Property and Casualty Question and Answers Final Exam

Property and Casualty Question and Answers 2024- 2025 Final Exam Which of the following incidents would not be excluded under a DP-3 policy? Burglary of a property that was vacant for 30 consecutive days Which of the following are losses excluded under Coverage F? An individual who is eligible to receive disability insurance Which of the following will not provide a premium discount from standard market workers comp insurance? Assigned Risk Plan The face amount of a Surety bond is called the: Penalty M has opened up his business, Tractors & Semis Sales, LLC. His stock will be covered while it is being transported, if he: Adds the equipment dealers floater All of the following are correct about the Commercial Endorsement regarding Spoilage EXCEPT: Coverage extends to stock off premises What is a certificate of authority? The license required for an insurer to conduct business in the state A licensed producer who lives in another state & transacts insurance in AZ is called: A Non-Resident Producer Any of the following may be an unfair claims settlement practice EXCEPT: Refusing to pay persons bringing false or fraudulent claims What is the best description of an applicant to the AZ auto insurance plan? An applicant in good-faith entitled to coverage but unable to obtain coverage through ordinary methods Which statement regarding the identification of the producer rule is false? A policy is invalidated if the producer is not identified as required by law If an insured's dog bites a guest that results in a settlement amount of $150,000 plus attorney fees of $70,000. How much is the insured personally responsible to pay if their homeowners policy Coverage E amount was $100,000? $50,000 J has a policy that pays a maximum single dollar amount for property damage & death or bodily injury. Which Limit of Liability does J's policy have? Combined Single Limit E is a professional musician who owns a vintage guitar with a current value of $20,000. E should properly insure this guitar with a(n): Personal Articles Floater For policyholders in the same risk classification, it is unlawful to: Charge different premiums All of the following are main elements of a commercial package policy, EXCEPT: Liability Which of the following homeowner forms pays for loss on a functional replacement cost basis? HO-8 A motor vehivle liability policy must state all of the following in order to remain in effect, except? Whether the policy has workers comp rider for employees working on the property H builds a 3 flat building that he will rent out to tenants & is the least fire resistant construction available. Under ISO construction guidelines, H's building would be classified as: Frame Additional coverages of a Farm owners policy E & F will pay ____ to replace lost farm operations info as a result of a covered cause of loss. $2,000 On 12/12, C suffered a loss under her homeowners liability section. On 12/18, she declared bankruptcy. The insurer: Must cover the loss In cases where the customer is responsible for damage to the ship