Property and Casualty Insurance Mastery Exam A Latest Update 100% Pass

Property and Casualty Insurance Mastery Exam A Latest Update 100% Pass An insured rents a car while on vacation in Canada and causes an accident. Is there coverage under his personal auto policy? The loss is covered under an unendorsed personal auto policy. Under the workers' compensation laws, which of the following would NOT be covered? Heart-related illness resulting from hereditary causes An insurance policy covers fire, will not cover nuclear contamination, and loss must be reported as soon as possible. In this order, where are these facts found in the policy? Insuring agreement, exclusions, and conditions Which of the following principles holds that a person should not profit by collecting on insurance? Principle of indemnity Which of the following is NOT a benefit of workers' compensation insurance? Pain and suffering The building and personal property form covers all the following EXCEPT highway billboards The personal auto policy's comprehensive physical damage coverage covers all of the following EXC freezing Who is responsible for controlling the content, form, and distribution of insurance policy advertisements? The insurer An automobile policy may be canceled for any of the following reasons EXCEPT being involved in a hit-and-run accident for which the insured was not at fault The Terrorism Risk Insurance Act provides federal compensation for insured losses resulting from acts of terrorism. All of the following would qualify as acts of terrorism EXCEPT acts causing property damage and loss of life in foreign countries Which of the following is NOT a commercial general liability exposure? Owned investment portfolio Open peril coverage for both the dwelling and personal property is provided by the HO-5 All of the following would be covered property by the CPP building and personal property form EXCEPT bailee property An agent license is renewed by paying the applicable renewal fee and completing continuing education In an insurance transaction, who does a licensed agent legally represent? Insurer The listing of the perils covered under a policy is found in the insuring agreement If a loss paid by a workers' compensation policy was caused by a negligent third party, the insurer retains the right to subrogate The term unoccupied means the insured has gone on vacation States give an insurer permission to transact insurance with a certificate of authority Which of the following situations would most likely be covered by a commercial general liability (CGL) policy? A surfboard falls off a shelf and injures a shopper. Which of the following is inland marine insurance? Commercial property floaters Which of the following could be scheduled under a miscellaneous type vehicles endorsement to the personal auto policy? Motorcycle Commingling refers to improperly mixing personal funds with insurer or insured's funds A commercial general liability "occurrence" policy provides coverage for a claim that occurred during the policy period Which of the following losses would NOT be paid under the liability coverage of the homeowners policy? The named insured's son damages the family's garage with his car. Which of the following policy provisions allows the insured to immediately benefit from any changes to coverage made during the policy period that would broaden coverage? Liberalization. What type of insurance policy insures against all risks of loss that are not specifically excluded by the policy? Open peril policy. The deductible in an umbrella policy is referred to as self-insured retention The procedure for resolving a disagreement between the