XCEL SOLUTIONS PROPERTY &
CASUALTY EXAM QUESTIONS WITH 100%
COMPLETE SOLUTIONS| LATEST UPDATE
Collision coverage under Garagekeepers form will not cover: - correct answer-Burning
of the auto during transport
All of the following statements are correct regarding Insurable interest EXCEPT: -
correct answer-The insured must have a speculative risk in the property
Under a Homeowners policy, which of the following losses would be covered under
Section II? - correct answer-An insured's 6 year old daughter drivers her motorized toy
car into the neighbor's flower bed and causes some damage
Homeowners coverage that provides for loss when the insured dwelling is not habitable
due to a covered loss is found in: - correct answer-Coverage D
AZ law requires an authorized insurer to issue motor vehicle insurance identification
cards. Which statement is false regarding required proof of insurance? - correct answer-
An insurance binder cannot satisfy the proof of insurance requirement
Which of the following Garage coverages provides liability coverage to an insured
garage owner/operator for the owner's liability arising out of the damage to the auto's of
the customer of the business? - correct answer-Section III, Garagekeepers
M owned a factory warehouse that suffered a total loss due to a fire. The insurer
discovers that they can scrap some of the metal beams left from the structure to recoup
some of their loss paid to the insured. Which method of valuation would allow this to
occur? - correct answer-Salvage Value
License and permit bonds: - correct answer-Are required by many municipalities before
a contractor can work in an area
, Which of the following losses are excluded under Coverage E? - correct answer-
Damage to property under the care, custody or control of the insured
H has just closed on his new home and wants to have his possessions covered on a
replacement cost basis. When H calls her agent, the agent explains she must pay extra
for an endorsement for such coverage. H's agent must add which of the following
endorsements? - correct answer-HO 04 90
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: - correct answer-Indemnity
Which of the following statements regarding the mortgage clause is CORRECT? -
correct answer-It gives the morgagee separate rights under the policy
A negligent act that, defined under civil law, is an action recoverable for injuries inflicted
upon an innocent party is known as a(n): - correct answer-Tort
"Your product" is defined under a BOP as: - correct answer-Containers that house an
insured's real property
According to contents policy limits under the NFIP, the limit for small business losses
due to a flood under the regular program is: - correct answer-$500,000
Under a Business Auto Policy, the categories of covered autos are found in which part
of the contract? - correct answer-Declarations
The actual cash value (ACV) of a set of dishes is $1,000 before several parts of the set
are broken, leave a value of only $400. How much will the homeowners policy pay
under the Loss to a Pair or Set clause? - correct answer-$600
Protection and indemnity insurance protects against which of the following losses? -
correct answer-While trying to save damaged cargo, a ship's crew gets repeatedly hit
with waves which causes the crew to become ill
CASUALTY EXAM QUESTIONS WITH 100%
COMPLETE SOLUTIONS| LATEST UPDATE
Collision coverage under Garagekeepers form will not cover: - correct answer-Burning
of the auto during transport
All of the following statements are correct regarding Insurable interest EXCEPT: -
correct answer-The insured must have a speculative risk in the property
Under a Homeowners policy, which of the following losses would be covered under
Section II? - correct answer-An insured's 6 year old daughter drivers her motorized toy
car into the neighbor's flower bed and causes some damage
Homeowners coverage that provides for loss when the insured dwelling is not habitable
due to a covered loss is found in: - correct answer-Coverage D
AZ law requires an authorized insurer to issue motor vehicle insurance identification
cards. Which statement is false regarding required proof of insurance? - correct answer-
An insurance binder cannot satisfy the proof of insurance requirement
Which of the following Garage coverages provides liability coverage to an insured
garage owner/operator for the owner's liability arising out of the damage to the auto's of
the customer of the business? - correct answer-Section III, Garagekeepers
M owned a factory warehouse that suffered a total loss due to a fire. The insurer
discovers that they can scrap some of the metal beams left from the structure to recoup
some of their loss paid to the insured. Which method of valuation would allow this to
occur? - correct answer-Salvage Value
License and permit bonds: - correct answer-Are required by many municipalities before
a contractor can work in an area
, Which of the following losses are excluded under Coverage E? - correct answer-
Damage to property under the care, custody or control of the insured
H has just closed on his new home and wants to have his possessions covered on a
replacement cost basis. When H calls her agent, the agent explains she must pay extra
for an endorsement for such coverage. H's agent must add which of the following
endorsements? - correct answer-HO 04 90
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: - correct answer-Indemnity
Which of the following statements regarding the mortgage clause is CORRECT? -
correct answer-It gives the morgagee separate rights under the policy
A negligent act that, defined under civil law, is an action recoverable for injuries inflicted
upon an innocent party is known as a(n): - correct answer-Tort
"Your product" is defined under a BOP as: - correct answer-Containers that house an
insured's real property
According to contents policy limits under the NFIP, the limit for small business losses
due to a flood under the regular program is: - correct answer-$500,000
Under a Business Auto Policy, the categories of covered autos are found in which part
of the contract? - correct answer-Declarations
The actual cash value (ACV) of a set of dishes is $1,000 before several parts of the set
are broken, leave a value of only $400. How much will the homeowners policy pay
under the Loss to a Pair or Set clause? - correct answer-$600
Protection and indemnity insurance protects against which of the following losses? -
correct answer-While trying to save damaged cargo, a ship's crew gets repeatedly hit
with waves which causes the crew to become ill
