Final Exam- SC P&C 2021/2024 Latest Update Questions & Answers

An offer and acceptance is also referred to as an: - ANSWER-Agreement Several cans of gasoline stored in an insured basement is an illustration of a: - ANSWER-Hazard If a business accidentally accepts a fake travelers check, what type of coverage extension could cover the loss? - ANSWER-Forgery and alteration The initial premium paid by an insured at the beginning for certain policies may be referred to as? - ANSWER-The deposit premium The principle of indemnity is best supported by which of the following? - ANSWER-Actual cash value A certificate of authority is issued by the - ANSWER-Department of Insurance A business income with extra expense form would cover which of the following scenarios? - ANSWER-A tornado destroys the front of al's vinyl, but most of the inventory is in good shape. al continues filling internet orders, but suddenly has the added expense of having to pay for storage space for his records. Refusing an applicant because of marital status is considered an act of - ANSWER-illegal discrimination Under which circumstance may a commission be shared between two producers? - ANSWER-When they are both licensed in the same line of business Marge, an agent, became aware her company was engaging in a pattern of unfair discrimination in the setting of rates to be charged for auto insurance. marge reported this to the director of insurance. As a result, her insurance company could be subject to a fine of up to: - ANSWER-$250,000