MN PROPERTY CASUALTY INSURANCE, MN INSURANCE

PDF Download MN PROPERTY & CASUALTY INSURANCE, MN INSURANCE EXAM PROPERTY & CASUALTY Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: a FAIR plan inspection report is due within __ business days after the inspection

Answer:

10 days Question 2: each insurer must retain a record of all non renewals and company initiated cancellations for ___ years

Answer:

3

Question 3: Risk

Answer:

Possibility that a loss might occur and is the reason that people buy insurance.Question 4: insured's lawsuits against the insurance company must be initiated within __ years after the loss

Answer:

• years

Question 5: Occurence

Answer:

A sudden and unforeseen event resulting in financial loss. It may also be continuous or repeated exposure to an event that results in financial loss.

Question 6: Declarations

Answer:

Policy includes the identity and address of the name insured, the policy term or period, the amount of insurance or limits of liability, the policy premium, and any applicable deductibles. Will also include either a property description or a schedule of coverage parts, and a list of any endorsements.

Question 7: a license is suspended for any period no less than

Answer:

• months

Question 8: Limitations

Answer:

May eliminate or reduce coverage, but only under certain circumstances or when specified conditions apply.

Question 9: Morale Hazard

Answer:

Hazard arising out of an insured's indifference to loss because of the existence of insurance.

Question 10: Annual Transit Policy

Answer:

covers all shipments during the year

Question 11: Salvage

Answer:

If the insurer pays a loss on behalf of the insured, the insurer is entitled to the salvage to reduce the claim

Question 12: a lapsed licensee can reinstate license within ___ months

Answer:

12 months

Question 13: FAIR plan policy term is

Answer:

• year

Question 14: when is the property value determined? - Inland Marine

Answer:

at the time of loss Question 15: once a loss has been settled, payment for the claim must be made within __ business days

Answer:

• days

Question 16: Actual Cash Value

Answer:

Method for placing value on property as of the time of its loss or damage. It may be determined as replacement cost less depreciation. The market value of an item may be used to help determine this.

Question 17: The commissioner examines each insurer every __ years

Answer:

5

Question 18: the penalty for rebating is $___ to $___ per violation

Answer:

$60 - $200

Question 19: Duties of the Insured

Answer:

The insured is required by the policy provisions to report a claim to the company as soon as practical.The insured must also preserve the undamaged property to the best of his/her ability to avoid additional loss.

Question 20: the insurance company must give the insured notice of how it will handle the loss within __ days after receipt of proof of loss

Answer:

30 days

Question 21: Hazard

Answer:

Any condition that increases the possibility of a loss

Question 22: how many hours of continuing education must be in ethics?

Answer:

3

Question 23: when you license is revoked what must you obtain?

Answer:

a performance bond of $20,000 Question 24: a licensee's time to notify the commissioner of address change is __ days

Answer:

10 days

Question 25: Named Peril

Answer:

This form lists the specific perils to be covered in the policy.

Question 26: the standard underwriting experience period in MN is __ years

Answer:

• years

Question 27: Single Limit

Answer:

Pays up to one amount as the maximum limit of liability of the insurer with respect to any one accident/occurrence involving either or both bodily injury and property damage.