PSI Practice Questions Property
Casualty
An insured operates a auto repair store and has a storage insurance shape with garagekeepers
coverage whilst an worker on a check drive with a customer's automobile is involved in a crash.
How will the consumer's automobile be included by way of the insured's policy? - ANSThe
customer's car is protected for any physical damage whilst within the custody of the insured.
Liability springing up out of any of the following is excluded from the personal and advertising
and marketing harm liability insurance EXCEPT - ANSunknowingly causing harm that violates
the rights of some other.
A financial institution patron's identification was compromised and the thieves made numerous
purchases from a retailer by using signing the customer's assessments. When the financial
institution refused to make charge for the products, the retailer added in shape against the bank.
Which insurance indemnified the financial institution for legal responsibility within the suit? -
ANSforgery and alteration
Workers' reimbursement coverage is rated on the premise of which of the subsequent? -
ANSemployer's payroll
Which of the subsequent is the birthday celebration who agrees to be responsible for loss in the
case of a fidelity bond? - ANSthe surety
The insured includes underinsured motorists coverage limits of 250/500/250 on his car policy
and his car is struck by using an at fault motorist who insures with the State minimum for legal
responsibility of 20/forty/10. If the insured brings suit for physical damage damages to himself of
$500,000, how a lot will he get over at fault driver's coverage? - ANS$20k
Under the commercial widespread liability which one of the following is covered underneath
supplementary payments? - ANScost of bail bonds
When the insured's child spills purple juice at the carpet of insured's covered automobile, which
of the following coverages will apply? - ANScomprehensive
Which of the following best describes the economic popular legal responsibility?S trendy
mixture annual limit because it applies to the coverage elements of the CGL? - ANSCoverage
A, B, and C apply in sum and are the most with the intention to be paid challenge to the general
mixture annual limit.
, Under liability coverage which of the following will trigger insurance for belongings harm? -
ANSunintended harm to tangible belongings of others
All of the following are exclusions are located below the private vehicle policy Part A liability
coverage, EXCEPT - ANSbodily Injury to an insured's nonresident member of the family or
relative.
All of the following specify limits of insurance for the commercial general liability EXCEPT -
ANSlegal protection.
All of the subsequent sports might warrant the imposition of absolute liability EXCEPT -
ANSrisky transportation.
Which of the subsequent is TRUE whilst the insured's limits of insurance observe in keeping
with occurrence? - ANSCoverage is caused for smoke harm to siding because of repeated acts
by insured's neighbor.
Which of the subsequent describes marketplace price? - ANSIt is what assets may be offered
for.
Which of the following defines the term peril? - ANScause of loss
The Terrorism Risk Insurance Act and the National Flood Insurance Program are similar by
using presenting which of the following? - ANSsubsidies, loss sharing or excess coverage
All of the following are duties of the insured listed in the loss provisions for most belongings
coverage contracts EXCEPT - ANSto figuring out good enough indemnification.
When an insured disagrees with the valuation of a loss and his appraiser and the insurance
agency's appraiser disagree, how will the loss be settled? - ANSthe quantity agreed to with the
aid of any two of the three
Underwriters are authorised to use all the following while underwriting an utility for insurance
EXCEPT - ANSdisability.
Which of the following policy assignment rights takes place when the named insured dies? -
ANSThe insured's legal representative takes over the coverage.
The Fair Credit Reporting Act lets in client reporting companies to consist of applicant facts
approximately bankruptcies MORE than 10 years old below which of the subsequent instances?
1. The applicant has been convicted of a felony or fraud.
2. The applicant is a public or political determine.
Three. The applicant is seeking a transaction more than $150,000.
Casualty
An insured operates a auto repair store and has a storage insurance shape with garagekeepers
coverage whilst an worker on a check drive with a customer's automobile is involved in a crash.
How will the consumer's automobile be included by way of the insured's policy? - ANSThe
customer's car is protected for any physical damage whilst within the custody of the insured.
Liability springing up out of any of the following is excluded from the personal and advertising
and marketing harm liability insurance EXCEPT - ANSunknowingly causing harm that violates
the rights of some other.
A financial institution patron's identification was compromised and the thieves made numerous
purchases from a retailer by using signing the customer's assessments. When the financial
institution refused to make charge for the products, the retailer added in shape against the bank.
Which insurance indemnified the financial institution for legal responsibility within the suit? -
ANSforgery and alteration
Workers' reimbursement coverage is rated on the premise of which of the subsequent? -
ANSemployer's payroll
Which of the subsequent is the birthday celebration who agrees to be responsible for loss in the
case of a fidelity bond? - ANSthe surety
The insured includes underinsured motorists coverage limits of 250/500/250 on his car policy
and his car is struck by using an at fault motorist who insures with the State minimum for legal
responsibility of 20/forty/10. If the insured brings suit for physical damage damages to himself of
$500,000, how a lot will he get over at fault driver's coverage? - ANS$20k
Under the commercial widespread liability which one of the following is covered underneath
supplementary payments? - ANScost of bail bonds
When the insured's child spills purple juice at the carpet of insured's covered automobile, which
of the following coverages will apply? - ANScomprehensive
Which of the following best describes the economic popular legal responsibility?S trendy
mixture annual limit because it applies to the coverage elements of the CGL? - ANSCoverage
A, B, and C apply in sum and are the most with the intention to be paid challenge to the general
mixture annual limit.
, Under liability coverage which of the following will trigger insurance for belongings harm? -
ANSunintended harm to tangible belongings of others
All of the following are exclusions are located below the private vehicle policy Part A liability
coverage, EXCEPT - ANSbodily Injury to an insured's nonresident member of the family or
relative.
All of the following specify limits of insurance for the commercial general liability EXCEPT -
ANSlegal protection.
All of the subsequent sports might warrant the imposition of absolute liability EXCEPT -
ANSrisky transportation.
Which of the subsequent is TRUE whilst the insured's limits of insurance observe in keeping
with occurrence? - ANSCoverage is caused for smoke harm to siding because of repeated acts
by insured's neighbor.
Which of the subsequent describes marketplace price? - ANSIt is what assets may be offered
for.
Which of the following defines the term peril? - ANScause of loss
The Terrorism Risk Insurance Act and the National Flood Insurance Program are similar by
using presenting which of the following? - ANSsubsidies, loss sharing or excess coverage
All of the following are duties of the insured listed in the loss provisions for most belongings
coverage contracts EXCEPT - ANSto figuring out good enough indemnification.
When an insured disagrees with the valuation of a loss and his appraiser and the insurance
agency's appraiser disagree, how will the loss be settled? - ANSthe quantity agreed to with the
aid of any two of the three
Underwriters are authorised to use all the following while underwriting an utility for insurance
EXCEPT - ANSdisability.
Which of the following policy assignment rights takes place when the named insured dies? -
ANSThe insured's legal representative takes over the coverage.
The Fair Credit Reporting Act lets in client reporting companies to consist of applicant facts
approximately bankruptcies MORE than 10 years old below which of the subsequent instances?
1. The applicant has been convicted of a felony or fraud.
2. The applicant is a public or political determine.
Three. The applicant is seeking a transaction more than $150,000.
