ExamFx Property and Casualty Exam | 100% Correct Answers | Verified | Latest 2024 Version

ExamFx Property and Casualty Exam | 100% Correct Answers | Verified | Latest 2024 Version To be considered an insurable risk, a loss may NOT be - catastrophic Which of the following persons would be required to hold a producer license? - a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? - ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? - the difference in the actual cash value as a pair and as a single Which of the following additional perils is covered under both of the Basic and Broad forms in dwelling policies? - internal explosion When would a misrepresentation on the insurance application be considered fraud? - If it is intentional and material A bond is written for a set limit, and the surety will be liable only for this amount. This limit is known as the - penalty In insurance, an offer is usually made when - the application is submitted All of the following actions by a producer may be grounds for license revocation or non-renewal EXCEPT - participating in controlled business In personal auto policies, the term "you" refers to - the named insured Business personal property coverage form covers all of the following except: - automobiles held for sale in dwelling policies, automatic increase in insurance is - coverage by endorsement To be eligible for businessowners policy (BOP) coverage, an office building CANNOT be higher than - 6 stories Elaborate homes with replacement costs greater than ACV or market value are insured on the - HO-8 Form Which of the following dwelling coverage forms would pay replacement cost for the dwelling? - DP-2 and DP-3 Business personal property coverage insures property out in the open if it is - Within 100 feet of the described premises A runaway shopping cart injures a customer in a supermarket's parking lot. Coverage for this claim would be provided under - premises and operations Which of the following businesses would be eligible for a businessowners policy? - Hill & Morton Funeral Home The designation symbols used in commercial auto policies can be found in which policy section? - covered auto Which of the following is used in the formula for calculating the actual cash value (ACV) of a property? - replacement cost What type of bond guarantees that the principal will complete the contract as agreed upon? - performance bond Peril is most easily defined as - The cause of loss insured against An insured building has had no residents for 10 years and it is empty of personal belongings. From an insurance standpoint, the building is - vacant Under a workers compensation policy, premiums will be determined when - the policy period ends Which commercial property form is used to insure buildings while under construction? - Builders risk Which of the following information will be found