PROPERTY CASUALTY QUESTIONS GA EXAM EXAM

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QUESTIONS

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

-Format: Multiple-choice / Flashcard

Question 1: An Ins policy covers fire, will not cover nuclear contamination, and loss must be reported as soon as possible. In this order, where are these facts found in the policy?

• Dec pages, insuring agreement, and conditions
• Insuring agreement, exclusions, and conditions
• Conditions, endorsements, and declarations
• Insuring agreement, Exclusions, ans proof of loss

Answer:

• Insuring agreement, exclusions, and conditions

Question 2: A.5

Answer:

Making a false or misleading statement about dividends or shares of surplus previously paid on an ins policy is known as;

• unfair discrimination

• rebating

• coercion

• misrepresentation

Question 3: C. HO-3

Answer:

A building to an insured's business is severely damaged by fire. bc of the nature of the damage to the adjoining property, the insured is denied access to the business by the fire dept. If the insured's property is covered under a business income coverage form, the insurer will cover loss of earnings for a MAX of:

• 6 months

• 3 weeks

• 60 days

• 30 days

Question 4: Which of the following property forms should be used when it is difficult to provide the Ins. company with an accurate statement of values because of fluctuations in inventory from month to month ?

• Nonreporting form
• Schedule form
• Peaking season
• Reporting form

Answer:

• Reporting form

Question 5: The insured's property ins policy has a deductible clause. This Means that

• the insured deducts any claim payment recieed from the next ins
• any losses paid a third party are deducted from the policy limit
• The insured must pay a certain amt for each loss incurred under the policy

Answer:

• The insured must pay a certain amt for each loss incurred under the policy

Question 6: D. Water-main breakage

Answer:

G insures G's TV repairs shop under the Building and Personal Property Coverage form with limits of $100,000 on the building and $50,000 on business personal property. A fire causes $10,000 in damage to the building and $20,000 in loss to the contents. G also has to pay $1,000for debris removal If the policy has a deductible of $250, G will receive a MAX of which of the following amts from the insurer?

A. $29,750

B. $30,000

C. $31,000

D.$30,750

Question 7: Which of the following homeowners endorsement is used to provide separate coverage for one or more of 9 categories of personal property?

• Personal articles
• Personal effects
• Personal property
• Scheduled personal property

Answer:

• Scheduled personal property

Question 8: C. mortgage guaranty

Answer:

under the standard flood ins policy, all of the following loss avoidance measures are covered up $1000

when damage to the insured property due to flooding is imminent EXCEPT:

• sandbags, including the sand to fill them

• tools required to secure the property

• plastic sheeting and lumber

• The value of work, at the funeral minimum wage, that a member of the household performs

Question 9: A. Auto physical damage

Answer:

In a commercial General liability policy, medical payments expenses MUST be:

• caused by the negligence of the insured

• reported within one year of the date of the accident

• caused by a product manufactured by the insured

• reported within two years of the policy expiration

Question 10: C. Conditions

Answer:

The principle of indemnity is designed to avoid A two policies sharing payment for a loss

• the return of earned premiums

• Overpayment of a claim

• a coinsurance clause of the less 80%

Question 11: A personal automobile policy's medical payments coverage will pay for

• damage to the insured's car caused by a collision with another car
• intentional injuries to a passenger caused by the insured
• injury to a family member who is struck by the insured's car
• Damage to the insured's garage caused by the insured's car

Answer:

• injury to a family member who is struck by the insured's car

Question 12: The insured had a pair of antique silver candlesticks valued at $2000. A thief stole one candlestick. because the set was " broken," the remaining candlestick's value was reduced to $250. Disregarding the deductible , the insurer would pay

• $1000 - depreciated value of the remaining candle stick

B. $1000