2-20 Insurance License Exam
2024-2025. Questions &
Correct Verified Answers.
Graded A
"Perils of the seas" – ANS wind, waves, collision, stranding,
sinking, and other such accidents
Accident insurance – ANS provides coverage for expenses,
including loss of income, arising from accidents accounts
Receivable coverage – ANS reimburses the insured for amounts
which cant be collected from customers due to damage to the
company's account receivable records
Actual authority – ANS anything a principal authorizes the
agent to do
Actual cash value – ANS the cost to repair or replace the
damaged property minus depreciation
,Actual total loss – ANS property no longer exists or is beyond
salvage admitted aircraft
Liability coverage – ANS provides for principal sum payments
for death or dismemberment if the named insured requests it.
relating to aircraft policies.
Aircraft hull policy – ANS the risk of loss or damage to an
insured aircraft itself, including frame, engines, controls, and
navigation.
Includes comp and collision airport and air meet liability – ANS
covers for bodily injury and property damage as it pertains to
airports.
Aleatory contract – ANS contract in which the amounts
exchanged are not equal
Bail bond – ANS a type of court bond which would be required
of a defendant to guarantee the appearance in court
Barratry – ANS fraud by master or crew at the expense of the
owners of the ship or its cargo
, Basic form – ANS fire, lightning, explosion, hail, smoke, aircraft/
vehicles, riot or civil commotion, vandalism, sprinkler leakage,
sinkhole COLLAPSE, volcanic action
bid bond – ANS a type of bond that is required to accompany a
Bid for a contract which will require that the successful bidder
furnish further bond if awarded the job
Blue sky bond – ANS a type of bond that requires security
dealers to indemnify purchasers against loss caused by false
representations
Boiler and machinery policy – ANS protects an insured against
the effects of catastrophic property loss to, for example,
boilers, generators, engines, pumps, compressors, and turbines
Broad form – ANS In addition to basic form this covers: falling
objects, weight of ice, snow, sleet, water damage (from
leakage), and additional collapse coverage
Builders risk coverage form – ANS insures against risk of loss
from damage to property under construction, whether new
2024-2025. Questions &
Correct Verified Answers.
Graded A
"Perils of the seas" – ANS wind, waves, collision, stranding,
sinking, and other such accidents
Accident insurance – ANS provides coverage for expenses,
including loss of income, arising from accidents accounts
Receivable coverage – ANS reimburses the insured for amounts
which cant be collected from customers due to damage to the
company's account receivable records
Actual authority – ANS anything a principal authorizes the
agent to do
Actual cash value – ANS the cost to repair or replace the
damaged property minus depreciation
,Actual total loss – ANS property no longer exists or is beyond
salvage admitted aircraft
Liability coverage – ANS provides for principal sum payments
for death or dismemberment if the named insured requests it.
relating to aircraft policies.
Aircraft hull policy – ANS the risk of loss or damage to an
insured aircraft itself, including frame, engines, controls, and
navigation.
Includes comp and collision airport and air meet liability – ANS
covers for bodily injury and property damage as it pertains to
airports.
Aleatory contract – ANS contract in which the amounts
exchanged are not equal
Bail bond – ANS a type of court bond which would be required
of a defendant to guarantee the appearance in court
Barratry – ANS fraud by master or crew at the expense of the
owners of the ship or its cargo
, Basic form – ANS fire, lightning, explosion, hail, smoke, aircraft/
vehicles, riot or civil commotion, vandalism, sprinkler leakage,
sinkhole COLLAPSE, volcanic action
bid bond – ANS a type of bond that is required to accompany a
Bid for a contract which will require that the successful bidder
furnish further bond if awarded the job
Blue sky bond – ANS a type of bond that requires security
dealers to indemnify purchasers against loss caused by false
representations
Boiler and machinery policy – ANS protects an insured against
the effects of catastrophic property loss to, for example,
boilers, generators, engines, pumps, compressors, and turbines
Broad form – ANS In addition to basic form this covers: falling
objects, weight of ice, snow, sleet, water damage (from
leakage), and additional collapse coverage
Builders risk coverage form – ANS insures against risk of loss
from damage to property under construction, whether new
