NC Casualty Insurance Exam with all Correct & 100%
Verified Answers |Actual Complete Update |Already
Graded A+
Which of the following acts of an agent would be considered an Unfair Trade Practice?
A)
Offering to review the applicant's insurance coverages annually.
B)
Allowing an existing customer to use the agent's season tickets to a sporting event.
C)
Stating that the marketing activities of another agent are under investigation.
D)
Informing the applicant that having a pool on the property may increase premiums. ✔Correct
Answer-C
Which of the following best defines "risk"?
A)
The chance for gain or loss.
B)
The original cause of loss.
C)
The decrease in economic value.
D)
The uncertainty of loss. ✔Correct Answer-D
The Surety Bond consists of three separate parties. Who is responsible for assuring that the
work will be done?
A)
Obligee.
B)
Principal.
C)
Surety.
D)
Contractor. ✔Correct Answer-C
A temporary contract of insurance is known as a(n)?
A)
Binder.
B)
Rider.
, C)
Warranty.
D)
Endorsement. ✔Correct Answer-A
Which of the following situations would be covered by the products-completed operations
sublines in the Commercial General Liability policy (CGL)?
A)
Contractual liability assumed by the insured.
B)
Bodily injury caused by a defect in a product.
C)
Property damage to the named insured's property arising out of their products.
D)
Replacement of a defective product. ✔Correct Answer-B
Which of the following best defines the term personal injury?
A)
When the neighbor's cat scratches your child.
B)
When an insured needs to go the emergency room because they slipped on ice.
C)
When someone visiting an insured needs to go the emergency room because they slipped on
ice.
D)
Defamation of the character of a person. ✔Correct Answer-D
When an insurer cancels a Commercial Package policy, it must give the insured:
A)
30 days advance notice in all cases.
B)
10 days advance notice for nonpayment of premium, 30 days' notice for other reasons.
C)
20 days notice in all cases.
D)
15 days advance notice for nonpayment of premium, 45 day's notice for other reasons.
✔Correct Answer-B
Which type of Commercial Crime form covers losses that are sustained during the policy period
and discovered either during the policy period or up to one year after the policy expires?
A)
Loss sustained.
B)
Claims-made.
Verified Answers |Actual Complete Update |Already
Graded A+
Which of the following acts of an agent would be considered an Unfair Trade Practice?
A)
Offering to review the applicant's insurance coverages annually.
B)
Allowing an existing customer to use the agent's season tickets to a sporting event.
C)
Stating that the marketing activities of another agent are under investigation.
D)
Informing the applicant that having a pool on the property may increase premiums. ✔Correct
Answer-C
Which of the following best defines "risk"?
A)
The chance for gain or loss.
B)
The original cause of loss.
C)
The decrease in economic value.
D)
The uncertainty of loss. ✔Correct Answer-D
The Surety Bond consists of three separate parties. Who is responsible for assuring that the
work will be done?
A)
Obligee.
B)
Principal.
C)
Surety.
D)
Contractor. ✔Correct Answer-C
A temporary contract of insurance is known as a(n)?
A)
Binder.
B)
Rider.
, C)
Warranty.
D)
Endorsement. ✔Correct Answer-A
Which of the following situations would be covered by the products-completed operations
sublines in the Commercial General Liability policy (CGL)?
A)
Contractual liability assumed by the insured.
B)
Bodily injury caused by a defect in a product.
C)
Property damage to the named insured's property arising out of their products.
D)
Replacement of a defective product. ✔Correct Answer-B
Which of the following best defines the term personal injury?
A)
When the neighbor's cat scratches your child.
B)
When an insured needs to go the emergency room because they slipped on ice.
C)
When someone visiting an insured needs to go the emergency room because they slipped on
ice.
D)
Defamation of the character of a person. ✔Correct Answer-D
When an insurer cancels a Commercial Package policy, it must give the insured:
A)
30 days advance notice in all cases.
B)
10 days advance notice for nonpayment of premium, 30 days' notice for other reasons.
C)
20 days notice in all cases.
D)
15 days advance notice for nonpayment of premium, 45 day's notice for other reasons.
✔Correct Answer-B
Which type of Commercial Crime form covers losses that are sustained during the policy period
and discovered either during the policy period or up to one year after the policy expires?
A)
Loss sustained.
B)
Claims-made.
