Study This: Property Insurance Test Pearsonvue (Law)

STUDY THIS: PROPERTY INSURANCE
TEST PEARSONVUE (LAW)


In58this58state,58a58domestic58insurer58is58defined58as58a58company58that:

A.58Operates58in58this58state58but58is58incorporated58in58another58state
B.58operates58in58this58state58but58is58domiciled58in58another58state
C.58is58headquartered58in58this58state
D.58is58incorporated58in58this58state58-58answer--D.58is58incorporated58in58this58state

The58Insurance58Commissioner58may58issue58a58limited58insurance58representative58lic
ense58to58an58individual58who58wants58to58sell58which58of58the58following58types58of58poli
cies?

A.58Fire
B.58Automobile
C.58Mortgage58Guaranty
D.58Health58-58answer--C.58Mortgage58Guaranty

Upon58determining58that58a58producer58has58violated58the58insurance58law,58the58Insura
nce58Commissioner58is58required58to58take58which58of58the58following58actions?

A.58Place58the58licensee58on58probation58immediately
B.58Publish58notice58of58the58violation
C.58Hold58a58hearing58on58the58infraction
D.58Submit58the58infraction58to58the58Department58of58Insurance58for58review58-
58answer--C.58Hold58a58hearing58on58the58infraction


An58insurer58that58intends58to58nonrenew58a58Homeowners58policy58MUST58take58which
58of58the58following58actions?


A.58Obtain58coverage58for58the58policyholder58from58another58insurer
B.58Obtain58coverage58for58the58policyholder58under58the58FAIR58Plan
C.58Send58a58nonrenewal58notice58to58the58Commissioner58of58Insurance58thirty58days58
prior58to58the58policy58expiration58date
D.58Send58a58notice58stating58the58reason58for58nonrenewal58to58the58insured58-
58answer--D.58Send58a58notice58stating58the58reason58for58nonrenewal58to58the58insured


All58of58the58following58items58contained58in58a58basement58are58covered58under58the58s
tandard58flood58insurance58policy58EXCEPT:

, A.58drywall58for58walls58and58ceilings58and58the58cost58of58labor58to58nail58it,58unfinished5
8and58unfloated58and58not58taped58to58the58framing
B.58functioning58electrical58outlets58and58switches
C.58carpet58permanently58installed58over58unfinished58flooring
D.58fuel58tanks,58if58installed58in58their58functioning58locations58and58connected58to58a58p
ower58sources58-58answer--
C.58carpet58permanently58installed58over58unfinished58flooring

If58a58commercial58insurer58fails58to58meet58the58requirements58of58the58forty-
five58days58Notice58of58Nonrenewal58Rule58prior58to58the58expiration58date58of58the58exis
ting58policy,58the58company58MUST

A.58extend58the58current58policy58for58one58year58and58waive58the58premium
B.58reduce58coverage58to58develop58a58new58premium58that58does58not58exceed58the58e
xpiring58policy's58premium
C.58provide58a58renewal58policy58that58matches58the58expiring58policy's58coverages58and
58premium
D.58pay58a58$3,00058fine58per58violation58to58the58Division58of58Insurance58-58answer--
C.58provide58a58renewal58policy58that58matches58the58expiring58policy's58coverages58and
58premium


재계약기간(계약만료일)5845 일 58 전 58 통보 58 하지않았을 58 경우 58 기존 58 계약과 58 같은조
건의 58 상품을 58 제공해야함

Which58of58the58following58persons58may58assign58a58Standard58Fire58policy?

A.58A58claims58adjuster
B.58The58Superintendent58of58Insurance
C.58The58insured58with58the58permission58of58the58insurance58company
D.58The58insured58only58-58answer--
C.58The58insured58with58the58permission58of58the58insurance58company

The58Insurance58Commissioner58may58suspend,58revoke,58or58deny58a58producer's58lice
nse58for58all58of58the58following58reasons58EXCEPT:

A.58Untrue58statements58on58the58license58application
B.58Conviction58of58a58misdemeanor
C.58Incompetency
D.58Coverting58funds58-58answer--B.58Conviction58of58a58misdemeanor

An58insurer58that58generally58fails58to58affirm58or58deny58coverage58of58claims58within58a
58reasonable58period58of58time58after58receiving58Proof58of58Loss58may58be58found58guilt
y58of:

A.58a58breach58of58fiduciary58responsibility