Property & Casualty

16 Questions  I  By Namoxley
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Property And Casualty Quizzes & Trivia
Kansas Property and Casualty Insurance Exam.

  
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Questions and Answers

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  • 1. 
    If an HO-3 policy has a coverage limit of $100,000 on the dwelling, how much coverage would automatically apply to cover the insured's personal property under Coverage C.
    • A. 

      $20,000

    • B. 

      $25,000

    • C. 

      $50,000

    • D. 

      $100,000


  • 2. 
    Which of the following insurance principals permits a policyholder to be reimbursed for losses experienced.
    • A. 

      Subrogation

    • B. 

      Insurable interest

    • C. 

      Direct loss

    • D. 

      Indemnification


  • 3. 
    Deductibles are used for all of the following purposes EXCEPT
    • A. 

      To reduce the cost of insurance

    • B. 

      To eliminate small losses

    • C. 

      To increase the insured's caution

    • D. 

      To eliminate nuisance claims


  • 4. 
    Uncertainty concerning financial loss best describes the concept of
    • A. 

      Indemnity

    • B. 

      Insurance

    • C. 

      Risk

    • D. 

      Hazards


  • 5. 
    Collision insurance covers which of the following perils?
    • A. 

      All damage to an auto struck by the insured, if the insured is legally liable.

    • B. 

      Upset of the auto without a deductible applying.

    • C. 

      Direct loss to the auto caused by a collision with another object.

    • D. 

      Collision of the covered vehicle with a large animal.


  • 6. 
    All of the following perils are covered by a basic fire insurance policy EXCEPT
    • A. 

      Fire

    • B. 

      Explosion

    • C. 

      Lightning

    • D. 

      Removal


  • 7. 
    By entering into an insurance contract, a policyholder transfers the right of legal action against a responsible third party to the insurer. This process is known as
    • A. 

      Insurable interest

    • B. 

      Coinsurance

    • C. 

      Subrogation

    • D. 

      Abandonment


  • 8. 
    A condition creating or increasing the chance for loss is known as a 
    • A. 

      Peril

    • B. 

      Hazard

    • C. 

      Loss

    • D. 

      Risk


  • 9. 
    Aviation hull insurance provides an aircraft with protection while
    • A. 

      In the air only

    • B. 

      In the air or on the ground

    • C. 

      On the ground only

    • D. 

      In the air, including takeoff and touchdown


  • 10. 
    Replacement cost less depreciation defines.
    • A. 

      Actual cash value

    • B. 

      Market value

    • C. 

      Insurable value

    • D. 

      Liberalization amount


  • 11. 
    All of the following statements are correct regarding the duties of an insured following a loss EXCEPT
    • A. 

      The insured must reimburse the mortgagee for its interest in the damaged property

    • B. 

      The insured must protect the property from further damage

    • C. 

      The insured must separate the damaged from undamaged property

    • D. 

      The insured must provide immediate written notice to the company


  • 12. 
    A coverage form added to the commercial package policy that provides protection against the direct loss to building under construction is known as
    • A. 

      Rent insurance

    • B. 

      Legal liability

    • C. 

      Builders risk coverage

    • D. 

      General contractors insurance


  • 13. 
    A building owner purchases a fire policy providing $60,000 worth of coverage with an 80% coinsurance clause for his $100,000 building. He suffers a $10,000 loss. How much of the loss will the company pay.
    • A. 

      $1,667

    • B. 

      $7,500

    • C. 

      $8,000

    • D. 

      $10,000


  • 14. 
    Which of the following types of property would be insured on a value basis by a personal articles floater?
    • A. 

      Jewelry, watches, and furs

    • B. 

      Fine Arts

    • C. 

      Cameras

    • D. 

      Silverware


  • 15. 
    The phrase robbery or holdup, as used in a burglary and robbery insurance, means the felonious taking of property in which of the following ways?
    • A. 

      By someone using a scheme, trick, or device designed to deprive the owner of the property.

    • B. 

      From within an insured premises, safe, or vault, by actual force and violence, leaving visible marks of forced entry

    • C. 

      From insured premises left unguarded and accessible without evidence of forced entry

    • D. 

      By use of or threat of the use of violence with the means to carry it out


  • 16. 
    All of the following risks are eligible risks under a businessowners policy EXCEPT
    • A. 

      The tenant of an office building

    • B. 

      A general contractor who operates primarily off-premesis

    • C. 

      The owner of a 5 story office building

    • D. 

      A 50 unit apartment complex with a small gift shop on premises


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