Xcel Solutions Property & Casualty

Xcel Solutions Property & Casualty Questions And Answers "Your product" is defined under a BOP as: - Containers that house an insured's real property A coverage trigger is: - The event that makes a CGL policy respond to a claim A licensed producer who lives in another state & transacts insurance in AZ is called: - A Non-Resident Producer A licensee whose name or address changes must notify the Dept of Insurance within _____ days: - 30 Days A motor vehivle liability policy must state all of the following in order to remain in effect, except? - Whether the policy has workers comp rider for employees working on the property A negligent act that, defined under civil law, is an action recoverable for injuries inflicted upon an innocent party is known as a(n): - Tort A producer must report to the Director any admin action taken against her by any government agency within: - 30 Days A producer who attempts to intimidate is engaging in: - Coercion According to contents policy limits under the NFIP, the limit for small business losses due to a flood under the regular program is: - $500,000 According to section I & II of a homeowners policy, for liberalization to take effect, the insurer must broaden coverage within ____ days in order for a policy holder to receive the upgraded benefit of the change. - 60 Days Actual Cash Value (ACV) takes usage of property into consideration when an insurer pays a claim so that the insured becomes whole again after a loss. To restore an insured in this manner is known as: - Indemnity Additional coverages of a Farm owners policy E & F will pay ____ to replace lost farm operations info as a result of a covered cause of loss. - $2,000 All of the following are additional coverages under Section II of a homeowners policy, EXCEPT: - Personal Injury All of the following are conditions of a homeowners policy found in BOTH Sections I & II, EXCEPT: - Appraisal All of the following are correct about the Commercial Endorsement regarding Spoilage EXCEPT: - Coverage extends to stock off premises All of the following are main elements of a commercial package policy, EXCEPT: - Liability All of the following is CORRECT about Market Value EXCEPT: - An insureds home's valuation is based upon purchase price of the home All of the following statements are correct regarding Insurable interest EXCEPT: - The insured must have a speculative risk in the property All of the following statements are CORRECT regarding insurable interest, EXCEPT: - The insured must have a speculative risk in the property An earned premium resulting from the cancellation of a policy is calculated on: - On a pro rata basis, based on the previous year's rate An insurable interest is measured by: - The amount of damages the insured might occur An insurance company writing business in a state other than the one in which it is domiciled is called: - a Foreign An insured, with Part D coverage, has his car stolen and incurs extra transportation expenses of about $30 per day for the 10 days since the theft, when the car is recovered. How much will his policy reimburse for this expense? - $160 An insurer operating in the US but headquartered outside the US is: - Alien Any of the following may be an unfair claims settlement practice EXCEPT: - Refusing to pay persons bringing false or fraudulent claims Assume a CGL has an Aggregate limit of $1,000,000 and a per occurrence limit of $500,000. Three separate accidents during the policy period are brought and each award is for $400,000. How much will the policy pay for the third or final award? - $200,000 Assume a CGL has an Aggregate limit of $1,000,000 and a per occurrence limit of $500,000. Three separate accidents during the policy period are brought and each award is for $500,000. How much will the policy pay for the third or final award? - $0 Assumption of risk: - States that a party will not collect damages because they should have known what they were doing was risky AZ law requires an authorized insurer to issue motor vehicle insurance identification cards. Which statement is false regarding required proof of insurance? - An insurance binder cannot satisfy the proof of insurance requirement