Property and Casualty Insurance - Final Exam Questions and Answers 2023

Property and Casualty Insurance - Final Exam Questions and Answers 2023 An unlicensed employee of an insurance agency may perform all of the following EXCEPT: A) Accept a claim form B) Type correspondence for a direct mail campaign C) Deposit properly endorsed checks into the agency's bank account •• D) Advise an insured of coverage issues A producer must notify the insurance division of an address change within: A) 10 days B) 20 days C) 25 days •• D) 30 days A Temporary License may be issued to approved individuals for a period of: A) Twelve Months B) Nine Months •• C) 90 days with extensions up to 180 days D) 30 days Contribution by Equal Shares: A) Is applicable in Workers Compensation B) Is excess over primary coverage C) Prorates coverage between all policies equally •• D) Is a form of proportional coverage in which losses are paid equally by all policies until one policy is exhausted, whereby the other policy pays alone Which of the following is NOT a requirement necessary to qualify as a producer in Iowas? A) Pass the exam required by statute B) Be a resident of the state of Iowa C) Be of good character and company •• D) Complete a 36-hour licensing course All of the following are true of the Iowa's Continuing Education Regulation EXCEPT: A) A continuing education term is three years B) New producers must complete 36 credits every continuing education term •• C) Continuing education is automatically waived for producers that are attorneys D) Producers must have 3 credits in ethics every CE term All of the following applicants may be denied a producer's license EXCEPT: •• A) An attorney B) An individual that provides incomplete information on a license application C) An applicant whose letter of clearance is dated 120 days prior D) A nonresident not licensed in their state of domicile Personal liability coverage under the Dwelling Policy is: A) Automatically provided under the policy •• B) Only provided by endorsement C) Broader and more comprehensive than homeowner personal liability D) Limited to 10% of Coverage A All of the following would be considered a hazard EXCEPT: A) Trash and debris in the basement of a home B) Broken steps and hand railings C) Overloaded electrical wiring •• D) Properly stored paint and related solvents All of the following would be considered a Unfair Claims Practice EXCEPT: A) Failure to acknowledge written or oral communications B) Failure to deny or affirm coverage •• C