Xcel Solutions Property & Casualty Exam Questions and Answers

Xcel Solutions Property & Casualty Exam Questions and Answers An earned premium resulting from the cancellation of a policy is calculated on: - Correct Answer ️️ -On a pro rata basis, based on the previous year's rate M owns a parking garage & has coverage that states: "We will cover losses regardless if you are legally liable for the loss." This no-fault ideology will be found under: - Correct Answer ️️ -Excess Direct Coverage An insurance company writing business in a state other than the one in which it is domiciled is called: - Correct Answer ️️ -a Foreign Y is running a home daycare out of their home & has just earned $50,000 in her first year of business. Under an HO policy, Y's daycare is defined as: - Correct Answer ️️ - Not a business Underwriting guards against - Correct Answer ️️ -Adverse Selection A licensee whose name or address changes must notify the Dept of Insurance within _____ days: - Correct Answer ️️ -30 Days Assumption of risk: - Correct Answer ️️ -States that a party will not collect damages because they should have known what they were doing was risky Under a DP-2 Broad form, which of the following is not a Broad peril? - Correct Answer ️️ -Vandalism Which of the following incidents would not be excluded under a DP-3 policy? - Correct Answer ️️ -Burglary of a property that was vacant for 30 consecutive days Which of the following are losses excluded under Coverage F? - Correct Answer ️️ -An individual who is eligible to receive disability insurance Which of the following will not provide a premium discount from standard market workers comp insurance? - Correct Answer ️️ -Assigned Risk Plan The face amount of a Surety bond is called the: - Correct Answer ️️ -Penalty M has opened up his business, Tractors & Semis Sales, LLC. His stock will be covered while it is being transported, if he: - Correct Answer ️️ -Adds the equipment dealers floater All of the following are correct about the Commercial Endorsement regarding Spoilage EXCEPT: - Correct Answer ️️ -Coverage extends to stock off premises What is a certificate of authority? - Correct Answer ️️ -The license required for an insurer to conduct business in the state A licensed producer who lives in another state & transacts insurance in AZ is called: - Correct Answer ️️ -A Non-Resident Producer Any of the following may be an unfair claims settlement practice EXCEPT: - Correct Answer ️️ -Refusing to pay persons bringing false or fraudulent claims What is the best description of an applicant to the AZ auto insurance plan? - Correct Answer ️️ -An applicant in good-faith entitled to coverage but unable to obtain coverage through ordinary methods Which statement regarding the identification of the producer rule is false? - Correct Answer ️️ -A policy is invalidated if the producer is not identified as required by law If an insured's dog bites a guest that results in a settlement amount of $150,000 plus attorney fees of $70,000. How much is the insured personally responsible to pay if their homeowners policy Coverage E amount was $100,000? - Correct Answer ️️ -$50,000 J has a policy that pays a maximum single dollar amount for property dama