Property and casualty insurance Exam Questions and Answers

Which of the following are the authorities that an agent can hold? CORRECT ANSWER Express and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? CORRECT ANSWER Permanent partial disability Who is NOT considered an employee in an commercial general liability (CGL) policy? CORRECT ANSWER Temporary worker The major portion of the premium of an equipment breakdown policy pays? CORRECT ANSWER For inspections and examinations An insured owns a building valued at $400,000. To comply with the 80% coinsurance provision of his insurance policy, how , much should he insure the property for? CORRECT ANSWER 80% of the property's replacement cost or more Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of the information contained in his or her report, the reporting agency must CORRECT ANSWER Respond to the consumer's complaint. All of the following are found in the declarations section of a policy EXCEPT the CORRECT ANSWER Exclusions. The cost of restoring farm records is an additional coverage offered under a farm policy. How much will the policy pay to restore the records? CORRECT ANSWER Up to $2,000