PA Property Casualty Practice Exam With Complete And Detailed Solutions 2024

PA Property Casualty Practice Exam With Complete And Detailed Solutions 2024 An exclusion that states that an insurer will not pay any claim in which an individuals property is damaged as a result of an earthquake, mudslide, landslide, or sinkhole. - correct Earth movement exclusion An exclusion that states that an insurer will not pay any claim in which an individuals property is damaged as a result of the fact that the individual did not maintain the property. - correct answer.Neglect exclusion Which Home Owner's form covers damage to a condo owner's PROPERTY that occurs as the result of any event that is not specifically excluded in the policy. - correct answer.HO-6 Unit Owner's Form Which Home Owner's form covers damage to a TENANT'S property that occurs as a result of an aircraft, civil commotion, explosion, fire, nail, lightning, smoke, theft, vandalism, vehicles and/or wind. - correct answer.HO-4 Content's Broad Form Which HO form covers damage to the DWELLING that occurs as the result of any event that is not specifically excluded in the policy and damage to the property inside the dwelling that results of an aircraft, civil commotion, explosion, fire, hail, lightning, smoke, theft, vandalism, vehicles, and/or wind. - correct answer.HO-3 Special Form Which HO Form covers damage to the DWELLING & PROPERTY inside the dwelling that occurs as an result of any event that is not specifically excluded in the policy. - correct answer.HO - 5 Comprehensive Form What means conducting business in accordance with current rules and laws set by government regulatory agencies and the courts. - correct answer.Compliance Standards of conduct and moral judgement. - correct answer.Ethics Legal term that describes the relationship between parties. - correct answer.Agency What is the term to describe how an insurer appoints an individual to act on its behalf. - correct answer.Agency Contract An individual whose position and responsibilities involve a high degree of trust and confidence (trustees, guardians, and executors). - correct answer.Fiduciary The name for the fact a producer must sell the kind of policies that best fit the prospects needs and in amounts that the prospects can afford. - correct answer.Needs Selling What is given when the applicant pays the initial premium at the time the application for a policy is signed. - correct answer.Conditional Receipt What is the term for informing the prospect or client of all facts involving a specific policy or plan so that an informed decision can be made. - correct answer.Full Disclosure What is the name for the watchdog group whose member companies agree to adhere to and enforce ethical principles. - correct answer.Insurance Standards Association (IMSA) What Act deals with the inappropriate use of advertising. - correct answer.Unfair Trade Practices Act Any written or oral statement that does not accurately describe a policy's features, benefits, or coverage. - correct answer.Misrepresentation Any false, maliciously, critical or derogatory communication that injures another's reputation, fame, or character. - correct answer.Defamation What is the term if the buyer of an insurance policy receives any part of the producers commission or anything else of significant values as an inducement to purchase a policy. - correct answer.Rebating The unethical act of persuading a policy owner to drop a policy solely for the purpose of selling another policy without regard to the possible disadvantages to the policy owner. - correct answer.Twisting. A resident producers license must meet what 2 requirements? - correct answer.1.) May either reside in PA -or- 2.) Have their principal place of business in PA In what 2 situations is it not required to be a licensed as a manager or exclusive general agent? - correct answer.1.) The licensee who has limited underwriting authority - or- 2.) A manager or agent who has started before Dec. 22, 1965 Which of the following can not be issued a temp license? - correct answer.A person selling insurance for the estate of a deceased producer.