Property and casualty insurance Exam Questions and Answers Part one

Which of the following are the authorities that an agent can hold? - Answer- Express and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? - Answer- Permanent partial disability Who is NOT considered an employee in an commercial general liability (CGL) policy? - Answer- Temporary worker The major portion of the premium of an equipment breakdown policy pays? - Answer- 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? - Answer- 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 - Answer- Respond to the consumer's complaint. All of the following are found in the declarations section of a policy EXCEPT the - Answer- 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? - Answer- Up to $2,000 All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT - Answer- Dividends from a mutual insurer. Which of the following may be covered by electronic data processing coverage form under an inland marine policy? - Answer- 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 - Answer- Principal The transfer of money from inside a banking premises to a person other than a messenger outsid