Fx-Property and Casualty Exam with complete solution

To be considered an insurable risk, a loss may NOT be - ans-catastrophic Which of the following persons would be required to hold a producer license? - ans-a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? - ans-ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? - ans-the difference in the actual cash value as a pair and as a single Which of the following additional perils is covered under both of the Basic and Broad forms in dwelling policies? - ans-internal explosion When would a misrepresentation on the insurance application be considered fraud? - ans-If it is intentional and material A bond is written for a set limit, and the surety will be liable only for this amount. This limit is known as the - ans-penalty In insurance, an offer is usually made when - ans-the application is submitted All of the following actions by a producer may be grounds for license revocation or non-renewal EXCEPT - ans-participating in controlled business In personal auto policies, the term "you" refers to - ans-the named insured