PEARSONVUE PRACTICE Exam 1 | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+

Which of the following persons may assign a Standard Fire Policy? Correct Answer: A Claims Adjuster Under the standard flood insurance policy, all of the following loss avoidance measures are covered up to $1,000 when damage to the insured property due to flooding is imminent EXCEPT: Correct Answer: The value of work, at the federal minimum wage, that a member of the household performs The Insurance Commissioner is empowered to: Correct Answer: Enforce state laws relating to insurance After an insurer receives a satisfactory proof of loss from an insured on a fire loss, payment is due within a MAXIMUM of how many days? Correct Answer: 30 days 2 *Upon determining that a producer has violated the insurance law, the Insurance Commissioner is required to take which of the following actions? Correct Answer: Publish notice of the violation The Insurance Commissioner may suspend, revoke, or deny a producer's license for all of the following reasons EXCEPT: Correct Answer: Conviction of a misdemeanor *If an owner-occupied dwelling is totally destroyed without criminal fault on the part of the insured. The amount of the loss covered by a property policy would be based on: Correct Answer: The market value of the dwelling A candidate for licensure as a property insurance produce must have completed a MINIMUM of how many hours of prelicensing education? Correct Answer: 50 hours An insurer that permits different rate classifications for individuals of the same class and same hazard may be guilty of: Correct Answer: Unfair discrimination Making false or misleading statements about dividends or shares of surplus previously paid on an insurance policy is known as: Correct Answer: Misrepresentation