Property and Casualty Insurance
Mastery Exam A
An insured rents a car while on vacation in Canada and causes an accident. Is there coverage under his
personal auto policy? - Answer-The loss is covered under an unendorsed personal auto policy.
Under the workers' compensation laws, which of the following would NOT be covered? - Answer-Heart-
related illness resulting from hereditary causes
An insurance policy covers fire, will not cover nuclear contamination, and loss must be reported as soon
as possible. In this order, where are these facts found in the policy? - Answer-Insuring agreement,
exclusions, and conditions
Which of the following principles holds that a person should not profit by collecting on insurance? -
Answer-Principle of indemnity
Which of the following is NOT a benefit of workers' compensation insurance? - Answer-Pain and
suffering
The building and personal property form covers all the following EXCEPT - Answer-highway billboards
, The personal auto policy's comprehensive physical damage coverage covers all of the following EXC -
Answer-freezing
Who is responsible for controlling the content, form, and distribution of insurance policy
advertisements? - Answer-The insurer
An automobile policy may be canceled for any of the following reasons EXCEPT - Answer-being involved
in a hit-and-run accident for which the insured was not at fault
The Terrorism Risk Insurance Act provides federal compensation for insured losses resulting from acts of
terrorism. All of the following would qualify as acts of terrorism EXCEPT - Answer-acts causing property
damage and loss of life in foreign countries
Which of the following is NOT a commercial general liability exposure? - Answer-Owned investment
portfolio
Open peril coverage for both the dwelling and personal property is provided by the - Answer-HO-5
All of the following would be covered property by the CPP building and personal property form EXCEPT -
Answer-bailee property
An agent license is renewed by paying the applicable renewal fee and completing - Answer-continuing
education
In an insurance transaction, who does a licensed agent legally represent? - Answer-Insurer
The listing of the perils covered under a policy is found in - Answer-the insuring agreement
Mastery Exam A
An insured rents a car while on vacation in Canada and causes an accident. Is there coverage under his
personal auto policy? - Answer-The loss is covered under an unendorsed personal auto policy.
Under the workers' compensation laws, which of the following would NOT be covered? - Answer-Heart-
related illness resulting from hereditary causes
An insurance policy covers fire, will not cover nuclear contamination, and loss must be reported as soon
as possible. In this order, where are these facts found in the policy? - Answer-Insuring agreement,
exclusions, and conditions
Which of the following principles holds that a person should not profit by collecting on insurance? -
Answer-Principle of indemnity
Which of the following is NOT a benefit of workers' compensation insurance? - Answer-Pain and
suffering
The building and personal property form covers all the following EXCEPT - Answer-highway billboards
, The personal auto policy's comprehensive physical damage coverage covers all of the following EXC -
Answer-freezing
Who is responsible for controlling the content, form, and distribution of insurance policy
advertisements? - Answer-The insurer
An automobile policy may be canceled for any of the following reasons EXCEPT - Answer-being involved
in a hit-and-run accident for which the insured was not at fault
The Terrorism Risk Insurance Act provides federal compensation for insured losses resulting from acts of
terrorism. All of the following would qualify as acts of terrorism EXCEPT - Answer-acts causing property
damage and loss of life in foreign countries
Which of the following is NOT a commercial general liability exposure? - Answer-Owned investment
portfolio
Open peril coverage for both the dwelling and personal property is provided by the - Answer-HO-5
All of the following would be covered property by the CPP building and personal property form EXCEPT -
Answer-bailee property
An agent license is renewed by paying the applicable renewal fee and completing - Answer-continuing
education
In an insurance transaction, who does a licensed agent legally represent? - Answer-Insurer
The listing of the perils covered under a policy is found in - Answer-the insuring agreement
