Xcel Ohio Property & Casualty
Insurance Exam
1. All of the following statements are CORRECT regarding
interest EXCEPT:-
: The insured must have a speculative risk in the property
2. Which of the following losses is an example of the assured
suffering an average loss?: H's ship's mast is damaged during a
lightning storm and must be repaired
3. Free from Particular Average Coverage:: Frees the shipper
from minor losses
4. What will the superintendent of insurance do to an insurer
who violates the cancellation rules?: Revoke their certificate of
authority
5. Once a controlling producers calendar aggregate gross
written premiums reach 2% or less, what action must the
controlling insurer take?: The controlling insurer does not need
to take any action.
6. High Rise/Condo buildings typically have which
construction (according to
ISO guidelines)?: Modified/Semi Fire Resistive
, 7. Which of the following incidents would not be excluded
under a DP-3 policy?: Burglary of a property that was vacant for
30 consecutive days
8. Which of the following perils is not a Basic Form (DP-1)
peril?: Explosion
9. J has Garagekeepers coverage for his auto sales business
and has added excess direct coverage. Excess direct
coverage can be best explained as:: - no-fault, goodwill
coverage the insurer will pay for regardless of G's company being
at fault or not
10. Bodily injury is best defines as:: bodily harm, sickness,
disease
11. An agreement is reached when an insurance contract is
formed. Which of the following is NOT considered to be an
element of an agreement?: Equity
12. Which of the following statements about NFIP deductibles
is TRUE?: There is a deductible applied to the building and
another to the contents under both the emergency and the regular
programs.
13. According to the Homeowners Endorsement HO 01 34,
Special Provisions for Ohio, an insurer may cancel a policy
after it has been in force for 60 days for all of the following
Insurance Exam
1. All of the following statements are CORRECT regarding
interest EXCEPT:-
: The insured must have a speculative risk in the property
2. Which of the following losses is an example of the assured
suffering an average loss?: H's ship's mast is damaged during a
lightning storm and must be repaired
3. Free from Particular Average Coverage:: Frees the shipper
from minor losses
4. What will the superintendent of insurance do to an insurer
who violates the cancellation rules?: Revoke their certificate of
authority
5. Once a controlling producers calendar aggregate gross
written premiums reach 2% or less, what action must the
controlling insurer take?: The controlling insurer does not need
to take any action.
6. High Rise/Condo buildings typically have which
construction (according to
ISO guidelines)?: Modified/Semi Fire Resistive
, 7. Which of the following incidents would not be excluded
under a DP-3 policy?: Burglary of a property that was vacant for
30 consecutive days
8. Which of the following perils is not a Basic Form (DP-1)
peril?: Explosion
9. J has Garagekeepers coverage for his auto sales business
and has added excess direct coverage. Excess direct
coverage can be best explained as:: - no-fault, goodwill
coverage the insurer will pay for regardless of G's company being
at fault or not
10. Bodily injury is best defines as:: bodily harm, sickness,
disease
11. An agreement is reached when an insurance contract is
formed. Which of the following is NOT considered to be an
element of an agreement?: Equity
12. Which of the following statements about NFIP deductibles
is TRUE?: There is a deductible applied to the building and
another to the contents under both the emergency and the regular
programs.
13. According to the Homeowners Endorsement HO 01 34,
Special Provisions for Ohio, an insurer may cancel a policy
after it has been in force for 60 days for all of the following
