TEXAS PROPERTY AND CASUALTY INSURANCE EXAM NEWEST 2024 ACTUAL EXAM 350 QUESTIONS AND
CORRECT DETAILED ANSWERS
Which of the following would NOT qualify as a hired auto?
1) An auto hired by an employer
2) An Auto leased from a commercial rental company
3) An Auto rented for personal use
4) An Auto borrowed from an employee - (answer) An auto borrowed from an employee
What method of premium computation relates an employer's losses, payroll, and premiums to the rating
bureau's classifications of operations? - (answer) Experience modification factor
The proof of loss statement must be - (answer) In writing
For insurance purposes, when an insured loses property to another because the person used violence or
threat of violence to gain the property, this is defined as - (answer) Robbery
What special liability coverages will provide protection to managers of a corporation for claims arising
from a wrongful act committed by the manager while in an official capacity? - (answer) Directors and
officers liability
What is NOT a consideration when paying an inland marine claim?
1) market value when the property was first purchased
2) cost to replace the property
3) actual cash value on date of loss
4) cost to repair or restore the property - (answer) Market value when the property was first purchased
A plaster has finished a job. What kind of liability coverage would protect him if the plaster falls and
hurts someone because he did not do the job correctly? - (answer) Completed operations
, TEXAS PROPERTY AND CASUALTY INSURANCE EXAM NEWEST 2024 ACTUAL EXAM 350 QUESTIONS AND
CORRECT DETAILED ANSWERS
Property insurance that provides $100,000 coverage for a building and $50,000 coverage for personal
property at a single location is called? - (answer) Specific coverage
Frank's steaks furnishes meat to steakhouses. An accident on the premises causes the building to lose
refrigeration for 32 hours. The state inspectors will not allow the meet in the refrigerator units to be sold
for human consumption, and Frank loses $18,500 in disposing of the meat coverage under Frank's BOP
policy will cover the loss? - (answer) Utility service - direct damage
What type of information would be found in a policy's insuring agreement?
1) insurer's address
2) location of premises
3) renewal dates
4) policy limits - (answer) Renewal dates
How does the mobile home endorsement affect the other coverage of law or ordinance in a
homeowners policy? - (answer) It removes the coverage
Workers compensation rating is developed by applying a rating bureau job classification rate to each? -
(answer) $100 of payroll
What act protects consumers against the circulation of inaccurate, obsolete, personal or financial
information? - (answer) The fair credit reporting act
The Mail Coverage Form is always written on a reporting form basis; after the end of each reporting
period shown in the declarations, reports are due within? - (answer) 31 Days
In return for premium and insurance company must - (answer) Be fair in underwriting and pay covered
losses.
CORRECT DETAILED ANSWERS
Which of the following would NOT qualify as a hired auto?
1) An auto hired by an employer
2) An Auto leased from a commercial rental company
3) An Auto rented for personal use
4) An Auto borrowed from an employee - (answer) An auto borrowed from an employee
What method of premium computation relates an employer's losses, payroll, and premiums to the rating
bureau's classifications of operations? - (answer) Experience modification factor
The proof of loss statement must be - (answer) In writing
For insurance purposes, when an insured loses property to another because the person used violence or
threat of violence to gain the property, this is defined as - (answer) Robbery
What special liability coverages will provide protection to managers of a corporation for claims arising
from a wrongful act committed by the manager while in an official capacity? - (answer) Directors and
officers liability
What is NOT a consideration when paying an inland marine claim?
1) market value when the property was first purchased
2) cost to replace the property
3) actual cash value on date of loss
4) cost to repair or restore the property - (answer) Market value when the property was first purchased
A plaster has finished a job. What kind of liability coverage would protect him if the plaster falls and
hurts someone because he did not do the job correctly? - (answer) Completed operations
, TEXAS PROPERTY AND CASUALTY INSURANCE EXAM NEWEST 2024 ACTUAL EXAM 350 QUESTIONS AND
CORRECT DETAILED ANSWERS
Property insurance that provides $100,000 coverage for a building and $50,000 coverage for personal
property at a single location is called? - (answer) Specific coverage
Frank's steaks furnishes meat to steakhouses. An accident on the premises causes the building to lose
refrigeration for 32 hours. The state inspectors will not allow the meet in the refrigerator units to be sold
for human consumption, and Frank loses $18,500 in disposing of the meat coverage under Frank's BOP
policy will cover the loss? - (answer) Utility service - direct damage
What type of information would be found in a policy's insuring agreement?
1) insurer's address
2) location of premises
3) renewal dates
4) policy limits - (answer) Renewal dates
How does the mobile home endorsement affect the other coverage of law or ordinance in a
homeowners policy? - (answer) It removes the coverage
Workers compensation rating is developed by applying a rating bureau job classification rate to each? -
(answer) $100 of payroll
What act protects consumers against the circulation of inaccurate, obsolete, personal or financial
information? - (answer) The fair credit reporting act
The Mail Coverage Form is always written on a reporting form basis; after the end of each reporting
period shown in the declarations, reports are due within? - (answer) 31 Days
In return for premium and insurance company must - (answer) Be fair in underwriting and pay covered
losses.
