Xcel Solutions Property & Casualty Exam Questions AND
Correct Answers
"Your product" is defined under a BOP as: - ✔✔Containers that house
an insured's real property
A coverage trigger is: - ✔✔The event that makes a CGL policy respond
to a claim
A licensed producer who lives in another state & transacts insurance
in AZ is called: - ✔✔A Non-Resident Producer
A licensee whose name or address changes must notify the Dept of
Insurance within _____ days: - ✔✔30 Days
A motor vehivle liability policy must state all of the following in order
to remain in effect, except? - ✔✔Whether the policy has workers
comp rider for employees working on the property
A negligent act that, defined under civil law, is an action recoverable
for injuries inflicted upon an innocent party is known as a(n): -
✔✔Tort
A producer must report to the Director any admin action taken
against her by any government agency within: - ✔✔30 Days
,A producer who attempts to intimidate is engaging in: - ✔✔Coercion
According to contents policy limits under the NFIP, the limit for small
business losses due to a flood under the regular program is: -
✔✔$500,000
According to section I & II of a homeowners policy, for liberalization
to take effect, the insurer must broaden coverage within ____ days in
order for a policy holder to receive the upgraded benefit of the
change. - ✔✔60 Days
Actual Cash Value (ACV) takes usage of property into consideration
when an insurer pays a claim so that the insured becomes whole
again after a loss. To restore an insured in this manner is known as: -
✔✔Indemnity
Additional coverages of a Farm owners policy E & F will pay ____ to
replace lost farm operations info as a result of a covered cause of loss.
- ✔✔$2,000
All of the following are additional coverages under Section II of a
homeowners policy, EXCEPT: - ✔✔Personal Injury
, All of the following are conditions of a homeowners policy found in
BOTH Sections I & II, EXCEPT: - ✔✔Appraisal
All of the following are correct about the Commercial Endorsement
regarding Spoilage EXCEPT: - ✔✔Coverage extends to stock off
premises
All of the following are main elements of a commercial package
policy, EXCEPT: - ✔✔Liability
All of the following is CORRECT about Market Value EXCEPT: - ✔✔An
insureds home's valuation is based upon purchase price of the home
All of the following statements are correct regarding Insurable
interest EXCEPT: - ✔✔The insured must have a speculative risk in the
property
All of the following statements are CORRECT regarding insurable
interest, EXCEPT: - ✔✔The insured must have a speculative risk in the
property
An earned premium resulting from the cancellation of a policy is
calculated on: - ✔✔On a pro rata basis, based on the previous year's
rate
Correct Answers
"Your product" is defined under a BOP as: - ✔✔Containers that house
an insured's real property
A coverage trigger is: - ✔✔The event that makes a CGL policy respond
to a claim
A licensed producer who lives in another state & transacts insurance
in AZ is called: - ✔✔A Non-Resident Producer
A licensee whose name or address changes must notify the Dept of
Insurance within _____ days: - ✔✔30 Days
A motor vehivle liability policy must state all of the following in order
to remain in effect, except? - ✔✔Whether the policy has workers
comp rider for employees working on the property
A negligent act that, defined under civil law, is an action recoverable
for injuries inflicted upon an innocent party is known as a(n): -
✔✔Tort
A producer must report to the Director any admin action taken
against her by any government agency within: - ✔✔30 Days
,A producer who attempts to intimidate is engaging in: - ✔✔Coercion
According to contents policy limits under the NFIP, the limit for small
business losses due to a flood under the regular program is: -
✔✔$500,000
According to section I & II of a homeowners policy, for liberalization
to take effect, the insurer must broaden coverage within ____ days in
order for a policy holder to receive the upgraded benefit of the
change. - ✔✔60 Days
Actual Cash Value (ACV) takes usage of property into consideration
when an insurer pays a claim so that the insured becomes whole
again after a loss. To restore an insured in this manner is known as: -
✔✔Indemnity
Additional coverages of a Farm owners policy E & F will pay ____ to
replace lost farm operations info as a result of a covered cause of loss.
- ✔✔$2,000
All of the following are additional coverages under Section II of a
homeowners policy, EXCEPT: - ✔✔Personal Injury
, All of the following are conditions of a homeowners policy found in
BOTH Sections I & II, EXCEPT: - ✔✔Appraisal
All of the following are correct about the Commercial Endorsement
regarding Spoilage EXCEPT: - ✔✔Coverage extends to stock off
premises
All of the following are main elements of a commercial package
policy, EXCEPT: - ✔✔Liability
All of the following is CORRECT about Market Value EXCEPT: - ✔✔An
insureds home's valuation is based upon purchase price of the home
All of the following statements are correct regarding Insurable
interest EXCEPT: - ✔✔The insured must have a speculative risk in the
property
All of the following statements are CORRECT regarding insurable
interest, EXCEPT: - ✔✔The insured must have a speculative risk in the
property
An earned premium resulting from the cancellation of a policy is
calculated on: - ✔✔On a pro rata basis, based on the previous year's
rate
