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PROPERTY AND CASUALTY EXAM - TEXAS
Qs and Ans - Expert- Explanation - ing score -100 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: in the __-_ _____ _____ policy, theft of personal property of a resident employee is covered
Answer:
HO-3 special form Question 2: on a dwelling policy, other structures coverage will apply to a structure rented out as a _____ _____
Answer:
private garage Question 3: DP policies do not cover personal liability, although it can be added by adding an endorsement known as a _____ ______ ______ for an additional premium charge
Answer:
personal liability supplement
Question 4: medical payments never apply to ______ members of the household
Answer:
regular
Question 5: the _____ _____ section of a CPP (commercial package policy) permits either the insured or the insurer to cancel the policy
Answer:
common conditions Question 6: a _____ provides coverage until the policy is issued. it includes all coverages provided by the policy.
Answer:
binder Question 7: ____ risk means there is a chance of a loss or a gain. It is not insurable.
Answer:
speculative Question 8: damage due to ____ is not covered on a property policy unless the roof or wall was first damages by wind or hail, allowing the rain to enter
Answer:
rain
Question 9: in _____ each party pays for one and a half persons involved
Answer:
arbitration
Question 10: in arbitration there are _____ arbitrators
Answer:
three Question 11: the __-_ policy will provide the same coverage as the DP-2 (contents broad) for personal property coverage, should coverage for contents be declared.
Answer:
DP-3 Question 12: DP policies do not cover _____ of _____ unless the heat was left on
Answer:
freezing of plumbing
Question 13: the ____-____-____ act requires that a customer be given out a privacy notice at the time the customer relationship is initially established and thereafter annually.
Answer:
gramm-leach-bliley act Question 14: at the insured's option, ______ ______ will be returned to the insured or retained by the insurer. If returned, the loss payment must be adjusted.
Answer:
recovered property Question 15: the coverage territory on a commercial property policy is the __, _____ _____, and
______
Answer:
US, puerto rico and canada Question 16: the __-_ _____ ____ does not provide additional living expense under coverage D; only fair rental value is provided
Answer:
DP-1 basic form Question 17: _____ _____ must exist on a casualty policy at time of loss in order for the policy to provide coverage.
Answer:
insurable interest
Question 18: on __-_ policy, contents coverage is named perils
Answer:
HO-6 Question 19: ______ ______ (such as for trees, shrubs and plants) are in addition to limits
Answer:
additional coverages
Question 20: if the insurer cancels an HO policy, they must send advance written notice to both the ______ _____ and the named insured
Answer:
mortgage company
Question 21: __-_ (unit-owners form) does not cover common area buildings
Answer:
HO-6 Question 22: the ____ _____ _____ on a commercial property policy states that the insured has a maximum of 2 years to file a lawsuit against the insurer
Answer:
legal actions clause
Question 23: ________ is a tort, or civil wrong; it is grounds for a lawsuit.
Answer:
Negligence Question 24: on commercial property insurance, signs that are not attached to the building are covered as ____ _____ _____
Answer:
business personal property Question 25: the _____ _____ _____ act protects consumers against the circulation of inaccurate or obsolete personal or financial information.
Answer:
fair credit reporting act Question 26: section II (liability) provides coverage for damage to the property of others up to $______ per occurrence
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