KENTUCKY PROPERTY AND CASUALTY
INSURANCE FINAL EXAM 2025 WITH
QUESTIONS AND CORRECT ANSWERS |
ALREADY GRADED A+ | GUARANTEED PASS |
KENTUCKY PROPERTY AND CASUALTY
ACTUAL LATEST VERSION 2025[BRAND NEW!!]
The amount the insurer will pay under Coverage D (Loss of Use) depends on -
ANSWER- The amount of coverage on the dwelling
Using an air-cooled engine, a proposed insured has developed a new, experimental
aircraft. If the inventor applies for liability insurance, what rating type will the
insurer most likely use? - ANSWER- Judgement
If a crime policy includes the extended reporting period in the discovery form,
general losses must be reported within how many days of policy cancellation? -
ANSWER- 60 days
Rates that are established based on the similarities of the risk with other risks are
known as - ANSWER- Manual rates or class rates
Which of the following is defined as the cost to replace damaged property with less
expensive and more modern construction or equipment? - ANSWER- Functional
replacement cost
, How much coverage can be available for watercraft damage in the homeowners
policy? - ANSWER- Up to $1,500
Which of the following is a mandatory part of an insurance policy that varies with
each individual policy? - ANSWER- Declarations
The regular National Flood Insurance Program would insure an eligible single-
family dwelling for up to - ANSWER- $250,000 on a replacement cost basis
Following a property loss that is covered under a business owner's policy, if the
insurer and insured cannot agree on the amount of the loss, what method is used to
resolve the issue? - ANSWER- Appraisal
Which of the following would NOT justify the revocation of an insurance license?
- ANSWER- Sharing commissions with another licensed agent
All of the following are classes of inland marine risks EXCEPT - ANSWER-
Common carrier cargo liability. The four classes of inland marine risks are:
Domestic shipments and transportation risks; bridges, tunnels, and other
instrumentalities of transportation and communication; commercial property
floaters risks; and personal property floater risks
Which of the following is another term for an authorized insurer? - ANSWER-
Admitted or authorized
To be eligible for BOP coverage, an office building cannot be higher than -
ANSWER- 6 stories
Which of the following is NOT one of the available additional coverages in the
builder's risk form? - ANSWER- Vandalism
INSURANCE FINAL EXAM 2025 WITH
QUESTIONS AND CORRECT ANSWERS |
ALREADY GRADED A+ | GUARANTEED PASS |
KENTUCKY PROPERTY AND CASUALTY
ACTUAL LATEST VERSION 2025[BRAND NEW!!]
The amount the insurer will pay under Coverage D (Loss of Use) depends on -
ANSWER- The amount of coverage on the dwelling
Using an air-cooled engine, a proposed insured has developed a new, experimental
aircraft. If the inventor applies for liability insurance, what rating type will the
insurer most likely use? - ANSWER- Judgement
If a crime policy includes the extended reporting period in the discovery form,
general losses must be reported within how many days of policy cancellation? -
ANSWER- 60 days
Rates that are established based on the similarities of the risk with other risks are
known as - ANSWER- Manual rates or class rates
Which of the following is defined as the cost to replace damaged property with less
expensive and more modern construction or equipment? - ANSWER- Functional
replacement cost
, How much coverage can be available for watercraft damage in the homeowners
policy? - ANSWER- Up to $1,500
Which of the following is a mandatory part of an insurance policy that varies with
each individual policy? - ANSWER- Declarations
The regular National Flood Insurance Program would insure an eligible single-
family dwelling for up to - ANSWER- $250,000 on a replacement cost basis
Following a property loss that is covered under a business owner's policy, if the
insurer and insured cannot agree on the amount of the loss, what method is used to
resolve the issue? - ANSWER- Appraisal
Which of the following would NOT justify the revocation of an insurance license?
- ANSWER- Sharing commissions with another licensed agent
All of the following are classes of inland marine risks EXCEPT - ANSWER-
Common carrier cargo liability. The four classes of inland marine risks are:
Domestic shipments and transportation risks; bridges, tunnels, and other
instrumentalities of transportation and communication; commercial property
floaters risks; and personal property floater risks
Which of the following is another term for an authorized insurer? - ANSWER-
Admitted or authorized
To be eligible for BOP coverage, an office building cannot be higher than -
ANSWER- 6 stories
Which of the following is NOT one of the available additional coverages in the
builder's risk form? - ANSWER- Vandalism
