Mastery Final Exam Study Guide| Questions & Answers (100 %Score) Latest Updated
2024/2025 Comprehensive Questions A+ Graded Answers | 100% Pass
An Insurance company may examine and audit an insured's books and records for up to...
a. 5 years
b. 3 years
c. 4 years
d. 8 years - b. 3 years
Under the building and personal property coverage form, the duties in the event of loss condition states
that after a loss, the insured must send a signed, sworn statement to the insurance company within...
a. 90 days
b. 60 days
c. 30 days
d. 45 days - c. 30 days
The golf shop, located at the golf course, is open all year. However, the highest levels of inventory are
carried between May and September. What is the best way to insure the increase in coverage for those
months?
a. value reporting form
b. peak season endorsement
blanket policy
business income and extra expense endorsement - b. peak season endorsement
Restaurants and bars present a risk exposure for bodily injury and property damage for which the
insured may become liable as a result of contributing to a person's intoxication. The coverage these
businesses require is...
a. commercial general liability
b. liquor liability insurance
c. premises liability insurance
d. products liability insurance - b. liquor liability insurance
,If an insurer violates any section of the insurance code, what can the Commissioner issue to stop the
insurer from committing the violation?
a. notice of a hearing
b. cease and desist order
c. suspension order
d. notice of violation - b. cease and desist
which of the following coverages is included in the homeowners policy but is not included in an
unendorsed dwelling policy?
a. other structures
b. dwelling
c. personal property
d. liability - d. liability
which of the following commercial general liability coverages would protect a policyholder from
assumed liability under a construction contract to install water lines for a city?
a. completed operations
b. premises liability
c. contractual liability
d. independent contractors - c. contractual liability
commercial umbrella liability policies provide coverage...
a. when the underlying contract has been nonrenewed
b. when a loss is excluded under the underlying policy but not excluded under the umbrella
c. only for a commercial auto liability
d. for usual and everyday types of exposures - b. when a loss is excluded in the underlying policy but not
excluded under the umbrella
all of the following perils are covered under the basic commercial property causes of loss form except...
, a. falling objects
b. vandalism
c. fire
d. sprinkler leakage - a. falling objects
all statements and descriptions in any application for an insurance policy by an insured are,,,
a. representations and not warranties
b. neither warranties nor representations
c. warranties and not representations
d. both warranties and representations - a. representations and not warranties
which of the following could be scheduled under a miscellaneous type vehicles endorsement to the
personal auto policy?
a. taxi
b. company van
c. trailer
d. motorcycle - d. motorcycle
The owner of an old building buys insurance to protect himself from a possible lawsuit. This is an
example of risk..
a. transfer
b. retention
c. avoidance
d. sharing - a. transfer
who are the owners of a mutual insurance company?
a. directors
b. policyowners
c. investors
2024/2025 Comprehensive Questions A+ Graded Answers | 100% Pass
An Insurance company may examine and audit an insured's books and records for up to...
a. 5 years
b. 3 years
c. 4 years
d. 8 years - b. 3 years
Under the building and personal property coverage form, the duties in the event of loss condition states
that after a loss, the insured must send a signed, sworn statement to the insurance company within...
a. 90 days
b. 60 days
c. 30 days
d. 45 days - c. 30 days
The golf shop, located at the golf course, is open all year. However, the highest levels of inventory are
carried between May and September. What is the best way to insure the increase in coverage for those
months?
a. value reporting form
b. peak season endorsement
blanket policy
business income and extra expense endorsement - b. peak season endorsement
Restaurants and bars present a risk exposure for bodily injury and property damage for which the
insured may become liable as a result of contributing to a person's intoxication. The coverage these
businesses require is...
a. commercial general liability
b. liquor liability insurance
c. premises liability insurance
d. products liability insurance - b. liquor liability insurance
,If an insurer violates any section of the insurance code, what can the Commissioner issue to stop the
insurer from committing the violation?
a. notice of a hearing
b. cease and desist order
c. suspension order
d. notice of violation - b. cease and desist
which of the following coverages is included in the homeowners policy but is not included in an
unendorsed dwelling policy?
a. other structures
b. dwelling
c. personal property
d. liability - d. liability
which of the following commercial general liability coverages would protect a policyholder from
assumed liability under a construction contract to install water lines for a city?
a. completed operations
b. premises liability
c. contractual liability
d. independent contractors - c. contractual liability
commercial umbrella liability policies provide coverage...
a. when the underlying contract has been nonrenewed
b. when a loss is excluded under the underlying policy but not excluded under the umbrella
c. only for a commercial auto liability
d. for usual and everyday types of exposures - b. when a loss is excluded in the underlying policy but not
excluded under the umbrella
all of the following perils are covered under the basic commercial property causes of loss form except...
, a. falling objects
b. vandalism
c. fire
d. sprinkler leakage - a. falling objects
all statements and descriptions in any application for an insurance policy by an insured are,,,
a. representations and not warranties
b. neither warranties nor representations
c. warranties and not representations
d. both warranties and representations - a. representations and not warranties
which of the following could be scheduled under a miscellaneous type vehicles endorsement to the
personal auto policy?
a. taxi
b. company van
c. trailer
d. motorcycle - d. motorcycle
The owner of an old building buys insurance to protect himself from a possible lawsuit. This is an
example of risk..
a. transfer
b. retention
c. avoidance
d. sharing - a. transfer
who are the owners of a mutual insurance company?
a. directors
b. policyowners
c. investors
