This test is focused on COMMERCIAL INSURANCE and is designed to provide practice for the state exam.
Some of the questions are designed to trick you, so READ VERY CAREFULLY.
There are questions which require arithmetic. Take your time.
There are 32 questions in the total bank. Each time you take it you'll pull 10 random questions from the bank.
You'll get a final score at the end.
True
False
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Extra Expense Form
Assigned Risk Form
Completed Value Form
Installation Form
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The North Carolina Rate Bureau
The Industrial Commission
The North Carolina Commissioner of Insurance
The North Carolina Underwriting Association
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Medical Expenses
Disability Expenses
Rehabilitation Benefits
Personal Injury Benefits
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True
False
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Covers all employees, but its limits are expressed on a per employee basis.
Covers multiple employees, but lists them by job title rather than name.
Covers all employees and its limits are expressed on a per loss basis.
Covers several named employees.
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$0
$20,000
$30,000
$45,000
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Hired autos only
Non-owned autos only
Owned autos only
Trucks only
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Installation Floaters
Builders Risks
Bailees Policy
BOP
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Is used for providing evidence of a loss.
Is provided by the insured to report a possible liability claim.
Protects a contractor's off-premises equipment only.
Is attached to the policy and describes the perils covered.
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$0
$500
$5,000
$1,000
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True
False
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Elevator Maintenance
Boiler Maintenance
A Surety Bond
Supplementary Maintenance
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Agreed Value
Inflation Guard
Replacement Cost
Maximum Period of Indemnity
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True
False
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All $700
Nothing.
Not enough information given to figure it out.
Somewhere between $0 and $700 depending on the deductible.
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Of a limited duration.
On an excess basis only.
Requires purchase within 60 days of the end of the policy period.
Covers only damage done to tangible items.
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Part B is regarding Business Personal Property.
Settlement for Part B is on a replacement part basis.
There is no value limit placed on Loss of Income.
Any losses will be paid on an Actual Cash Value basis.
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Business Auto
Commercial Inland Marine
Boiler and Machinery
Motor Truck Cargo
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Other structures, including barns and other out-buildings
Loss of Use
Household Personal Property (Contents)
Blanket Farm Personal Property
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Reporting Form
Coverage Form
Occurrence Form
Assigned Risk Form
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Completed Operations
Products
Property Damage
Premises
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Nothing. It's not a direct covered peril.
$40,000 less a deductible
$80,000 less a deductible
$40,000
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$600
$1600
$2400
$1200
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$0
$900,000
$910,000
$1,000,000
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The purchaser goes bankrupt.
The purchaser places a receptionist just inside the main entry to the building.
The builder's interest in the property ceases.
90 days have passed after construction is completed.
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The claims made coverage could apply, but only on an excess basis.
The claims made coverage never would apply.
The occurrence claims coverage would never apply.
The occurrence claims coverage could apply but only on an excess basis.
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More than $50,000 but less than $90,000
$90,000 or more
More than $25,000 but less than $50,000
Less than $25,000
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$3 million
$1.5 million
Nothing
$2.5 million
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More than $50,000 but less than $90,000
$90,000 or more
More than $25,000 but less than $50,000
Less than $25,000
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$30,000
$150,000
$120,000
Nothing.
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