PSI Property and Casualty Exams
|Questions with 100% Correct
Answers
What is the maximum amount an insurer will pay under the equipment dealers
pollution cleanup and removal extension of an inland marine policy? - ✔ ✔
$10,000 for all expenses incurred during a 12 month period
Persons covered under an insurance policy, whether named or not, are known as
the - ✔ ✔ insured
The legal process that gives an insurer, after a payment of a loss, the right to
seek recovery from a third party that was responsible for the loss is known as: -
✔ ✔ subrogation
Unfair Claims Settlement Practices - ✔ ✔ advise the insured that if the claim goes
to settlement, the insured would get less that what is currently being offered
According to the loss payment condition in HO policies, losses must be paid
within how many days of the insurer receiving proof of loss? - ✔ ✔ 60
A licensee serving in the military is unable to fulfill her CE requirement. What
would the licensee have to do to renew her license? - ✔ ✔ licensee may submit a
, request to the department to have requirements and fees waived. The Dept
will then determine if the request is permissible
To be eligible for coverage under the National Flood Insurance Program,
an insured must live in which community: - ✔ ✔ Met the minimum
floodplain management guidelines
ABC Trucking hauls products for Acme, Inc. as a contract carrier. On one
shipment, the driver stopped at a truck stop for lunch. Leaving the truck in the
parking lot, he made certain that the truck was locked before leaving it. Upon
returning to the truck, he discovered that someone had broken into the truck and
stolen the cargo. Is ABC legally liable for this loss? - ✔ ✔ Not liable bc taken
reasonable measures to protect property by locking truck. Since ABC is a contract
carrier, not liable. If common carrier would have been liable.
Which of the following is a mandatory part fo the insurance policy that varies
with each individual policy? - ✔ ✔ Declarations
Erroneous Publishing copied all the material from Angels Inc.'s book. The only
changes made by Erroneous were to rename the title and chapters, put a
different cover on it, and distribute it as its own. Angels Inc. files a claim against
Erroneous and seeks damages. Will a commercial general liability policy cover the
claim? - ✔ ✔ No, because that is copyright infringement, not slander from
advertising
symbols used in business auto coverage - ✔ ✔ Symbol 1 = any auto
symbol 2 = owned autos only
Symbol 7 = Specifically described autos only
Symbol 9 = non owned autos only
|Questions with 100% Correct
Answers
What is the maximum amount an insurer will pay under the equipment dealers
pollution cleanup and removal extension of an inland marine policy? - ✔ ✔
$10,000 for all expenses incurred during a 12 month period
Persons covered under an insurance policy, whether named or not, are known as
the - ✔ ✔ insured
The legal process that gives an insurer, after a payment of a loss, the right to
seek recovery from a third party that was responsible for the loss is known as: -
✔ ✔ subrogation
Unfair Claims Settlement Practices - ✔ ✔ advise the insured that if the claim goes
to settlement, the insured would get less that what is currently being offered
According to the loss payment condition in HO policies, losses must be paid
within how many days of the insurer receiving proof of loss? - ✔ ✔ 60
A licensee serving in the military is unable to fulfill her CE requirement. What
would the licensee have to do to renew her license? - ✔ ✔ licensee may submit a
, request to the department to have requirements and fees waived. The Dept
will then determine if the request is permissible
To be eligible for coverage under the National Flood Insurance Program,
an insured must live in which community: - ✔ ✔ Met the minimum
floodplain management guidelines
ABC Trucking hauls products for Acme, Inc. as a contract carrier. On one
shipment, the driver stopped at a truck stop for lunch. Leaving the truck in the
parking lot, he made certain that the truck was locked before leaving it. Upon
returning to the truck, he discovered that someone had broken into the truck and
stolen the cargo. Is ABC legally liable for this loss? - ✔ ✔ Not liable bc taken
reasonable measures to protect property by locking truck. Since ABC is a contract
carrier, not liable. If common carrier would have been liable.
Which of the following is a mandatory part fo the insurance policy that varies
with each individual policy? - ✔ ✔ Declarations
Erroneous Publishing copied all the material from Angels Inc.'s book. The only
changes made by Erroneous were to rename the title and chapters, put a
different cover on it, and distribute it as its own. Angels Inc. files a claim against
Erroneous and seeks damages. Will a commercial general liability policy cover the
claim? - ✔ ✔ No, because that is copyright infringement, not slander from
advertising
symbols used in business auto coverage - ✔ ✔ Symbol 1 = any auto
symbol 2 = owned autos only
Symbol 7 = Specifically described autos only
Symbol 9 = non owned autos only
