STUDY THIS: Property Insurance Test Pearson Vue (LAW) Exam Questions and Answers

STUDY THIS: Property Insurance Test Pearson Vue (LAW) Exam Questions and Answers In this state, a domestic insurer is defined as a company that: A. Operates in this state but is incorporated in another state B. operates in this state but is domiciled in another state C. is headquartered in this state D. is incorporated in this state - Answer- D. is incorporated in this state The Insurance Commissioner may issue a limited insurance representative license to an individual who wants to sell which of the following types of policies? A. Fire B. Automobile C. Mortgage Guaranty D. Health - Answer- C. Mortgage Guaranty Upon determining that a producer has violated the insurance law, the Insurance Commissioner is required to take which of the following actions? A. Place the licensee on probation immediately B. Publish notice of the violation C. Hold a hearing on the infraction D. Submit the infraction to the Department of Insurance for review - Answer- C. Hold a hearing on the infraction An insurer that intends to nonrenew a Homeowners policy MUST take which of the following actions? A. Obtain coverage for the policyholder from another insurer B. Obtain coverage for the policyholder under the FAIR Plan C. Send a nonrenewal notice to the Commissioner of Insurance thirty days prior to the policy expiration date D. Send a notice stating the reason for nonrenewal to the insured - Answer- D. Send a notice stating the reason for nonrenewal to the insured All of the following items contained in a basement are covered under the standard flood insurance policy EXCEPT: A. drywall for walls and ceilings and the cost of labor to nail it, unfinished and unfloated and not taped to the framing B. functioning electrical outlets and switches C. carpet permanently installed over unfinished flooring D. fuel tanks, if installed in their functioning locations and connected to a power sources - Answer- C. carpet permanently installed over unfinished flooring If a commercial insurer fails to meet the requirements of the forty-five days Notice of Nonrenewal Rule prior to the expiration date of the existing policy, the company MUST A. extend the current policy for one year and waive the premium B. reduce coverage to develop a new premium that does not exceed the expiring policy's premium C. provide a renewal policy that matches the expiring policy's coverages and premium D. pay a $3,000 fine per violation to the Division of Insurance - Answer- C. provide a renewal policy that matches the expiring policy's coverages and premium 재계약기간(계약만료일) 45일 전 통보 하지않았을 경우 기존 계약과 같은조건의 상품을 제공해야함 Which of the following persons may assign a Standard Fire policy? A. A claims adjuster B. The Superintendent of Insurance C. The insured with the permission of the insurance company D. The insured only - Answer- C. The insured with the permission of the insurance company The Insurance Commissioner may suspend, revoke, or deny a producer's license for all of the following reasons EXCEPT: A. Untrue statements on the license application B. Conviction of a misdemeanor C. Incompetency D. Coverting funds - Answer- B. Conviction of a misdemeanor An insurer that generally fails to affirm or deny coverage of claims within a reasonable period of time after receiving Proof of Loss may be found guilty of: A. a breach of fiduciary responsibility B. an improper claims practice C. defamation D. misrepresentation - Answer- B. an improper claims practice After an insurance producer license is issued, a licensee MUST complete how many hours of approved continuing education courses every two years? A. 10 B. 15 C. 20 D. 24 - Answer- D. 24 In order to be reimbursed for a covered loss under a Standard Fire policy in this state, an insured MUST: A. contact an independent claims adjuster B. protect the property from further loss C. provide a proof of loss statement within 10 days D. obtain a written appraisal of the damages - Answer- B. protect the property from further loss A candidate for licensure as a property insurance producer must have completed a MINIMUM of how many hours of prelicensing education? A. 45 B. 30 C. 15 D. 7.5 - Answer- C. 15 Prelicensing: 15 hrs Continuing education: 24 hrs in 24 mo