Fred Loya Limited Lines State Test Questions With Verified Answers

Fred Loya Limited Lines State Test Questions With Verified Answers What course of action does a party to a contract have if the other party is found to be in breach of that contract? - answerDamages for breach, reasonable attorney fees, and costs. A representation in an insurance contract qualifies as of the following? -an amendment -an expressed warranty -a policy provision -an implied warranty - answerimplied warranty What does it mean if an agent's license is inactive? - answerthe agent cannot transact any insurance business for which is valid, active license is required In the State of CA, no rate will remain in effect if it is considered to be any of the following, EXCEPT: -impartial -unfairly discriminatory -excessive -inadequate - answerImpartial The amount paid for damage property which is equal to the price for which it could have been sold is: -Actual Cash Value -Replacement Cost -Stated Amount -Market Value - answerMarket value The limited Mexico endorsement applies to trips to Mexico with a duration of: -7 days or less -10 days or less -2 days or less -14 days or less - answer10 days or less Which of the following types of coverage would pay for losses which occurred during the policy period and are found for up to one year after policy termination? -Occurrence -Loss Sustained -Claims made -Discovery - answerLoss sustained What must an insurer do who accepts an application from an agent who is not specifically appointed by that insurer, and then issues a policy from that application ? - answerforward to the commissioner a notice of appointment with 14 days of receipt of application If an insured borrow's a neighbor's vehicle to run a personal errand, how do the policies respond in the event of an auto incident? - answerThe neighbor's policy is primary and the driver's policy is excess The equipment dealer's coverage form covers all of the following types of property, EXCEPT: - answerMotor vehicles designed for highway use Which type of exposure can be best defined as a condition or situation where the exposure to financial loss is presented to an individual or family from causes such as injury, disability, death, sickness, or unemployment. -Personnel loss exposure -Personal property loss exposure -Personal loss exposure -Liability loss exposure - answerPersonal Loss Exposure Which of the following is also known as a human loss exposure?