CASUALTY INSURANCE EXAM

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CASUALTY INSURANCE EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Which of the following refers to a professional liability policy written for other professionals, such as insurance agents, accountants, architects, stockbrokers, engineers, consultants, and attorneys?

Answer:

Errors and Omissions Question 2: Personal property is covered when it is within how many feet of the premises?

Answer:

100 Question 3: Which of the following coverage forms is used to insure the private passenger and commercial exposures of all businesses other than garages, truckers, and motor carrier?

Answer:

Business auto coverage form

Question 4: What is the limit per fire on BOP?

Answer:

50,000

Question 5: Which of the following limits of liability in a commercial general liability policy is the most that will be paid for coverage c because of bodily injury sustained to one person?

Answer:

Medical expense limit Question 6: All of the following are defenses against negligence EXCEPT:

Answer:

Absolute Liability Question 7: Which of the following would NOT be covered under the business income and extra expense insuring agreement found in internet liability and network protection coverage?

Answer:

A hard drive crash Question 8: When an insurer is settling a physical damage claim for a total loss, the insurer will consider which of the following when determining actual cash value?

Answer:

Depreciation and physical condition Question 9: Under BOP, materials, equipment, supplies, and temporary structures that are on or within ____ ft of premises

Answer:

100

Question 10: What do surplus lines do?

Answer:

Provide coverage for high-risk insureds and they are written by non admitted insurers Question 11: Which of the following statements about the hired auto and nonowned auto

liability endorsement are true EXCEPT:

Answer:

The endorsement covers the employee, not the business

Question 12: All of the following statements about professional liability are true EXCEPT:

Answer:

Professional liability is included in all commercial general liability policies Question 13: Which of the following would NOT be covered under building coverage of the business owners policy?

Answer:

Outdoor fences Question 14: All of the statements about difference in conditions (DIC) insurance are true

except:

Answer:

Deductibles are generally low due to the type of risks being insured Question 15: Samuel Jones is employed as a shipping clerk. As he is stacking boxes in the storage room, he is surprised by two men carrying guns. The men proceed to empty the

warehouse of the boxes. This is an example of:

Answer:

Robbery

Question 16: The aggregate is restored back to its original limit

Answer:

At policy renewal

Question 17: Who is insured under a limited liability company?

Answer:

Members and managers Question 18: To which risk on CGL does LEASE refer to, and what does it stand for?

Answer:

Refers to contractual liability. Stands for Lease of a premises, easement agreement, agreement to indemnify a municipality, sidetrack agreement with railroad, elevator maintenance agreement

Question 19: What is the most restrictive symbol for a specific auto?

Answer:

Symbol 7

Question 20: In a liability loss, who is the first party?

Answer:

The insured

Question 21: What does coverage C in CGL stand for?

Answer:

Medical payments to others (without regard to fault)

Question 22: Difference in blanket position bonds and commercial blanket bonds?

Answer:

Blanket position bonds apply separately to each employee involved in a loss Question 23: Which business auto coverage form symbol is the any auto symbol used only to designate liability coverage?

Answer:

Symbol 1 Question 24: All of the following statements are true about negligence EXCEPT:

Answer:

Negligence is a civil wrong that unfairly causes someone to suffer a loss

Question 25: What are the 5 types of risk exposures for CGL?

Answer:

Premises and operations, products and completed operations, fire legal, contractual liability, independent contractors Question 26: ____ is the unlawful taking of property from another with violence or threat

Answer:

Robbery