MN INSURANCE EXAM PROPERTY AND CASUALTY, MN

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MN INSURANCE EXAM PROPERTY AND CASUALTY, MN

PROPERTY & CASUALTY INSURANCE, MN INSURANCE EXAM PROPERTY & CASUALTY, MINNESOTA LAWS, RULES

FOR PROPERTY INSURANCE QUIZ, MN LAWS, RULES, AND

REGULATIONS PERTINENT TO PROPERTY INSURANCE

ONLY Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -99 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: involves both parties being at fault, and plaintiff cannot recover damages if they're greater than the defendants.

Answer:

Fair Credit Reporting Act Question 2: one sided meaning the insurance company is legally bound to perform its part of the agreement. the insured can cancel at any time

Answer:

utmost good faith

Question 3: Excess lines

Answer:

specialized insurance coverages

Question 4: Reciprocal

Answer:

members of unincorporated group insure eachother and share losses. (Cover eachother, what goes around like a reciprocal)

Question 5: offering something to help sell

Answer:

Misreprentation

Question 6: - printed and published material

• letters

-billboards -radio and TV

Answer:

What is not allowed in advertising

Question 7: like a wet floor

Answer:

moral hazard

Question 8: insurance company

Answer:

when can an insurance company cancel a homeowners policy?Question 9: States that a policy includes coverages that an average person would reasonably expect it to include, regardless of what the policy actually provides.

Answer:

Unilateral

Question 10: Domestic Insurer

Answer:

insurance company doing business within one state

Question 11: Flood Insurance Coverage A Standard Deductibe

Answer:

$1,000

Question 12: producer

Answer:

me

Question 13: insurance company and insured rely on eachother to do their job

Answer:

endorsments

Question 14: -properties location

• age of structure

-insured was canceled by another company -property was insured under the FAIR plan -insured inquired about coverage for hypothetical or potential claim

Answer:

Binders

Question 15: wearing a seat belt

Answer:

retain risk

Question 16: War Risk, Nuclear energy, flood, federal crop

Answer:

Examples of surplus lines

Question 17: anytime

Answer:

what does an insured get back when they cancel their homeowners insurance?

Question 18: used to add coverage or modify coverage

Answer:

conditional

Question 19: poor credit history, high number of claims, property condition

Answer:

When can an insured cancel homeowners insurance?Question 20: risks where there exists both the change of gain and the chance of loss

Answer:

pure risk

Question 21: is party to whom the promise is made to

Answer:

with bonds - a surety is..

Question 22: chance of loss

Answer:

Insurable interest

Question 23: makes the promise

Answer:

Direct Writing Companies

Question 24: Mutual Companies are managed by who?

Answer:

board of directors

Question 25: What does the Managing General Agency do?

Answer:

-hires producers -supervises a territory

• responsible for agent activities
• must be licensed as insurance producer

Question 26: payouts to insured are unbalanced

Answer:

Adhesion