Property and casualty insurance
Exam Questions and Answers Part
Verified Study Guide with coverage
Quiz_________________?
$1 million -
ANSWER✅
A trucking company owns a large fleet of trucks that transport oil across state lines.
According to the financial responsibility requirements set by the Motor Carrier Act of 1980,
what is the minimum amount of insurance the company must carry on vehicles that
transport oil?
Quiz_________________?
$10,000 -
ANSWER✅
What is the civil penalty for violating a cease and desist order of the Commissioner?
Quiz_________________?
$100,000. -
ANSWER✅
1
, Bob's home is insured for $100,000 under a dwelling policy. Yesterday his home suffered
$20,000 damage from a fire. Today the home was struck by lightning, starting another fire
that completely destroyed the structure. Bob's policy will pay
Quiz_________________?
$15,000/$30,000/$5,000. (comment -The Financial Responsibility Law requires minimum
limits of $15,000 of bodily injury liability for one person injured in an accident; $30,000 of
bodily injury liability for two or more people injured in a single accident; and $5,000 of
liability for damage to property of others in a single accident.) -
ANSWER✅
In order to satisfy the Pennsylvania Motor Vehicle Financial Responsibility Law, an auto
liability policy issued for delivery in the state must have bodily injury and property damage
limits not less than
Quiz_________________?
$2,500 -
ANSWER✅
What is the limit for the forgery or alteration coverage in the businessowners policy?
Quiz_________________?
$20 per day; $600 maximum -
ANSWER✅
Tom's Truck Service's vehicle is stolen. The policyholder may obtain coverage for
transportation expenses subject to which of the following limits?
Quiz_________________?
$250,000. -
2
, ANSWER✅
The regular National Flood Insurance Program would insure an eligible single-family dwelling
for up to
Quiz_________________?
$3,000 -
ANSWER✅
In addition to income benefits, how much will a dependent survivor receive as a funeral
benefit for a deceased employee covered under Workers Compensation?
Quiz_________________?
$30,000 -
ANSWER✅
An insured's building has an actual cash value of $200,000, and he has insured the property
for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the
policy pay?
Quiz_________________?
$5,000 -
ANSWER✅
An insured has a special form dwelling policy written for $100,000 on a dwelling. The
dwelling's replacement cost is $115,000. Fire causes $75,000 in damage to the dwelling,
$15,000 damage to a separate garage, and kills 10 trees valued at $600 each. How much will
the policy pay for the trees?
Quiz_________________?
$5,000 -
3
, ANSWER✅
In the computer fraud crime coverage form, what limit is placed on each occurrence of the
loss of manuscripts, drawings, or records?
Quiz_________________?
$5,000 -
ANSWER✅
Under the commercial crime coverage inside the premises - robbery or safe burglary of
other property, what is the special per occurrence limit that applies to loss or damage to
precious metals, precious and semiprecious stones, pearls, furs, manuscripts, drawings, or
records?
Quiz_________________?
$5,000. -
ANSWER✅
A commercial property special form covers property in transit up to
Quiz_________________?
$5,000. -
ANSWER✅
A premium discount is the term that describes when an insured owes a total standard
premium greater than
Quiz_________________?
$500 -
ANSWER✅
4
Exam Questions and Answers Part
Verified Study Guide with coverage
Quiz_________________?
$1 million -
ANSWER✅
A trucking company owns a large fleet of trucks that transport oil across state lines.
According to the financial responsibility requirements set by the Motor Carrier Act of 1980,
what is the minimum amount of insurance the company must carry on vehicles that
transport oil?
Quiz_________________?
$10,000 -
ANSWER✅
What is the civil penalty for violating a cease and desist order of the Commissioner?
Quiz_________________?
$100,000. -
ANSWER✅
1
, Bob's home is insured for $100,000 under a dwelling policy. Yesterday his home suffered
$20,000 damage from a fire. Today the home was struck by lightning, starting another fire
that completely destroyed the structure. Bob's policy will pay
Quiz_________________?
$15,000/$30,000/$5,000. (comment -The Financial Responsibility Law requires minimum
limits of $15,000 of bodily injury liability for one person injured in an accident; $30,000 of
bodily injury liability for two or more people injured in a single accident; and $5,000 of
liability for damage to property of others in a single accident.) -
ANSWER✅
In order to satisfy the Pennsylvania Motor Vehicle Financial Responsibility Law, an auto
liability policy issued for delivery in the state must have bodily injury and property damage
limits not less than
Quiz_________________?
$2,500 -
ANSWER✅
What is the limit for the forgery or alteration coverage in the businessowners policy?
Quiz_________________?
$20 per day; $600 maximum -
ANSWER✅
Tom's Truck Service's vehicle is stolen. The policyholder may obtain coverage for
transportation expenses subject to which of the following limits?
Quiz_________________?
$250,000. -
2
, ANSWER✅
The regular National Flood Insurance Program would insure an eligible single-family dwelling
for up to
Quiz_________________?
$3,000 -
ANSWER✅
In addition to income benefits, how much will a dependent survivor receive as a funeral
benefit for a deceased employee covered under Workers Compensation?
Quiz_________________?
$30,000 -
ANSWER✅
An insured's building has an actual cash value of $200,000, and he has insured the property
for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the
policy pay?
Quiz_________________?
$5,000 -
ANSWER✅
An insured has a special form dwelling policy written for $100,000 on a dwelling. The
dwelling's replacement cost is $115,000. Fire causes $75,000 in damage to the dwelling,
$15,000 damage to a separate garage, and kills 10 trees valued at $600 each. How much will
the policy pay for the trees?
Quiz_________________?
$5,000 -
3
, ANSWER✅
In the computer fraud crime coverage form, what limit is placed on each occurrence of the
loss of manuscripts, drawings, or records?
Quiz_________________?
$5,000 -
ANSWER✅
Under the commercial crime coverage inside the premises - robbery or safe burglary of
other property, what is the special per occurrence limit that applies to loss or damage to
precious metals, precious and semiprecious stones, pearls, furs, manuscripts, drawings, or
records?
Quiz_________________?
$5,000. -
ANSWER✅
A commercial property special form covers property in transit up to
Quiz_________________?
$5,000. -
ANSWER✅
A premium discount is the term that describes when an insured owes a total standard
premium greater than
Quiz_________________?
$500 -
ANSWER✅
4
