Property & Casualty License Exam (Review) Questions and Answers 100% Correct

Property & Casualty License Exam (Review) Questions and Answers 100% Correct A "personal lines" agent or broker is allowed to transact what type of insurance coverage? - Correct Answer ️️ -Noncommercial automobile and residential property. All of the following are PRINCIPLE rating factors in determining automobile insurance premiums EXCEPT: - Correct Answer ️️ -The zip code where the vehicle is housed. What is the primary function of The California Automotive Assigned Risk Plan (CAARP)? - Correct Answer ️️ -To put people who have trouble obtaining insurance in touch with insurers who may be required by law to insure them. Who is able to place business through The California Automotive Assigned Risk Program? - Correct Answer ️️ -Only agent/brokers licensed in fire and casualty who have also been certified through CAARP. When is it possible for a commercial vehicle to be eligible for coverage under the California Automobile Assigned Risk Program? - Correct Answer ️️ -If it is a privately owned lightweight commercial vehicle used for local service or retail deliveries within a specific geographic area. What criteria must a person meet in order to be qualified to purchase a Good Driver Discount policy? - Correct Answer ️️ -Being licensed to drive a motor vehicle for the previous 3 years and has not had more than one violation point count as determined by the CIC. The Managing General Agent negotiates and binds ceding insurance on behalf of whom? - Correct Answer ️️ -The insurer. Which is NOT a duty of the Workers Compensation Bureau? - Correct Answer ️️ - Determine which claims are approved and which are denied. Which is an INACCURATE statement regarding the non-standard coverage provided by Surplus Line Brokers? - Correct Answer ️️ -They must provide notice to the commissioner within 14 days of providing non-standard coverage for a home state insured. All of the following are authorized activities for the Limited Lines Automobile Insurance Agent EXCEPT if the agent: - Correct Answer ️️ -Charges and collects a broker's fee for service. Which of the following describes a contract of reinsurance? - Correct Answer ️️ -A first insurer issues insurance to compensate another insurer for losses on contracts issued by that second insurer. In order for an insurer to contract with the State Compensation Insurance Fund it must meet all of the following criteria EXCEPT: - Correct Answer ️️ -The insurer has met all ratio requirements for risk based capital (RBC). All of the following apply to "Approval of Insurance Rates" EXCEPT: - Correct Answer ️️ -The commissioner shall notify the public of a rate cha