INSURANCE LICENSING EXAM

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INSURANCE LICENSING EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -98 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: A transportation network compnay driver must maintain a primary automobile policy with minimum coverage of at least

Answer:

$50,000/$100,000/$30,000

Question 2: When the commissioner believes that a person has engaged in an unfair method of competition or an unfair trade practice, before issuing a cease and desist order, the commissioner must

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host a hearing

Question 3: Who are the parties to a bond?

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Principal- obligee- surety Question 4: Because of work-related injury, an employee was unable to work for 28 days.Workers comepnsation will pay for a max amount of how many days of disabled benefit?

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28

Question 5: Under workers compensation, an injured worker may receive a disability benefit equal to what % of his or her average weekly wages

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66 and 2/3% Question 6: A bond is written for a set limit, and the surety will be liable only for this amount of the limit. This limit is known as the

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Penalty Question 7: The party to a surety or fidelity bond who promises to fulfill the obligation is the

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Principal Question 8: The type of professional liability coverage a medical doctor needs is

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Malpractice Coverage

Question 9: The occurrence form trigger is based on which of the following?

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The date when injury or damage occurs Question 10: All of the following are supplemental payments found in liability policies EXCEPT

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Costs the insured incurred in hiring an attorney

Question 11: All of the following are unfair claims settlement practices EXCEPT

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suggesting negotiations when settling a claim Question 12: Which would NOT be covered by the inside the premises- robbery or safe burglary other property coverage?

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An employee caught stealing cash from the register

Question 13: A premium discount is the term that describes when an insured owed a total standard premium greater than

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$5,000

Question 14: An employer subject to workers compensation laws may meet the require for coverage by securing coverage for employees in any of the following ways, except

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Purchasing workers compensation insurance through Lloyd's of London Question 15: When is an insurer allowed to add optional or enhanced coverages that increase an insureds premium on a motor vehicle policy?

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Whenever the client has given express consent Question 16: With respect to an auto insurance policy that has been in effect for 60 days or more, the only reason that allows the insurer to cancel the policy within 10 days advance notice is

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The policy premium is not paid when due Question 17: All of the following statements are FALSE regarding garage physical damage coverage EXCEPT

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No coverage is provided for any auto stored for more than forty-five days at a location not shown on declarations Question 18: All of the following statements concerning liability coverage are true EXCEPT

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The policyholder can sue the insurer whether or not all conditions and provisions of the policy have been met Question 19: An employee is injured while visiting an employers out-of-state site. How will workers compensation benefits be determined?

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Benefits will be provided if the state was listed on the policy information page

Question 20: Which of the following IS considered a work-related injury/occupational disease under workers compensation law?

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Tom works as a painter in an auto body shop. The chemicals from the paint aggravate toms asthma to the point that he must be hospitalized for several days Question 21: In which type of commercial crime policy coverage is triggered by a loss that happens during the policy period but is not necessarily discovered during the policy period?

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Loss sustained form Question 22: A meteorite hits the insureds car, causing damage. Under which of the following coverages in a personal auto policy would this loss be paid?

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Other-than-collision

Question 23: CGL Coverage B (Personal and Advertising Injury) will cover

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Inadvertent injury to others caused in the course of advertising the insureds product Question 24: An insurer publishes intimidating brochures that portray an insurers competition as financially and professionally unstable. Which of the following best describes this act

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Illegal under any circumstances Question 25: Under the personal auto policy, liability for bodily injury resulting from the insureds use of a non owned automobile is

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Provided by the uninsured policy on an excess basis Question 26: In the event of a claim under a commercial general liability policy, the insured has all of the following duties to the insurer EXCEPT

Answer:

Submitting to a medical exam when requested