PROPERTY AND CASUALTY EXAM
QUESTIONS WITH REVIEWED
100% CORRECT DETAILED
ANSWERS GUARANTEED PASS
Which of the following would be covered under the Film Coverage Form? - Answer- The
all-risk coverage form excludes the following additional causes of loss: deterioration,
atmospheric dampness or changes in temperature; exposure of negative film to light;
use of developing chemicals; developing, cutting, or printing of film or other laboratory
work; electrical or magnetic injury, disturbance or erasure.
The removal coverage that is included in the broad form dwelling policy will cover
property temporarily removed from the premises to protect it from damage for how
long? - Answer- 30 days
Which of the following is NOT settled on an actual cash value basis while covered under
the business property coverage form? - Answer- Valuable papers and records
Which of the following statements is true concerning the special form dwelling policy? -
Answer- Coverage A is for all-risk perils, and Coverage C is for the broad form perils.
The proof of loss statement must be - Answer- In writing.
The most the insurer will pay for a loss under a business owners policy is - Answer- The
limit of insurance after the deductible is paid.
Johanna purchased a National Flood Insurance policy 10 days after her community
entered an emergency program. When would her coverage be effective? - Answer-
12:01 am the day after the application and premium payment are mailed
The other insurance provision that limits the liability of the insurer to a portion of the loss
no greater than the amount the insurer bears to all the insurance covering the property
is called - Answer- Pro rata liability.
Excluded classification of employees under a Workers Compensation Policy are -
Answer- Statutorily defined.
, If one rate, when compared with another in the same class, clearly fails to reflect
equitably the differences in expected losses and expenses, it is considered - Answer-
Unfairly discriminatory.
How many days does a nonresident producer have to file a change of address when the
agent moves to Nevada from another state? - Answer- 30
The Commissioner denied an application for insurance license and notified the
applicant. Which of the following is true regarding a hearing regarding this? - Answer- A
hearing will be held within 30 days of the request.
Who approves the form that states who may be excluded from a policy's coverage? -
Answer- The Commissioner
Producers must complete how many hours of continuing education on the subject of
ethics every licensing period? - Answer- 3 hours
What is a penalty for failure to file a quarterly statement with the Commissioner by a
surplus lines broker? - Answer- $500
Which of the following types of insurance policies must adhere to the Code
requirements for countersigning of policies? - Answer- Casualty insurance policies
A startup used car dealership buys cars at auto auctions in 30 states. It wants to be
certain that damage coverage is provided when the cars are driven or transported from
the auctions to the dealership. In regard to the business auto physical damage
coverage, which is true? - Answer- Coverage is provided at additional premium.
Under the conditions of a Film Coverage Form, how long must the insured maintain
records of each production? - Answer- 3 years after the policy expires
When an insured makes truthful statements on the application for insurance and pays
the required premium, it is known as which of the following? - Answer- Consideration
If an insured covered under a Mobile Homeowners Policy moves the mobile home to
protect it from a covered peril, the policy will pay up to - Answer- $500.
Replacement cost is defined as - Answer- Full replacement of property at its current
cost, new and without reduction for depreciation.
In forming an insurance contract, when does acceptance usually occur? - Answer-
When an insurer's underwriter approves coverage
QUESTIONS WITH REVIEWED
100% CORRECT DETAILED
ANSWERS GUARANTEED PASS
Which of the following would be covered under the Film Coverage Form? - Answer- The
all-risk coverage form excludes the following additional causes of loss: deterioration,
atmospheric dampness or changes in temperature; exposure of negative film to light;
use of developing chemicals; developing, cutting, or printing of film or other laboratory
work; electrical or magnetic injury, disturbance or erasure.
The removal coverage that is included in the broad form dwelling policy will cover
property temporarily removed from the premises to protect it from damage for how
long? - Answer- 30 days
Which of the following is NOT settled on an actual cash value basis while covered under
the business property coverage form? - Answer- Valuable papers and records
Which of the following statements is true concerning the special form dwelling policy? -
Answer- Coverage A is for all-risk perils, and Coverage C is for the broad form perils.
The proof of loss statement must be - Answer- In writing.
The most the insurer will pay for a loss under a business owners policy is - Answer- The
limit of insurance after the deductible is paid.
Johanna purchased a National Flood Insurance policy 10 days after her community
entered an emergency program. When would her coverage be effective? - Answer-
12:01 am the day after the application and premium payment are mailed
The other insurance provision that limits the liability of the insurer to a portion of the loss
no greater than the amount the insurer bears to all the insurance covering the property
is called - Answer- Pro rata liability.
Excluded classification of employees under a Workers Compensation Policy are -
Answer- Statutorily defined.
, If one rate, when compared with another in the same class, clearly fails to reflect
equitably the differences in expected losses and expenses, it is considered - Answer-
Unfairly discriminatory.
How many days does a nonresident producer have to file a change of address when the
agent moves to Nevada from another state? - Answer- 30
The Commissioner denied an application for insurance license and notified the
applicant. Which of the following is true regarding a hearing regarding this? - Answer- A
hearing will be held within 30 days of the request.
Who approves the form that states who may be excluded from a policy's coverage? -
Answer- The Commissioner
Producers must complete how many hours of continuing education on the subject of
ethics every licensing period? - Answer- 3 hours
What is a penalty for failure to file a quarterly statement with the Commissioner by a
surplus lines broker? - Answer- $500
Which of the following types of insurance policies must adhere to the Code
requirements for countersigning of policies? - Answer- Casualty insurance policies
A startup used car dealership buys cars at auto auctions in 30 states. It wants to be
certain that damage coverage is provided when the cars are driven or transported from
the auctions to the dealership. In regard to the business auto physical damage
coverage, which is true? - Answer- Coverage is provided at additional premium.
Under the conditions of a Film Coverage Form, how long must the insured maintain
records of each production? - Answer- 3 years after the policy expires
When an insured makes truthful statements on the application for insurance and pays
the required premium, it is known as which of the following? - Answer- Consideration
If an insured covered under a Mobile Homeowners Policy moves the mobile home to
protect it from a covered peril, the policy will pay up to - Answer- $500.
Replacement cost is defined as - Answer- Full replacement of property at its current
cost, new and without reduction for depreciation.
In forming an insurance contract, when does acceptance usually occur? - Answer-
When an insurer's underwriter approves coverage
