2024 Progressive Assessment Test ACTUAL FINAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS - VERIFIED ANSWERS ALREADY GRADED A+ NEW
GUARANTEED
Coverage D - CORRECT ANSWER This pays for the additional costs of
living away from home if a house considered unsuitable due to damage
from a fire, storm, or other insured disaster. It covers hotel bills,
restaurant meals, and other living expenses incurred while the home is
being rebuilt.
Coverage A - CORRECT ANSWER This coverage pays to repair or
rebuild a home if it is damaged or destroyed by fire, hurricane, hail,
lightning, or other disasters listed in the policy.
What does Coverage A not include? - CORRECT ANSWER It will not
pay for damage caused by a flood, earthquake, or routine wear and
tear.
Coverage B - CORRECT ANSWER Personal property coverage helps
to pay for your personal items that have been damaged, destroyed or
stolen due to a covered peril.
Coverage F - CORRECT ANSWER Medical payments coverage, part of
your homeowners insurance, can help pay for small injuries that
happen to your guests on your property, regardless of who is at fault.
This portion of your policy is designed to resolve smaller claims so
they don't escalate into lawsuits.
What are some structures that are covered by Coverage B? - CORRECT
ANSWER Detached garage.
Work shed.
Swimming pool.
,Most companies provide coverage for ___________of the amount of
insurance on the structure of a home. - CORRECT ANSWER 50% to
70%
Liability insurance - CORRECT ANSWER Insurance that provides
protection from claims arising from injuries or damage to other people
or property.
Coverage C - CORRECT ANSWER Personal property coverage, which
helps to pay for your personal items that have been damaged,
destroyed or stolen due to a covered peril. It's standard protection
within many home insurance policies and is pivotal to cover those
personal items that mean the most to you.
Controlled Business - CORRECT ANSWER A situation in which an
insurance provider's personal income is greater than 25 percent of his
or her gross commission from insurance.
False Advertisement - CORRECT ANSWER An unfair trade practice
with respect to all forms of communication.
Misrepresentation - CORRECT ANSWER An intentionally inaccurate
or incomplete communication to a policyholder or potential
policyholder.
Rebating - CORRECT ANSWER The unfair trade practice of offering
inducements for the purchase of insurance. This practice is usually
illegal, although insurance companies are allowed to pay dividends to
policyholders
Tax refund fraud - CORRECT ANSWER Involves identity theft,
fraudulent W-2 forms and the online filing of an illicit tax return for the
purpose of receiving a tax refund for deposit into the account of the
fraudster or a money mule acting on behalf of the fraudster.
Yearly renewable term insurance - CORRECT ANSWER Insurance
that overs one year, and is renewable every year up to a certain age
,limit, without the need to provide evidence of insurability; premiums
increase each year.
Group variable universal life insurance - CORRECT ANSWER The
holder may allocate the net premiums to one or more of several
investment accounts. In this arrangement, the investment risk is borne
by the holders of the certificates.
Comprehensive long-term care insurance - CORRECT ANSWER An
insurance policy that includes benefits for home health care and
facility care in a single contract.
What is the only major distinction between the conditions of the
standard business owners' policy and the standard commercial
package policy? - CORRECT ANSWER Its that many of the coverages
that are automatic for the standard business owners' policy are
optional for the standard commercial package policy.
Group universal life insurance - CORRECT ANSWER An insurance
policy that has flexible premiums and separates the pure protection
and cash value accumulations.
Aggregate limits - CORRECT ANSWER The maximum amount of
money that an insurer is contracted to provide the policy holder in a
specific policy period.
How much of a property must be unoccupied for it to be defined as
vacant by the standard commercial property policy? - CORRECT
ANSWER 30 percent
With regard to homeowners insurance, business is defined as any
activity that has: - CORRECT ANSWER Both revenue and continuity.
An expense plan that indicates an employer will reduce benefits for
persons over the age of 65 to the extent that they are payable under
Medicare for the same expense is known as a: - CORRECT ANSWER
Medicare carve-out
, Which of the following vehicles would NOT be defined as mobile
equipment by the standard business auto policy? - CORRECT ANSWER
The standard business auto policy would not define a snowplow as
mobile equipment.
Which of the following vehicles would be defined as mobile equipment
by the standard business auto policy? - CORRECT ANSWER
Bulldozers, forklifts, and farm machinery are all classified as mobile
equipment.
In addition, mobile equipment includes any vehicles designed to be
used off public roads; any vehicles propelled by crawler treads; any
vehicles that are used solely on the premises owned or rented by the
insured party; and any vehicles maintained primarily for purposes
other than the transport of cargo or people.
Which of the following events would NOT be covered by the standard
dwelling policy? - CORRECT ANSWER Smoke damage from fireplaces
would not be covered by the standard dwelling policy.
Which of the following events would be covered by the standard
dwelling policy? - CORRECT ANSWER This policy will cover losses
caused by spacecraft, as well as losses caused by aircraft and self-
propelled missiles.
Any losses caused by volcanic eruptions will be covered, though
losses caused by tremors or earthquakes will not.
The smoke damage from furnaces and boilers will also be covered.
Which of the following injuries would be covered by the standard farm
liability policy? - CORRECT ANSWER Injuries suffered by residence
employees while performing duties associated with their employment
would be covered.
Are injuries that occur on locations owned, rented, or controlled by the
insured are covered by the standard farm liability policy? - CORRECT
ANSWER No
CORRECT DETAILED ANSWERS - VERIFIED ANSWERS ALREADY GRADED A+ NEW
GUARANTEED
Coverage D - CORRECT ANSWER This pays for the additional costs of
living away from home if a house considered unsuitable due to damage
from a fire, storm, or other insured disaster. It covers hotel bills,
restaurant meals, and other living expenses incurred while the home is
being rebuilt.
Coverage A - CORRECT ANSWER This coverage pays to repair or
rebuild a home if it is damaged or destroyed by fire, hurricane, hail,
lightning, or other disasters listed in the policy.
What does Coverage A not include? - CORRECT ANSWER It will not
pay for damage caused by a flood, earthquake, or routine wear and
tear.
Coverage B - CORRECT ANSWER Personal property coverage helps
to pay for your personal items that have been damaged, destroyed or
stolen due to a covered peril.
Coverage F - CORRECT ANSWER Medical payments coverage, part of
your homeowners insurance, can help pay for small injuries that
happen to your guests on your property, regardless of who is at fault.
This portion of your policy is designed to resolve smaller claims so
they don't escalate into lawsuits.
What are some structures that are covered by Coverage B? - CORRECT
ANSWER Detached garage.
Work shed.
Swimming pool.
,Most companies provide coverage for ___________of the amount of
insurance on the structure of a home. - CORRECT ANSWER 50% to
70%
Liability insurance - CORRECT ANSWER Insurance that provides
protection from claims arising from injuries or damage to other people
or property.
Coverage C - CORRECT ANSWER Personal property coverage, which
helps to pay for your personal items that have been damaged,
destroyed or stolen due to a covered peril. It's standard protection
within many home insurance policies and is pivotal to cover those
personal items that mean the most to you.
Controlled Business - CORRECT ANSWER A situation in which an
insurance provider's personal income is greater than 25 percent of his
or her gross commission from insurance.
False Advertisement - CORRECT ANSWER An unfair trade practice
with respect to all forms of communication.
Misrepresentation - CORRECT ANSWER An intentionally inaccurate
or incomplete communication to a policyholder or potential
policyholder.
Rebating - CORRECT ANSWER The unfair trade practice of offering
inducements for the purchase of insurance. This practice is usually
illegal, although insurance companies are allowed to pay dividends to
policyholders
Tax refund fraud - CORRECT ANSWER Involves identity theft,
fraudulent W-2 forms and the online filing of an illicit tax return for the
purpose of receiving a tax refund for deposit into the account of the
fraudster or a money mule acting on behalf of the fraudster.
Yearly renewable term insurance - CORRECT ANSWER Insurance
that overs one year, and is renewable every year up to a certain age
,limit, without the need to provide evidence of insurability; premiums
increase each year.
Group variable universal life insurance - CORRECT ANSWER The
holder may allocate the net premiums to one or more of several
investment accounts. In this arrangement, the investment risk is borne
by the holders of the certificates.
Comprehensive long-term care insurance - CORRECT ANSWER An
insurance policy that includes benefits for home health care and
facility care in a single contract.
What is the only major distinction between the conditions of the
standard business owners' policy and the standard commercial
package policy? - CORRECT ANSWER Its that many of the coverages
that are automatic for the standard business owners' policy are
optional for the standard commercial package policy.
Group universal life insurance - CORRECT ANSWER An insurance
policy that has flexible premiums and separates the pure protection
and cash value accumulations.
Aggregate limits - CORRECT ANSWER The maximum amount of
money that an insurer is contracted to provide the policy holder in a
specific policy period.
How much of a property must be unoccupied for it to be defined as
vacant by the standard commercial property policy? - CORRECT
ANSWER 30 percent
With regard to homeowners insurance, business is defined as any
activity that has: - CORRECT ANSWER Both revenue and continuity.
An expense plan that indicates an employer will reduce benefits for
persons over the age of 65 to the extent that they are payable under
Medicare for the same expense is known as a: - CORRECT ANSWER
Medicare carve-out
, Which of the following vehicles would NOT be defined as mobile
equipment by the standard business auto policy? - CORRECT ANSWER
The standard business auto policy would not define a snowplow as
mobile equipment.
Which of the following vehicles would be defined as mobile equipment
by the standard business auto policy? - CORRECT ANSWER
Bulldozers, forklifts, and farm machinery are all classified as mobile
equipment.
In addition, mobile equipment includes any vehicles designed to be
used off public roads; any vehicles propelled by crawler treads; any
vehicles that are used solely on the premises owned or rented by the
insured party; and any vehicles maintained primarily for purposes
other than the transport of cargo or people.
Which of the following events would NOT be covered by the standard
dwelling policy? - CORRECT ANSWER Smoke damage from fireplaces
would not be covered by the standard dwelling policy.
Which of the following events would be covered by the standard
dwelling policy? - CORRECT ANSWER This policy will cover losses
caused by spacecraft, as well as losses caused by aircraft and self-
propelled missiles.
Any losses caused by volcanic eruptions will be covered, though
losses caused by tremors or earthquakes will not.
The smoke damage from furnaces and boilers will also be covered.
Which of the following injuries would be covered by the standard farm
liability policy? - CORRECT ANSWER Injuries suffered by residence
employees while performing duties associated with their employment
would be covered.
Are injuries that occur on locations owned, rented, or controlled by the
insured are covered by the standard farm liability policy? - CORRECT
ANSWER No
