FREE AND STUDY GAMES ABOUT PROPERTY CASUALTY

PDF Download FREE AND STUDY GAMES ABOUT PROPERTY & CASUALTY

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -267 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: Liability insurance is a:

Answer:

Two party contract with payment to a third party

Question 2: Property ownership is evidence of

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an insurable interest Question 3: One insurance company insuring another insurance company is an example of:

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Reinsurance Question 4: The limit of liability in a policy refers to the extent of the:

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Insurer's liability

Question 5: To collect on a loss, the Insured must comply with the procedures set forth in the?

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Conditions

Question 6: Fire wood stored next to a wood stove is what type of hazard?

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Physical hazard Question 7: The earthquake deductible is:

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Percentage

Question 8: The deductible...

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Excludes payment for small claims Lower premium costs Reduces loss costs Question 9: The Lutheran-run insurance companies are examples of:

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Fraternal benefit insurers Question 10: Which of the following statements regarding a contract of good faith is FALSE?All parties must rely on each other to be honest The insurer relies on the applicant to be truthful The insured relies on the insurer's promise to pay claims All parties

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All parties rely on the contract to provide for an equal transfer of value between the parties Question 11: Representations given by the Insured to the insurer are located in the?

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Application

Question 12: Which of the following is NOT a defense against negligence?

. Statutes of Limitations Assumption of Risk Presumption of Negligence Contributory Negligence

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Presumption of Negligence Question 13: When must the applicant be told that an investigative report will be obtained?

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When the application is made Question 14: The policy specifies the amount of the loss the insured must pay for through the:

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Deductible Question 15: Under the Federal Fair Credit Reporting Act, the Insured has NO right to:

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Require that the insurer supply a copy of the report Question 16: Authority expressed orally by the Insurer to the Agent is:

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Express Authority Question 17: A binder becomes effective when:

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Made by the agent Question 18: Inserting a Hold Harmless provision in a contract is an example of:

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Risk shifting (Risk Transfer) Question 19: An electrical interruption causes a business to temporarily close. The electrical interruption is known as the?

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Proximate cause

Question 20: Failure to file a Proof of Loss may result in:

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Denial of the claim Question 21: Supplementary payments cover:

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Defense costs

Question 22: Which federal agency monitors and regulates the Do Not Call List?

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Federal Trade Commission Question 23: The primary concept behind insurance is:

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Transfer of risk

Question 24: Which of the following statements is correct?

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Rates and premiums are the same thing Premiums are used to calculate rates Question 25: A unique point about this type of insurance company is that it is run by someone known as an "attorney in fact" (not an attorney at law which is a lawyer):

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Reciprocal insurer Question 26: Assume that a property is insured by two policies. Each policy has an equal

amount of coverage. If the property is damaged by a covered peril:

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Both insurers will share equally in the loss Question 27: Which section of the policy contains the Insured's right to bring legal action against the Insurer?

Answer:

Conditions