LIMITED LINES TEST | EXAM QUESTIONS & EXPERTLY VERIFIED ANSWERS |LATEST UPDATE 2026 – 2027 (RATED A)

LIMITED LINES TEST | EXAM QUESTIONS & EXPERTLY VERIFIED ANSWERS |LATEST UPDATE 2026 – 2027 (RATED A) Quiz_________________? "Right of recovery " When an insured is involved Ina n accident, and another part is at fault, and the at fault party I le taking too long to pay the claim, the insureds company can subrogate - ANSWER Subrogation Quiz_________________? 10 - ANSWER How many hours of completion does a licensee have to have to renew his or her license Quiz_________________? A cause of loss. Ex: fire, theft, flood.. - ANSWER Peril Quiz_________________? A document that must be submitted to an insurance company after with in 91 days - ANSWER Proof of Loss Quiz_________________? a false statement made by the insured - ANSWER Misrepresentation Quiz_________________? A willing buyer and willing seller that agree on an amount in a piece of property, this is not a good insurance price - ANSWER Market Value Quiz_________________? a written or oral statement made by the insured - ANSWER Representation Quiz_________________? An individual authorized by an insurer to solicit app or to negotiate insurance on its behalf. - ANSWER Agent Quiz_________________? Are owned by policy holders - ANSWER Mutual Companies Quiz_________________? Are used to prevent covered small claims, it helps by reducing the premium - ANSWER Deductibles