Examfx practice test Exam | 93
Questions with 100% Correct Answers
|GRADED
The Louisiana insurance Guaranty Association Board of Directors are placed in office by
- CORRECT ANSWER election and appointment
States with monopolistic state workers compensation funds - CORRECT ANSWER
Do not allow private insurers to be licensed to write workers compensation coverage
This state provided for a temporary licenses for all of the following EXCEPT -
CORRECT ANSWER A producer's retirement
Which of the following producers will be required to complete continuing education hours
to renew his license? - CORRECT ANSWER A producer licensed 4 years ago who
holds only one line of authority.
A producer has been notified by the commissioner to stop using an unapproved trade
name. How many days does the producer have to change the trade name before facing
a fine? - CORRECT ANSWER 10 days
Which of the following is NOT considered a misrepresentation as it pertains to unfair
trade practices? - CORRECT ANSWER
The Pro rata liability clause is designed to protect the principle of - CORRECT
ANSWER Indemnity
When a resident producer changes his residence address, the Insurance Department
must be notified within - CORRECT ANSWER 30 days
A building is insured, but no one has lived or worked in it for 10 years. The building is
completely empty of any furniture or personal belongings. From an Insurance standpoint,
the building is considered. - CORRECT ANSWER Vacant
An insurer publishes intimidating brochures that portray the insurer's competitions as
financially and professionally unstable. Which of of the following best describes this act. -
CORRECT ANSWER Legal, under any circumstances
Which bonds are required by courts whenever someone seeks a court order stating
another person must or must not dot something? - CORRECT ANSWER Injunction
bond
, In comparison to consumer reports, which of the following describes a unique
characteristic of investigative consumer reports? - CORRECT ANSWER The
customer's associates, friends, and neighbors provide the report's data.
An insured relocated to another state for work. However, she still owns and insurers a
house in this state, but has had one living in it for 3 months. She is also storing some of
furniture and clothes in the house. From an insurance standpoint, the insured's house is
considered? - CORRECT ANSWER Unoccupied
If a farm building or structure is vacant or unoccupied, which is true? - CORRECT
ANSWER If for 120 consecutive days, the limits applicable to the building and its
contents are reduced by 50%
Which loss listed below would be fully covered by a homeowners policy? - CORRECT
ANSWER $2,000 silver tea set stolen
A specific coverage part is listed on the commercial package policy declerations page,
but there is no premium shown. What does that mean, - CORRECT ANSWER There
is no coverage.
With respect to auto insurance, the term owned autos includes all of the following
EXCEPT: - CORRECT ANSWER A pickup or van titled to and used in the named
insured's business
A deli owner has a businessowners liability policy. When a customer slipped and hurt
herself at the deli, the liability policy paid for medical expenses. The customer, however,
is now suing the business owner because she claims there was no caution sign warning
her that the floor was wet. What is the insurer obligated to do. - CORRECT ANSWER
Pay to defend the policy owner in the lawsuit because liability coverage contains a duty-
to-defend provision
The part of the policy that sets forth the rules of conduct, duties, and obligations of the
parties is called the - CORRECT ANSWER Conditions
What type of information would be found in a policy's insuring agreement? -
CORRECT ANSWER Renewal dates
The commercial general liability coverage form excludes bodily injury or property
damage that the insured has assumed under any contract or agreement. However, the
exclusion does not apply to certain types of contracts, as long as the injury or damage
occurs - CORRECT ANSWER After the execution of the contract
Questions with 100% Correct Answers
|GRADED
The Louisiana insurance Guaranty Association Board of Directors are placed in office by
- CORRECT ANSWER election and appointment
States with monopolistic state workers compensation funds - CORRECT ANSWER
Do not allow private insurers to be licensed to write workers compensation coverage
This state provided for a temporary licenses for all of the following EXCEPT -
CORRECT ANSWER A producer's retirement
Which of the following producers will be required to complete continuing education hours
to renew his license? - CORRECT ANSWER A producer licensed 4 years ago who
holds only one line of authority.
A producer has been notified by the commissioner to stop using an unapproved trade
name. How many days does the producer have to change the trade name before facing
a fine? - CORRECT ANSWER 10 days
Which of the following is NOT considered a misrepresentation as it pertains to unfair
trade practices? - CORRECT ANSWER
The Pro rata liability clause is designed to protect the principle of - CORRECT
ANSWER Indemnity
When a resident producer changes his residence address, the Insurance Department
must be notified within - CORRECT ANSWER 30 days
A building is insured, but no one has lived or worked in it for 10 years. The building is
completely empty of any furniture or personal belongings. From an Insurance standpoint,
the building is considered. - CORRECT ANSWER Vacant
An insurer publishes intimidating brochures that portray the insurer's competitions as
financially and professionally unstable. Which of of the following best describes this act. -
CORRECT ANSWER Legal, under any circumstances
Which bonds are required by courts whenever someone seeks a court order stating
another person must or must not dot something? - CORRECT ANSWER Injunction
bond
, In comparison to consumer reports, which of the following describes a unique
characteristic of investigative consumer reports? - CORRECT ANSWER The
customer's associates, friends, and neighbors provide the report's data.
An insured relocated to another state for work. However, she still owns and insurers a
house in this state, but has had one living in it for 3 months. She is also storing some of
furniture and clothes in the house. From an insurance standpoint, the insured's house is
considered? - CORRECT ANSWER Unoccupied
If a farm building or structure is vacant or unoccupied, which is true? - CORRECT
ANSWER If for 120 consecutive days, the limits applicable to the building and its
contents are reduced by 50%
Which loss listed below would be fully covered by a homeowners policy? - CORRECT
ANSWER $2,000 silver tea set stolen
A specific coverage part is listed on the commercial package policy declerations page,
but there is no premium shown. What does that mean, - CORRECT ANSWER There
is no coverage.
With respect to auto insurance, the term owned autos includes all of the following
EXCEPT: - CORRECT ANSWER A pickup or van titled to and used in the named
insured's business
A deli owner has a businessowners liability policy. When a customer slipped and hurt
herself at the deli, the liability policy paid for medical expenses. The customer, however,
is now suing the business owner because she claims there was no caution sign warning
her that the floor was wet. What is the insurer obligated to do. - CORRECT ANSWER
Pay to defend the policy owner in the lawsuit because liability coverage contains a duty-
to-defend provision
The part of the policy that sets forth the rules of conduct, duties, and obligations of the
parties is called the - CORRECT ANSWER Conditions
What type of information would be found in a policy's insuring agreement? -
CORRECT ANSWER Renewal dates
The commercial general liability coverage form excludes bodily injury or property
damage that the insured has assumed under any contract or agreement. However, the
exclusion does not apply to certain types of contracts, as long as the injury or damage
occurs - CORRECT ANSWER After the execution of the contract
