Property and Casualty Insurance Practice Test Exam Questions & Revised Correct Answers. Guarantee Pass!!

Property and Casualty Insurance Practice Test Exam Questions & Revised Correct Answers. Guarantee Pass!! A self-insurer deals with risk by: -Transferring the risk -Avoiding the risk -Retaining the risk -Eliminating the risk - ANSWER : Retaining the risk A property and casualty agent must complete how many hours of CE? -12 hours each year -12 hours every 2 years by their due date -complete the approved courses as specified by the law every year -Complete the requirements for CLU or CPCU - ANSWER : -12 hours every 2 years by their due date Actual Cash Value is defined as: -Original cost of the property -Market values of the property, less depreciation -Replacement cost of the property-less depreciation, obsolescence and deterioration -Original cost of the property less depreciation - ANSWER : -Replacement cost of the property-less depreciation, obsolescence and deterioration The replacement cost value is: -The actual cost value to repair or replace at today's labor and material costs without allowances for deterioration, obsolescence and depreciation. -Equal to market value -The cost to repair or replace with like kind and quality, less depreciation and deterioration -Actual cash value plus depreciation - ANSWER : The actual cost value to repair or replace at today's labor and material costs without allowances for deterioration, obsolescence and depreciation Rates charged for insurance coverage sold in this state must be: -Excessive -adequate -Unfairly discriminatory -Set by the commissioner - ANSWER : Adequate To meet the requirements for a license in Kansas you must comply with all the following EXCEPT: -Have a high school diploma or equivalency -Be of legal age -Pay a non-refundable fee -Be of good business reputation - ANSWER : Have a high school diploma or equivalency.