NM INSURANCE PROPERTIES AND CASUALTY
LICENSE EXAM |GUARANTEED ACCURATE
ANSWERS |LATEST VERSION 2026
Insurable interest must exist on property insurance at___? -ACCURATE
ANSWER time of loss
For one intentional violation of the insurance code, the maximum civil penalty
is...? -ACCURATE ANSWER $10,000
Written binders are good for a maximum of ____ days, unless extended with
approval of the insurer: -ACCURATE ANSWER 90
What type of insurance is unregulated by state law? -ACCURATE ANSWER
Ocean marine
Defamation is -ACCURATE ANSWER misstating financial condition
One of main purposes of P&C Guaranty Assoc is to..? -ACCURATE ANSWER
cover claims of insolvent insurance companies
Underinsured motorist coverage limits, if written, must be at least.. -ACCURATE
ANSWER $25k/$50k/$10k
, Agents must notify the Superintendent of a change of address within ____ days? -
ACCURATE ANSWER 20
Funeral benefits are covered under worker's comp up to how much? -ACCURATE
ANSWER $7500
Uninsured Motorist Property damage liability is subject to a deductible of..? -
ACCURATE ANSWER $250
Minimum auto liability limits in NM are?? -ACCURATE ANSWER
$25K/$50K/$10K
Part I of a package policy is the ____ section and does it have a deductible?? -
ACCURATE ANSWER Property section, yes
Standard deductible on most property policies is?? -ACCURATE ANSWER
$250/occurence
Part II of a package policy is ____and does it have a deductible? -ACCURATE
ANSWER Liability section and no deductible
Examples of packages policies -ACCURATE ANSWER HO, BOP, and the CPP
Inflation guard endorsement -ACCURATE ANSWER automatically keep policy
limits in synch with the rate of inflation
LICENSE EXAM |GUARANTEED ACCURATE
ANSWERS |LATEST VERSION 2026
Insurable interest must exist on property insurance at___? -ACCURATE
ANSWER time of loss
For one intentional violation of the insurance code, the maximum civil penalty
is...? -ACCURATE ANSWER $10,000
Written binders are good for a maximum of ____ days, unless extended with
approval of the insurer: -ACCURATE ANSWER 90
What type of insurance is unregulated by state law? -ACCURATE ANSWER
Ocean marine
Defamation is -ACCURATE ANSWER misstating financial condition
One of main purposes of P&C Guaranty Assoc is to..? -ACCURATE ANSWER
cover claims of insolvent insurance companies
Underinsured motorist coverage limits, if written, must be at least.. -ACCURATE
ANSWER $25k/$50k/$10k
, Agents must notify the Superintendent of a change of address within ____ days? -
ACCURATE ANSWER 20
Funeral benefits are covered under worker's comp up to how much? -ACCURATE
ANSWER $7500
Uninsured Motorist Property damage liability is subject to a deductible of..? -
ACCURATE ANSWER $250
Minimum auto liability limits in NM are?? -ACCURATE ANSWER
$25K/$50K/$10K
Part I of a package policy is the ____ section and does it have a deductible?? -
ACCURATE ANSWER Property section, yes
Standard deductible on most property policies is?? -ACCURATE ANSWER
$250/occurence
Part II of a package policy is ____and does it have a deductible? -ACCURATE
ANSWER Liability section and no deductible
Examples of packages policies -ACCURATE ANSWER HO, BOP, and the CPP
Inflation guard endorsement -ACCURATE ANSWER automatically keep policy
limits in synch with the rate of inflation
