Study guides, Class notes & Summaries

Insurance broker means a person who, for compensation and on behalf of another person, transacts insurance other than life with, but not on behalf of, an insurer. True or False? correct answer: False - An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their clients and provide advice in the interests of their clients. Transacting insurance includes: A. Execution of a contract of insurance B. All of the choices C. Solicitation D. Negotiation c...

Property II Exam Questions With Complete Solutions

Property II Midterm Questions With Complete Solutions

Examfx Property and Casualty Testbank 1. In dwelling policies, automatic increase in insurance is (Choose from the following options) 1. Coverage for newly acquired property. 2. Coverage by endorsement. 3. Automatic coverage. 4. Coverage without additional premium. - 2. Coverage by endorsement. 2. Personal business property out in the open is covered under Commercial Property Policy only while (Choose from the following options) 1. Within 150 feet of the described premises. 2....

The Business owners Policy, or BOP, is a ____ policy that can be used to cover most small low _____. - ANSWER Prepackaged, Low risk One of the advantages of the BOP is that it is ____, which means that many of the coverage questions have been predetermined by the insurance company which lowers the _____. - ANSWER Prepackaged, Premium The BOP automatically includes both ____ coverage's and ____ coverage's. - ANSWER Property and Liability Eligible for a BOP are small to medium _____ bus...

The main difference between an HO-4 and HO-6 is? A: HO-6 does not cover additional living expenses B: HO-4 provides limited dwelling coverage as well as contents coverage C: HO-6 provides limited dwelling coverage as well as contents coverage D: HO-4 does not cover additional living expenses - C The most the insurer will pay for a loss under a business policy is? A: The amount of the loss minus the deductible B: 80% of the loss C: 20% of the loss D: The limit of insurance after the ded...

Which of the following are the authorities that an agent can hold? - ANSWER-Express and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? - ANSWER-Permanent partial disability Who is NOT considered an employee in an commercial general liability (CGL) policy? - ANSWER-Temporary worker The major portion of the premium of an equipment breakdown policy pays? - ANSWER-For inspections and examinations An insured owns a building val...

Property And Casualty Exam With Latest Solutions 2024 the one basic characteristic of any type of insurance is that the insured is returned to the same status that existed prior to the loss, but without a chance for gain or profit - correct which of the following coverages does an open peril policy provide? - correct s other than those specifically named as being excluded determine the actual cash value in the following situation: original price of office equiptment when purchased ...

PSI CA Property and Casualty Practice Examination Questions and Answers 100% Correct 1 Can a lender, as a condition of making a loan, require that any insurance be placed through a particular insurance agent or broker? - Correct Answer ️️ -The loan recipient may always select a particular agent or broker of their choosing 2 A claimant can be any of the following EXCEPT - Correct Answer ️️ -EXCEPT a person who is conducting an investigation of a claim on behalf of an insurer 3 All ...