2024 Property and casualty
insurance Exam Questions and
Answers Part one
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2024 Property and casualty insurance Exam
Questions and Answers Part one
Which of the following are the authorities that an agent can hold?
Express and implied
Which of the following terms refers to such disabilities the loss of a limb, hearing , or
eye sight?
Permanent partial disability
Who is NOT considered an employee in an commercial general liability (CGL) policy?
Temporary worker
The major portion of the premium of an equipment breakdown policy pays?
For inspections and examinations
An insured owns a building valued at $400,000. To comply with the 80% coinsurance
provision of his insurance policy, how , much should he insure the property for?
80% of the property's replacement cost or more
Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of the
information contained in his or her report, the reporting agency must
Respond to the consumer's complaint.
All of the following are found in the declarations section of a policy EXCEPT the
Exclusions.
The cost of restoring farm records is an additional coverage offered under a farm
policy. How much will the policy pay to restore the records?
Up to $2,000
All of the following could be considered rebates if offered to an insured in the sale of
insurance EXCEPT
Dividends from a mutual insurer.
Which of the following may be covered by electronic data processing coverage form
under an inland marine policy?
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a) Computer hardware that is specifically scheduled.
b) Extra expense the insured incurs to continue the business following a loss.
c) Data processing media, including magnetic tapes or paper tapes, punch cards and discs
The party to a surety or fidelity bond who promises to fulfill the obligation is the
Principal
The transfer of money from inside a banking premises to a person other than a
messenger outside those premises or to a place outside those premises is covered
under which commercial crime coverage?
Computer fraud
Which of the following would NOT be covered under the liability section of a personal
auto policy?
Bodily injury is caused by the insured's negligence while driving a three-wheel all-terrain
vehicle.
When a producer holding a certificate or a broker's license has a change in his/her
residence or business address, he/she must notify the Department of Insurance and
any company for which the producer holds an appointment within
30 days.
What will happen if a house covered by a standard mortgage clause is a total loss?
The insurer pays the mortgagee according to the mortgagee's interest in the property.
What is the civil penalty for violating a cease and desist order of the Commissioner?
$10,000
The Business Pursuits endorsement under Section II of a homeowners policy will
cover all of the following EXCEPT
Business liability.
If a property is covered by Company A for $20,000 and Company B covers the same
property for $40,000, how much will Company A pay on a $24,000 loss?
$8,000
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insurance Exam Questions and
Answers Part one
written by
Killey
The Marketplace to Buy and Sell your Study Material
At Stuvia, you will find the best notes, summaries, flashcards & other study material. Search for your
school or uni and find the study material you need.
www.stuvia.com
Downloaded by: Killey | Want to earn $1.236
Distribution of this document is illegal extra per year?
, Stuvia.com - The Marketplace to Buy and Sell your Study Material
2024 Property and casualty insurance Exam
Questions and Answers Part one
Which of the following are the authorities that an agent can hold?
Express and implied
Which of the following terms refers to such disabilities the loss of a limb, hearing , or
eye sight?
Permanent partial disability
Who is NOT considered an employee in an commercial general liability (CGL) policy?
Temporary worker
The major portion of the premium of an equipment breakdown policy pays?
For inspections and examinations
An insured owns a building valued at $400,000. To comply with the 80% coinsurance
provision of his insurance policy, how , much should he insure the property for?
80% of the property's replacement cost or more
Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of the
information contained in his or her report, the reporting agency must
Respond to the consumer's complaint.
All of the following are found in the declarations section of a policy EXCEPT the
Exclusions.
The cost of restoring farm records is an additional coverage offered under a farm
policy. How much will the policy pay to restore the records?
Up to $2,000
All of the following could be considered rebates if offered to an insured in the sale of
insurance EXCEPT
Dividends from a mutual insurer.
Which of the following may be covered by electronic data processing coverage form
under an inland marine policy?
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Distribution of this document is illegal extra per year?
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a) Computer hardware that is specifically scheduled.
b) Extra expense the insured incurs to continue the business following a loss.
c) Data processing media, including magnetic tapes or paper tapes, punch cards and discs
The party to a surety or fidelity bond who promises to fulfill the obligation is the
Principal
The transfer of money from inside a banking premises to a person other than a
messenger outside those premises or to a place outside those premises is covered
under which commercial crime coverage?
Computer fraud
Which of the following would NOT be covered under the liability section of a personal
auto policy?
Bodily injury is caused by the insured's negligence while driving a three-wheel all-terrain
vehicle.
When a producer holding a certificate or a broker's license has a change in his/her
residence or business address, he/she must notify the Department of Insurance and
any company for which the producer holds an appointment within
30 days.
What will happen if a house covered by a standard mortgage clause is a total loss?
The insurer pays the mortgagee according to the mortgagee's interest in the property.
What is the civil penalty for violating a cease and desist order of the Commissioner?
$10,000
The Business Pursuits endorsement under Section II of a homeowners policy will
cover all of the following EXCEPT
Business liability.
If a property is covered by Company A for $20,000 and Company B covers the same
property for $40,000, how much will Company A pay on a $24,000 loss?
$8,000
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