Mastery Exam Questions With Verified Answers.

Mastery Exam Questions With Verified Answers. An Insurance company may examine and audit an insured's books and records for up to... a. 5 years b. 3 years c. 4 years d. 8 years - answerb. 3 years Under the building and personal property coverage form, the duties in the event of loss condition states that after a loss, the insured must send a signed, sworn statement to the insurance company within... a. 90 days b. 60 days c. 30 days d. 45 days - answerc. 30 days The golf shop, located at the golf course, is open all year. However, the highest levels of inventory are carried between May and September. What is the best way to insure the increase in coverage for those months? a. value reporting form b. peak season endorsement blanket policy business income and extra expense endorsement - answerb. peak season endorsement Restaurants and bars present a risk exposure for bodily injury and property damage for which the insured may become liable as a result of contributing to a person's intoxication. The coverage these businesses require is... a. commercial general liability b. liquor liability insurance c. premises liability insurance d. products liability insurance - answerb. liquor liability insurance If an insurer violates any section of the insurance code, what can the Commissioner issue to stop the insurer from committing the violation? a. notice of a hearing b. cease and desist order c. suspension order d. notice of violation - answerb. cease and desist which of the following coverages is included in the homeowners policy but is not included in an unendorsed dwelling policy? a. other structures b. dwelling c. personal property d. liability - answerd. liability which of the following commercial general liability coverages would protect a policyholder from assumed liability under a construction contract to install water lines for a city? a. completed operations b. premises liability c. contractual liability d. independent contractors - answerc. contractual liability commercial umbrella liability policies provide coverage... a. when the underlying contract has been nonrenewed b. when a loss is excluded under the underlying policy but not excluded under the umbrella c. only for a commercial auto liability d. for usual and everyday types of exposures - answerb. when a loss is excluded in the underlying policy but not excluded under the umbrella all of the following perils are covered under the basic commercial property causes of loss form except... a. falling objects b. vandalism c. fire d. sprinkler leakage - answera. falling objects all statements and descriptions in any application for an insurance policy by an insured are,,, a. representations and not warranties b. neither warranties nor representations c. warranties and not representations d. both warranties and representations - answera. representations and not warranties which of the following could be scheduled under a miscellaneous type vehicles endorsement to the personal auto policy? a. taxi b. company van c. trailer d. motorcycle - answerd. motorcycle The owner of an old building buys insurance to protect himself from a possible lawsuit. This is an example of risk.. a. transfer b. retention c. avoidance d. sharing - answera. transfer who are the owners of a mutual insurance company? a. directors b. policyowners c. investors d. stockholders - answerb. policyowners loss due to vandalism, water damage, theft, or building glass breakage are not covered if a building has been vacant for more than how many days? a. 45 b. 90 c. 60