MO Property and Casualty Exam with all Correct & 100%
Verified Answers |Actual Complete Update |Already
Graded A+
Which of the following personal auto coverages would pay for the insured's travel expenses and
loss of earnings while involved in the settlement process of a covered loss? ✔Correct Answer-
Liability coverage
What are the two types of compensatory damages? ✔Correct Answer-Special and general
Which part of an insurance policy covers claims-related expenses, reasonable expenses incurred
by an insured to protect damaged property from further loss, or defense expenses? ✔Correct
Answer-Additional coverage
Which of the following policies will help an auto dealership cover most of its liability exposures?
✔Correct Answer-A garage liability coverage
Under the commercial property coverage program, the basic causes of loss form insures against
loss caused by... ✔Correct Answer-Sprinkler leakage
The businessowners policy liability coverage will pay for necessary medical expenses of others
incurred within what max time period? ✔Correct Answer-1 year
The insured with a claims-made commercial general liability (CGL) policy may request in writing
claim and occurrence information from the insurer at any time up to 60 days after the policy
period ends. The insurer must provide the information... ✔Correct Answer-Within 45 days
In the personal auto policy, owned trailers being towed by an insured auto are automatically
covered for ✔Correct Answer-Uninsured motorist coverage, bodily injury, and property
damage
A basic dwelling policy automatically provides coverage against fire, lightning, and ✔Correct
Answer-Internal explosion
Payment for medical expenses, loss of wages, funeral expenses, or the cost to repair or replace
damaged property are known as what type of compensatory damages? ✔Correct Answer-
Special
What term includes damage where the insured peril was the proximate cause of loss?
✔Correct Answer-Direct loss
, In liability insurance policies, supplementary payments are made ✔Correct Answer-In
addition to the limit of liability
According to businessowners policy Section I, which of the following is NOT a condition to be
met for the terms of the policy to apply to mortgageholders? ✔Correct Answer-The
mortgageholder must petition the state department of insurance for named status
All of the following are supplemental payments found in liability policies EXCEPT ✔Correct
Answer-Costs the insured incurred in hiring an attorney
Which of the following would NOT qualify as a hired auto? ✔Correct Answer-An auto
borrowed from an employee
Coverage A - Bodily Injury and Property Damage in the CGL policy will cover ✔Correct
Answer-Losses due to the insured's negligence
Which method of loss valuation is contrary to the basic concept of indemnity? ✔Correct
Answer-Replacement cost
Which of the following is true regarding the fire department service charge under the builders
risk form? ✔Correct Answer-It is an additional coverage
What is the coinsurance requirement for a theatrical property floater under an Inland Marine
policy? ✔Correct Answer-80%
A building insured with commercial property insurance has been vacant 90 days. Which of the
following is NOT true? ✔Correct Answer-Payment for unnamed perils is reduced by 25%
A builder's risk form is most often written as which of the following? ✔Correct Answer-
Completed value form
A tornado that destroys property would be an example of which of the following? ✔Correct
Answer-A peril
Professional liability coverage protects the insured against legal liability resulting from
✔Correct Answer-Errors and omissions
Replacement cost is defined as ✔Correct Answer-Full replacement of property at its current
cost, new and without reduction for depreciation
Duties of the insurer found in the property policy conditions include all of the following EXCEPT
✔Correct Answer-Notify the insured in the event of financial difficulty
Verified Answers |Actual Complete Update |Already
Graded A+
Which of the following personal auto coverages would pay for the insured's travel expenses and
loss of earnings while involved in the settlement process of a covered loss? ✔Correct Answer-
Liability coverage
What are the two types of compensatory damages? ✔Correct Answer-Special and general
Which part of an insurance policy covers claims-related expenses, reasonable expenses incurred
by an insured to protect damaged property from further loss, or defense expenses? ✔Correct
Answer-Additional coverage
Which of the following policies will help an auto dealership cover most of its liability exposures?
✔Correct Answer-A garage liability coverage
Under the commercial property coverage program, the basic causes of loss form insures against
loss caused by... ✔Correct Answer-Sprinkler leakage
The businessowners policy liability coverage will pay for necessary medical expenses of others
incurred within what max time period? ✔Correct Answer-1 year
The insured with a claims-made commercial general liability (CGL) policy may request in writing
claim and occurrence information from the insurer at any time up to 60 days after the policy
period ends. The insurer must provide the information... ✔Correct Answer-Within 45 days
In the personal auto policy, owned trailers being towed by an insured auto are automatically
covered for ✔Correct Answer-Uninsured motorist coverage, bodily injury, and property
damage
A basic dwelling policy automatically provides coverage against fire, lightning, and ✔Correct
Answer-Internal explosion
Payment for medical expenses, loss of wages, funeral expenses, or the cost to repair or replace
damaged property are known as what type of compensatory damages? ✔Correct Answer-
Special
What term includes damage where the insured peril was the proximate cause of loss?
✔Correct Answer-Direct loss
, In liability insurance policies, supplementary payments are made ✔Correct Answer-In
addition to the limit of liability
According to businessowners policy Section I, which of the following is NOT a condition to be
met for the terms of the policy to apply to mortgageholders? ✔Correct Answer-The
mortgageholder must petition the state department of insurance for named status
All of the following are supplemental payments found in liability policies EXCEPT ✔Correct
Answer-Costs the insured incurred in hiring an attorney
Which of the following would NOT qualify as a hired auto? ✔Correct Answer-An auto
borrowed from an employee
Coverage A - Bodily Injury and Property Damage in the CGL policy will cover ✔Correct
Answer-Losses due to the insured's negligence
Which method of loss valuation is contrary to the basic concept of indemnity? ✔Correct
Answer-Replacement cost
Which of the following is true regarding the fire department service charge under the builders
risk form? ✔Correct Answer-It is an additional coverage
What is the coinsurance requirement for a theatrical property floater under an Inland Marine
policy? ✔Correct Answer-80%
A building insured with commercial property insurance has been vacant 90 days. Which of the
following is NOT true? ✔Correct Answer-Payment for unnamed perils is reduced by 25%
A builder's risk form is most often written as which of the following? ✔Correct Answer-
Completed value form
A tornado that destroys property would be an example of which of the following? ✔Correct
Answer-A peril
Professional liability coverage protects the insured against legal liability resulting from
✔Correct Answer-Errors and omissions
Replacement cost is defined as ✔Correct Answer-Full replacement of property at its current
cost, new and without reduction for depreciation
Duties of the insurer found in the property policy conditions include all of the following EXCEPT
✔Correct Answer-Notify the insured in the event of financial difficulty
