Hawaii Adjusters Practice Test Questions And Answers

Hawaii Adjusters Practice Test Questions And Answers Any person who violates any provision of the Code for which another penalty is not specified may be subject to a fine of not less than ______nor more than ______, or by imprisonment for up to one year. - ANSWER -$100/$10,000 Which of the following is generally intended to cover property that moves from one location to another? - ANSWER -Floaters Any person that knowingly violates the provisions concerning the handling of a Personal Injury Protection (PIP) motor vehicle insurance applications or the provisions concerning cancellation or nonrenewal of PIP insurance, will be subject to a civil penalty up to: - ANSWER -$1,000 An insurer or licensee must respond in writing to an inquiry from the Hawaii Insurance Commissioner regarding a consumer complaint within: - ANSWER -15 Days Under the "regular program" a flood insurance policy will insure a single family residence for up to: - ANSWER -$250,000 Under the emergency flood program the dwelling is covered for - ANSWER $35,000 Which of the following is correct regarding the differences in coverage between an HO-3 and an HO-5? - ANSWER -HO-3 covers personal property on a named peril basis, while personal property under an HO-5 is covered on an open peril basis. In the property insurance field, a "friendly fire" is one which: - ANSWER -Is intentionally set and remains within its intended limits. No radio or television broadcast, nor published written communication in Hawaii may: - ANSWER -Advertise for any insurer that is not authorized to transact insurance in Hawaii. A judgement has been levied against an unauthorized insurer at an administrative proceeding in Hawaii. If the unauthorized insurer does not pay the judgement within 30 days, the court may add: - ANSWER -12.5% of the judgement to be added to allow for reasonable attorney's fees and any other fees necessary If an insurer authorized to transact business in Hawaii makes a policy filing with the Commissioner, when will that filing be approved? - ANSWER -The filing will be considered approved within 60 calendar days of the request unless the Commissioner approves or denies the request prior to that time The standard deductible on the Commercial Property Earthquake Causes of Loss form is: - ANSWER -A percentage of the building value What does the Leasehold Interest Endorsement provide? - ANSWER -Covers a building tenant, when a favorable lease is cancelled because of loss or damage In addition to issuing a cease and desist order for unknowingly committing unfair acts or practices, the Hawaii Insurance Commissioner may also order the payment of a fine of up to ______ for each violation not to exceed a total of: - ANSWER $1,000/$10,000 Under the dwelling insurance program, an endorsement may be attached to the policy to cover dwellings during the course of construction. The insurance company must be advised when construction is completed, and within ____ after the insured takes occupancy of the dwelling - ANSWER -30 days Mason Insurance Company determines that their policyholder, Murphy Industries, is a poor commercial risk. The insurer prepares a cancellation notice, and at the appropriate time, it is mailed. The policy lists 12 individuals as insured under the policy. The cancellation should be mailed to: - ANSWER -Only the individual whose name appears first on the policy. How do eligibility requirements of homeowner and dwelling policies differ? - ANSWER -Homeowner policies require that the named insured reside at the described premises while dwelling policies do not Workers comp premiums are determined by? - ANSWER -Payroll By what means may each member insurer of the Hawaii Insurance Guaranty Association recoup assessments they have paid? - ANSWER -By placing a surcharge on premiums Policies issued under the National Flood Insurance Program provide removal coverage for property which is moved to another location to protect it from a flood. This coverage applies for up to: - ANSWER -45 days An applicant for an agent, producer, or adjuster license in Hawaii has failed the state licensing exam for their line of insurance two times. What is the waiting period before this applicant may take the same state licensing exam again? - ANSWER -6 Months A contractor in need of a bid bond to obtain a contract is an example of a(n): - ANSWER -Principal The Businessowners policy provides loss of income on an "actual loss" sustained basis for up to: - ANSWER -12 Months Under the personal auto policy, uninsured motorist coverage is excluded for claims settled without the insurer's consent only if: - ANSWER -The claim settlement prejudiced the insurer's subrogation rights Under the commercial general liability policy, medical payment expenses must be: - ANSWER -Reported within one year of the accident Which of the following time periods is ordinary payroll coverage limited to in case of a business income loss under the BOP? - ANSWER -60 Days In rate making, "developed losses" include: - ANSWER -Losses including loss adjustment expenses Which of the following is the correct description of the medical expenses limit in the liability section of the Businessowners policy? - ANSWER -Per person, per occurrence The deductible under a homeowner policy does not apply to which of the following? - ANSWER -Liability Coverage The Commercial Articles Coverage Form is designed to cover: - ANSWER -: Musical instruments and related equipment; cameras and related equipment