STUDY THIS Property Insurance Test
Pearson Vue (LAW) Exam Question &
Answers 2025
In this state, a domestic insurer is defined as a company that:
A. Operates in this state but is incorporated in another state
B. operates in this state but is domiciled in another state
C. is headquartered in this state
D. is incorporated in this state - CORRECT ANSWERS ✔✔D. is
incorporated in this state
The Insurance Commissioner may issue a limited insurance
representative license to an individual who wants to sell which of the
following types of policies?
A. Fire
B. Automobile
C. Mortgage Guaranty
D. Health - CORRECT ANSWERS ✔✔C. Mortgage Guaranty
Upon determining that a producer has violated the insurance law, the
Insurance Commissioner is required to take which of the following
actions?
,STUDY THIS Property Insurance Test
Pearson Vue (LAW) Exam Question &
Answers 2025
A. Place the licensee on probation immediately
B. Publish notice of the violation
C. Hold a hearing on the infraction
D. Submit the infraction to the Department of Insurance for review -
CORRECT ANSWERS ✔✔C. Hold a hearing on the infraction
An insurer that intends to nonrenew a Homeowners policy MUST take
which of the following actions?
A. Obtain coverage for the policyholder from another insurer
B. Obtain coverage for the policyholder under the FAIR Plan
C. Send a nonrenewal notice to the Commissioner of Insurance thirty
days prior to the policy expiration date
D. Send a notice stating the reason for nonrenewal to the insured -
CORRECT ANSWERS ✔✔D. Send a notice stating the reason for
nonrenewal to the insured
All of the following items contained in a basement are covered under
the standard flood insurance policy EXCEPT:
A. drywall for walls and ceilings and the cost of labor to nail it,
unfinished and unfloated and not taped to the framing
, STUDY THIS Property Insurance Test
Pearson Vue (LAW) Exam Question &
Answers 2025
B. functioning electrical outlets and switches
C. carpet permanently installed over unfinished flooring
D. fuel tanks, if installed in their functioning locations and connected to
a power sources - CORRECT ANSWERS ✔✔C. carpet permanently
installed over unfinished flooring
If a commercial insurer fails to meet the requirements of the forty-five
days Notice of Nonrenewal Rule prior to the expiration date of the
existing policy, the company MUST
A. extend the current policy for one year and waive the premium
B. reduce coverage to develop a new premium that does not exceed
the expiring policy's premium
C. provide a renewal policy that matches the expiring policy's coverages
and premium
D. pay a $3,000 fine per violation to the Division of Insurance -
CORRECT ANSWERS ✔✔C. provide a renewal policy that matches
the expiring policy's coverages and premium
재계약기간(계약만료일) 45 일 전 통보 하지않았을 경우 기존 계약과
같은조건의 상품을 제공해야함
Which of the following persons may assign a Standard Fire policy?
Pearson Vue (LAW) Exam Question &
Answers 2025
In this state, a domestic insurer is defined as a company that:
A. Operates in this state but is incorporated in another state
B. operates in this state but is domiciled in another state
C. is headquartered in this state
D. is incorporated in this state - CORRECT ANSWERS ✔✔D. is
incorporated in this state
The Insurance Commissioner may issue a limited insurance
representative license to an individual who wants to sell which of the
following types of policies?
A. Fire
B. Automobile
C. Mortgage Guaranty
D. Health - CORRECT ANSWERS ✔✔C. Mortgage Guaranty
Upon determining that a producer has violated the insurance law, the
Insurance Commissioner is required to take which of the following
actions?
,STUDY THIS Property Insurance Test
Pearson Vue (LAW) Exam Question &
Answers 2025
A. Place the licensee on probation immediately
B. Publish notice of the violation
C. Hold a hearing on the infraction
D. Submit the infraction to the Department of Insurance for review -
CORRECT ANSWERS ✔✔C. Hold a hearing on the infraction
An insurer that intends to nonrenew a Homeowners policy MUST take
which of the following actions?
A. Obtain coverage for the policyholder from another insurer
B. Obtain coverage for the policyholder under the FAIR Plan
C. Send a nonrenewal notice to the Commissioner of Insurance thirty
days prior to the policy expiration date
D. Send a notice stating the reason for nonrenewal to the insured -
CORRECT ANSWERS ✔✔D. Send a notice stating the reason for
nonrenewal to the insured
All of the following items contained in a basement are covered under
the standard flood insurance policy EXCEPT:
A. drywall for walls and ceilings and the cost of labor to nail it,
unfinished and unfloated and not taped to the framing
, STUDY THIS Property Insurance Test
Pearson Vue (LAW) Exam Question &
Answers 2025
B. functioning electrical outlets and switches
C. carpet permanently installed over unfinished flooring
D. fuel tanks, if installed in their functioning locations and connected to
a power sources - CORRECT ANSWERS ✔✔C. carpet permanently
installed over unfinished flooring
If a commercial insurer fails to meet the requirements of the forty-five
days Notice of Nonrenewal Rule prior to the expiration date of the
existing policy, the company MUST
A. extend the current policy for one year and waive the premium
B. reduce coverage to develop a new premium that does not exceed
the expiring policy's premium
C. provide a renewal policy that matches the expiring policy's coverages
and premium
D. pay a $3,000 fine per violation to the Division of Insurance -
CORRECT ANSWERS ✔✔C. provide a renewal policy that matches
the expiring policy's coverages and premium
재계약기간(계약만료일) 45 일 전 통보 하지않았을 경우 기존 계약과
같은조건의 상품을 제공해야함
Which of the following persons may assign a Standard Fire policy?
