Property & Casualty License Exam (Review) All Answers Correct

Property & Casualty License Exam (Review) All Answers Correct A "personal lines" agent or broker is allowed to transact what type of insurance coverage? ️Noncommercial automobile and residential property. All of the following are PRINCIPLE rating factors in determining automobile insurance premiums EXCEPT: ️The zip code where the vehicle is housed. What is the primary function of The California Automotive Assigned Risk Plan (CAARP)? ️To put people who have trouble obtaining insurance in touch with insurers who may be required by law to insure them. Who is able to place business through The California Automotive Assigned Risk Program? ️Only agent/brokers licensed in fire and casualty who have also been certified through CAARP. When is it possible for a commercial vehicle to be eligible for coverage under the California Automobile Assigned Risk Program? ️If it is a privately owned lightweight commercial vehicle used for local service or retail deliveries within a specific geographic area. What criteria must a person meet in order to be qualified to purchase a Good Driver Discount policy? ️Being licensed to drive a motor vehicle for the previous 3 years and has not had more than one violation point count as determined by the CIC. The Managing General Agent negotiates and binds ceding insurance on behalf of whom? ️The insurer. Which is NOT a duty of the Workers Compensation Bureau? ️Determine which claims are approved and which are denied. Which is an INACCURATE statement regarding the non-standard coverage provided by Surplus Line Brokers? ️They must provide notice to the commissioner within 14 days of providing non-standard coverage for a home state insured. All of the following are authorized activities for the Limited Lines Automobile Insurance Agent EXCEPT if the agent: ️Charges and collects a broker's fee for service. Which of the following describes a contract of reinsurance? ️A first insurer issues insurance to compensate another insurer for losses on contracts issued by that second insurer. In order for an insurer to contract with the State Compensation Insurance Fund it must meet all of the following criteria EXCEPT: ️The insurer has met all ratio requirements for risk based capital (RBC). All of the following apply to "Approval of Insurance Rates" EXCEPT: ️The commissioner shall notify the public of a rate change after it has been approved. How many days prior to policy expiration is an insurer required to mail a nonrenewal notice to the named insured? ️30 days. All of the following are duties of a Managing General Agent EXCEPT: ️Delivering policies to the insured. How many classes of insurance are defined under California Insurance Law, including "miscellaneous" and "reserved"? ️There are a total of 20 classes of insurance defined under California Insurance Law, with sub-classes. Who must be able to inspect records of insurance transactions made available by agent-brokers at any time? ️The insurance commissioner. Which of the following are permissible reasons for a consumer reporting agency to furnish motor vehicle, past claims, or credit reports EXCEPT: ️A request of a national news organization for an