Insurance Exam Questions with correct Answers (rated A)

HO 01 39 modifies a homeowner's policy to allow the insured to bring an action against the insurer for up to how many years after the loss? - ANSWER-3 years For at least how many years must an insurer keep copies of cancellation or nonrenewal notices? - ANSWER-3 years Which is NOT a typical part of a complete personal auto policy? - ANSWER-Coverage audit Which of the following statements about an underinsured motor vehicle is not correct? - ANSWER-The amount of liability insurance does not meet statutory required limits. South Carolina Valued Policy Law states that an insurer doing business in South Carolina may not issue a fire insurance policy for more than the value stated in the policy or the - ANSWER-value of the property to be insured. Compensation for an employee's injury will be allowed only if the employer knew about the injury or was notified of it within how many days after the injury occurred? - ANSWER-90 days Joseph is the newly appointed Director of Insurance for South Carolina. He has a reputation for being strict on law enforcement and is expected to implement regulations that will benefit consumers. As Director he can be expected to do all of the following EXCEPT - ANSWER-impose jail terms upon those who are convicted of violating the law. It is an unfair method of competition for a producer to portray the terms benefits, and dividends paid on an insurance policy inaccurately to a prospective purchaser. This deceptive practice is called: - ANSWER-misrepresentation