P&C EXAM QUESTIONS correctly
answered to pass
Which of the following is NOT settled on an actual cash value basis while covered under the
business property coverage form?
a) Manuscripts
b) Works of art or antiques
c) Valuable papers and records
d) Property of others - correct answer ✔✔ c) Valuable papers and records are valued at the cost
of blanket materials for reproducing the records and labor to copy the records.
Which of the following is NOT considered an insured contract under the commercial general
liability policy?
a) A written agreement which indemnifies a person for fire damage to the premises rented to
the insured
b) An elevator maintenance agreement
c) An obligation as required by ordinance to indemnify a municipality, except for work for a
municipality
d) A written lease agreement on the insured premises - correct answer ✔✔ a) General liability
covering premises includes automatic coverage for written Lisa's of promises, sidetrack
agreements, elevator maintenance agreements, easements agreements, municipality
indemnification. Protection from claims arising from fire damage to non own property would
need to be covered by fire damage legal liability
, Because an agent is using stationary with the logo of an insurance company, applicants for
insurance assume that the agent is authorised to transact on behalf of that insurer. What type
of agent authority does this describe?
a) Express
b) Implied
c) Assumed
d) Apparent - correct answer ✔✔ d) Apparent authority also known as perceived authority is
the appearance or the assumption of authority based on the actions, words, or deeds of the
principal or because of circumstances the principal created
A policy may be cancelled for nonpayment of premium, licence suspension or relocation,
violations of any policy terms or conditions, or obtaining insurance through fraudulent
misrepresentation only if the policy has been in effect for at least how many days?
a) 10 days
b) 15 days
c) 30 days
d) 60 days - correct answer ✔✔ d) After the initial 60 day period, the policy may be cancelled
for nonpayment of premium, licence suspension or relocation, violations of any policy terms or
conditions, and obtaining insurance through fraudulent misrepresentation.
Within how many days must ensure a knowledge communication regarding an insurance claim?
a) 15 days
b) 30 days
c) 90 days
answered to pass
Which of the following is NOT settled on an actual cash value basis while covered under the
business property coverage form?
a) Manuscripts
b) Works of art or antiques
c) Valuable papers and records
d) Property of others - correct answer ✔✔ c) Valuable papers and records are valued at the cost
of blanket materials for reproducing the records and labor to copy the records.
Which of the following is NOT considered an insured contract under the commercial general
liability policy?
a) A written agreement which indemnifies a person for fire damage to the premises rented to
the insured
b) An elevator maintenance agreement
c) An obligation as required by ordinance to indemnify a municipality, except for work for a
municipality
d) A written lease agreement on the insured premises - correct answer ✔✔ a) General liability
covering premises includes automatic coverage for written Lisa's of promises, sidetrack
agreements, elevator maintenance agreements, easements agreements, municipality
indemnification. Protection from claims arising from fire damage to non own property would
need to be covered by fire damage legal liability
, Because an agent is using stationary with the logo of an insurance company, applicants for
insurance assume that the agent is authorised to transact on behalf of that insurer. What type
of agent authority does this describe?
a) Express
b) Implied
c) Assumed
d) Apparent - correct answer ✔✔ d) Apparent authority also known as perceived authority is
the appearance or the assumption of authority based on the actions, words, or deeds of the
principal or because of circumstances the principal created
A policy may be cancelled for nonpayment of premium, licence suspension or relocation,
violations of any policy terms or conditions, or obtaining insurance through fraudulent
misrepresentation only if the policy has been in effect for at least how many days?
a) 10 days
b) 15 days
c) 30 days
d) 60 days - correct answer ✔✔ d) After the initial 60 day period, the policy may be cancelled
for nonpayment of premium, licence suspension or relocation, violations of any policy terms or
conditions, and obtaining insurance through fraudulent misrepresentation.
Within how many days must ensure a knowledge communication regarding an insurance claim?
a) 15 days
b) 30 days
c) 90 days
