Personal Lines Property & Casualty Exam Questions with Correct Answers

Personal Lines Property & Casualty Exam Questions with Correct Answers Chance or Uncertainty of a Loss - Correct Answer Risk Possible cause of a loss - Correct Answer Peril The Commissioner of insurance is appointed by the governor for a term of ______ ending on February 1 of each odd-numbered year? - Correct Answer 2 Years The Commissioner of insurance MUST have ________ of experience in business or government. - Correct Answer 5 Years The Commissioner of insurance must provide a __________ surety bond. (A surety bond guarantees performance) - Correct Answer $50,000 The Commissioner of insurance requires state fees in excess of _____________ to be submitted by electronic transfer. - Correct Answer $500,000 The Commissioner of insurance requires that persons must respond to commissioner inquires within_______ ? - Correct Answer 15 Days Response from alleged violator must be within ______ of receipt? - Correct Answer 20 Days Department must send notice of violation within _____ of finding? - Correct Answer 14 Days Maximum penalty for insurance code violations? - Correct Answer $25,000 Minimum age for a license? - Correct Answer 18 Years Old The waiting period to reapply if license is denied or revoked? - Correct Answer 5 years An Emergency License is valid for up to ___? - Correct Answer 90 Days