Pearson Vue Property Insurance Exam ss ss ss ss ss
Practice Questions with Verified Answers ss ss ss ss
100% Guarantee passing score of 90% or higher
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Consist of 50 multichoice Questions with Answers
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1. In this state, a domestic insurer is defined as a company that:
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A. Operates in this state but is incorporated in another state
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B. operates in this state but is domiciled in another state
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C. is headquartered in this state
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D. is incorporated in this state
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Answer is incorporated in this state
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2. The Insurance Commissioner may issue a limited insurance
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representative license to an individual who wants to sell which of the
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ss following types of policies?
ss ss ss
A. Fire
B. Automobile
C. Mortgage Guaranty ss
D. Health
, Answer Mortgage Guaranty ss ss
3. Upon determining that a producer has violated the insurance law, the
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Insur- ance Commissioner is required to take which of the following
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ss actions?
A. Place the licensee on probation immediately
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B. Publish notice of the violation ss ss ss ss
C. Hold a hearing on the infraction
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D. Submit the infraction to the Department of Insurance for review
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Answer Hold a hearing on the infraction
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4. An insurer that intends to nonrenew a Homeowners policy MUST take
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which
ss ss of the following actions?
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A. Obtain coverage for the policyholder from another insurer
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B. Obtain coverage for the policyholder under the FAIR Plan
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C. Send a nonrenewal notice to the Commissioner of Insurance thirty
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ss days prior to the policy expiration date
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D. Send a notice stating the reason for nonrenewal to the insured
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Answer Send a notice stating the reason for nonrenewal to the insured
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5. All of the following items contained in a basement are covered
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ss under the standard flood insurance policy EXCEPT:
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A. drywall for walls and ceilings and the cost of labor to nail it, unfinished
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, ss and unfloated and not taped to the framing
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B. functioning electrical outlets and switches ss ss ss ss
C. carpet permanently installed over unfinished flooring
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D. fuel tanks, if installed in their functioning locations and connected to
ss ss ss ss ss ss ss ss ss ss
ss a
power sources ss
Answer carpet permanently installed over unfinished flooring
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6. If a commercial insurer fails to meet the requirements of the forty-five
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ss days Notice of Nonrenewal Rule prior to the expiration date of the
ss ss ss ss ss ss ss ss ss ss ss
ss existing policy, the company MUST
ss ss ss ss
A. extend the current policy for one year and waive the premium
ss ss ss ss ss ss ss ss ss ss
B. reduce coverage to develop a new premium that does not
ss ss ss ss ss ss ss ss ss
ss exceed the expiring policy's premium
ss ss ss ss
C. provide a renewal policy that matches the expiring policy's
ss ss ss ss ss ss ss ss
ss coverages and premium ss ss
D. pay a $3,000 fine per violation to the Division of Insurance
ss ss ss ss ss ss ss ss ss ss
Answer provide a renewal policy that matches the expiring policy's
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ss coverages and premium ss ss
7. Which of the following persons may assign a Standard Fire policy?
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A. A claims adjuster ss ss
B. The Superintendent of Insurance
ss ss ss
C. The insured with the permission of the insurance company
ss ss ss ss ss ss ss ss
Practice Questions with Verified Answers ss ss ss ss
100% Guarantee passing score of 90% or higher
ss ss ss ss ss ss ss
Consist of 50 multichoice Questions with Answers
ss ss ss ss ss ss
1. In this state, a domestic insurer is defined as a company that:
ss ss ss ss ss ss ss ss ss ss ss
A. Operates in this state but is incorporated in another state
ss ss ss ss ss ss ss ss ss
B. operates in this state but is domiciled in another state
ss ss ss ss ss ss ss ss ss
C. is headquartered in this state
ss ss ss ss
D. is incorporated in this state
ss ss ss ss
Answer is incorporated in this state
ss ss ss ss ss
2. The Insurance Commissioner may issue a limited insurance
ss ss ss ss ss ss ss
representative license to an individual who wants to sell which of the
ss ss ss ss ss ss ss ss ss ss ss ss
ss following types of policies?
ss ss ss
A. Fire
B. Automobile
C. Mortgage Guaranty ss
D. Health
, Answer Mortgage Guaranty ss ss
3. Upon determining that a producer has violated the insurance law, the
ss ss ss ss ss ss ss ss ss ss
Insur- ance Commissioner is required to take which of the following
ss ss ss ss ss ss ss ss ss ss ss
ss actions?
A. Place the licensee on probation immediately
ss ss ss ss ss
B. Publish notice of the violation ss ss ss ss
C. Hold a hearing on the infraction
ss ss ss ss ss
D. Submit the infraction to the Department of Insurance for review
ss ss ss ss ss ss ss ss ss
Answer Hold a hearing on the infraction
ss ss ss ss ss ss
4. An insurer that intends to nonrenew a Homeowners policy MUST take
ss ss ss ss ss ss ss ss ss ss
which
ss ss of the following actions?
ss ss ss
A. Obtain coverage for the policyholder from another insurer
ss ss ss ss ss ss ss
B. Obtain coverage for the policyholder under the FAIR Plan
ss ss ss ss ss ss ss ss
C. Send a nonrenewal notice to the Commissioner of Insurance thirty
ss ss ss ss ss ss ss ss ss
ss days prior to the policy expiration date
ss ss ss ss ss ss
D. Send a notice stating the reason for nonrenewal to the insured
ss ss ss ss ss ss ss ss ss ss
Answer Send a notice stating the reason for nonrenewal to the insured
ss ss ss ss ss ss ss ss ss ss ss
5. All of the following items contained in a basement are covered
ss ss ss ss ss ss ss ss ss ss
ss under the standard flood insurance policy EXCEPT:
ss ss ss ss ss ss
A. drywall for walls and ceilings and the cost of labor to nail it, unfinished
ss ss ss ss ss ss ss ss ss ss ss ss ss
, ss and unfloated and not taped to the framing
ss ss ss ss ss ss ss
B. functioning electrical outlets and switches ss ss ss ss
C. carpet permanently installed over unfinished flooring
ss ss ss ss ss
D. fuel tanks, if installed in their functioning locations and connected to
ss ss ss ss ss ss ss ss ss ss
ss a
power sources ss
Answer carpet permanently installed over unfinished flooring
ss ss ss ss ss ss
6. If a commercial insurer fails to meet the requirements of the forty-five
ss ss ss ss ss ss ss ss ss ss ss
ss days Notice of Nonrenewal Rule prior to the expiration date of the
ss ss ss ss ss ss ss ss ss ss ss
ss existing policy, the company MUST
ss ss ss ss
A. extend the current policy for one year and waive the premium
ss ss ss ss ss ss ss ss ss ss
B. reduce coverage to develop a new premium that does not
ss ss ss ss ss ss ss ss ss
ss exceed the expiring policy's premium
ss ss ss ss
C. provide a renewal policy that matches the expiring policy's
ss ss ss ss ss ss ss ss
ss coverages and premium ss ss
D. pay a $3,000 fine per violation to the Division of Insurance
ss ss ss ss ss ss ss ss ss ss
Answer provide a renewal policy that matches the expiring policy's
ss ss ss ss ss ss ss ss ss
ss coverages and premium ss ss
7. Which of the following persons may assign a Standard Fire policy?
ss ss ss ss ss ss ss ss ss ss
A. A claims adjuster ss ss
B. The Superintendent of Insurance
ss ss ss
C. The insured with the permission of the insurance company
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