.
51.  Which insurance company department is responsible for accepting and rejecting applications based on company standards?
A.
B.
C.
D.
52.  Which of the following is not one of the common law defenses against an employer's liability?
A.
B.
C.
D.
53.  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.
54.  Who of the following would be considered an insured under Business Auto Liability coverage?
A.
B.
C.
D.
55.  Judgment rating is based on which of the following?
A.
B.
C.
D.
56.  Medical payments under a homeowners policy are available for expenses resulting from an injury to which of the following?
A.
B.
C.
D.
57.  What type of property is protected under Computer Fraud coverage?
A.
B.
C.
D.
58.  An individual lives in an apartment. Which homeowners form should he purchase to cover his personal property?
A.
B.
C.
D.
59.  Ann's auto was damaged when it was struck by another car whose driver ran a stop sign. Which part of Ann's Personal Auto policy will cover the damage to her car?
A.
B.
C.
D.
60.  Under a homeowners policy, in addition to any payments for damages awarded against an insured, the insurance company will reimburse the insured for reasonable expenses incurred at the company's request, including loss of earnings of up to how many days?
A.
B.
C.
D.
61.  Which of the following autos owned by the named insured could be covered under a Personal Auto policy?
A.
B.
C.
D.
62.  Failure to use the care that is required to protect others from the unreasonable chance of harm is called what?
A.
B.
C.
D.
63.  A heavy snowfall causes the roof over Amaya's living room to collapse. The insurance company asks her to move her belongings out of the living room to protect them from further damage and put a tarp over the roof until it can be repaired. It also asks her to complete a proof of loss form listing the items that were damaged. This is an example of the application of what policy condition?
A.
B.
C.
D.
64.  A typical Outboard Motor and Boat policy provides which of the following coverages?
A.
B.
C.
D.
65.  A homeowner who wants the maximum protection for her home and personal property should purchase the
A.
B.
C.
D.
66.  Under a homeowners policy, which of the following classes of personal property have special limits for theft losses, but not for other types of losses?
A.
B.
C.
D.
67.  What is the per-year policy limit for coverage of electronic data under the Business and Personal Property coverage form?
A.
B.
C.
D.
68.  When the special causes of loss form is attached to a commercial property coverage part, coverage for theft of furs and fur garments is limited to how much?
A.
B.
C.
D.
69.  Which of the following would be excluded under Coverage C of the CGL? Select all that apply.
A.
B.
C.
D.
70.  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.
71.  Which of the following losses could be paid under Uninsured Motorists coverage? (Assume that there are no endorsements attached to the policy.)
A.
B.
C.
D.
72.  All of the following types of losses may be covered by the Equipment Breakdown Protection coverage form except which of the following?
A.
B.
C.
D.
73.  Which of the following can be covered under the Physicians and Surgeons Equipment coverage form? Select all that apply.
A.
B.
C.
D.
74.  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.
75.  Who is responsible for licensing insurance agents?
A.
B.
C.
D.
76.  Which of the following statements applies to Mechanical Breakdown coverage?
A.
B.
C.
D.
77.  Which of these statements regarding Difference in Conditions insurance are correct?
A.
B.
C.
D.
78.  Claims-made general liability coverage does not apply to bodily injury or property damage that occurs when?
A.
B.
C.
D.
79.  Which of the following represents a pure risk?
A.
B.
C.
D.
80.  As a result of a successful lawsuit, Agnes receives $10,000 to cover her specific losses, an additional $40,000 for pain and suffering, and because the defendant was considered to have acted with willful disregard for others' safety, Agnes was awarded an additional $75,000. This additional $75,000 award can best be described as what type of damages?
A.
B.
C.
D.
81.  Which homeowners form provides broad coverage for both the dwelling and its contents?
A.
B.
C.
D.
82.  An agreement between the insured and the insurer that certain conditions will be met is which of the following?
A.
B.
C.
D.
83.  An insurer has subrogation rights under all personal auto policy coverages except which of the following?
A.
B.
C.
D.
84.  Which of the following losses is not excluded under the physical damage coverage of a personal auto policy?
A.
B.
C.
D.
85.  Under the terms of the Suspension provision in the Equipment Breakdown Protection coverage form, coverage on dangerous equipment can be suspended when?
A.
B.
C.
D.
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