Property and Casualty Practice PSI Exam
|Questions with 100% Correct Answers
Which of the following would be covered by a commercial package policy?
-Small to medium sized businesses
-Ocean marine
-Loss due to crime
-Injury to worker on the job - ✔ ✔ Loss due to crime
Which applies when an insured is found legally liable for the loss of another and is
ordered to pay general damages?
-Compensation is ordered to set an example
-Compensation is ordered to punish insured
-Damages compensate for pain and suffering
-Insured must pay medical and lost wages expense - ✔ ✔ Damages compensate
for pain and suffering
The claims-made liability form provides coverage from a date that precedes
the policy effective date. Which of the following defines that date?
,-anniversary date
-retroactive date
-occurrence date
-claims date - ✔ ✔ retroactive date
Which of the following is the standard amount of Coverage A-dwelling provided
by the HO-6 Unit-Owners Policy?
-$500
-$1,000
-$5,000
-$10,000 - ✔ ✔ $1,000
When an individual with a pre-existing condition is in an automobile accident and
the insurance covers rehabilitation only to the level of the condition prior to the
accident, this is because of which of the following principles?
-reasonable expectations
-indemnity
-good faith
-adhesion - ✔ ✔ indemnity
Which of the following business liability exposures does a slip and fall loss
fall under?
, -Indirect and contingent
-Medical expense
-Premises and operations
-Retail hazards - ✔ ✔ Premises and operations
What is the purpose of the causes of loss form that lists specific exclusions?
-To inform the insurer what the loss is in a claim
-To state which properties are covered in a loss
-To state which perils are insured against
-To inform the insured whether the loss in a claim is covered - ✔ ✔ To state
which perils are insured against
All of the following describe a nonowned auto under the commercial auto policy
Symbol 9 EXCEPT:
-Auto not titled to an insured but available for regular use of named insured
or family member
-Nonowned auto is designated for liability coverage only
-Includes autos owned by employees but used in the insured's business
-Autos used in the insured's business that are not leased, hired, rented, or
borrowed. - ✔ ✔ Auto not titled to an insured but available for regular use
of named insured or family member
Which of the following would be covered perils under the DP-1 Basic policy form?
|Questions with 100% Correct Answers
Which of the following would be covered by a commercial package policy?
-Small to medium sized businesses
-Ocean marine
-Loss due to crime
-Injury to worker on the job - ✔ ✔ Loss due to crime
Which applies when an insured is found legally liable for the loss of another and is
ordered to pay general damages?
-Compensation is ordered to set an example
-Compensation is ordered to punish insured
-Damages compensate for pain and suffering
-Insured must pay medical and lost wages expense - ✔ ✔ Damages compensate
for pain and suffering
The claims-made liability form provides coverage from a date that precedes
the policy effective date. Which of the following defines that date?
,-anniversary date
-retroactive date
-occurrence date
-claims date - ✔ ✔ retroactive date
Which of the following is the standard amount of Coverage A-dwelling provided
by the HO-6 Unit-Owners Policy?
-$500
-$1,000
-$5,000
-$10,000 - ✔ ✔ $1,000
When an individual with a pre-existing condition is in an automobile accident and
the insurance covers rehabilitation only to the level of the condition prior to the
accident, this is because of which of the following principles?
-reasonable expectations
-indemnity
-good faith
-adhesion - ✔ ✔ indemnity
Which of the following business liability exposures does a slip and fall loss
fall under?
, -Indirect and contingent
-Medical expense
-Premises and operations
-Retail hazards - ✔ ✔ Premises and operations
What is the purpose of the causes of loss form that lists specific exclusions?
-To inform the insurer what the loss is in a claim
-To state which properties are covered in a loss
-To state which perils are insured against
-To inform the insured whether the loss in a claim is covered - ✔ ✔ To state
which perils are insured against
All of the following describe a nonowned auto under the commercial auto policy
Symbol 9 EXCEPT:
-Auto not titled to an insured but available for regular use of named insured
or family member
-Nonowned auto is designated for liability coverage only
-Includes autos owned by employees but used in the insured's business
-Autos used in the insured's business that are not leased, hired, rented, or
borrowed. - ✔ ✔ Auto not titled to an insured but available for regular use
of named insured or family member
Which of the following would be covered perils under the DP-1 Basic policy form?
