Mastery Exam UPDATED ACTUAL Questions and CORRECT Answers
An Insurance company may examine and audit an in-
sured's books and records for up to...
a. 5 years
b. 3 years
b. 3 years
c. 4 years
d. 8 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...
c. 30 days
a. 90 days
b. 60 days
c. 30 days
d. 45 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?
b. peak season endorsement
a. value reporting form
b. peak season endorsement
blanket policy
business income and extra expense 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...
b. liquor liability insurance
a. commercial general liability
b. liquor liability insurance
c. premises liability insurance
d. products 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
b. cease and desist order
c. suspension order
d. notice of violation
which of the following coverages is included in the home-
owners policy but is not included in an unendorsed
dwelling policy?
a. other structures d. liability
b. dwelling
c. personal property
d. liability
which of the following commercial general liability cover-
ages would protect a policyholder from assumed liability
under a construction contract to install water lines for a
city?
c. contractual liability
a. completed operations
b. premises liability
c. contractual liability
d. independent contractors
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 b. when a loss is excluded in the underlying policy but not
not excluded under the umbrella excluded under the umbrella
c. only for a commercial auto liability
d. for usual and everyday types of exposures
all of the following perils are covered under the basic
commercial property causes of loss form except...
, a. falling objects
b. vandalism
a. falling objects
c. fire
d. sprinkler leakage
all statements and descriptions in any application for an
insurance policy by an insured are,,,
a. representations and not warranties
a. representations and not warranties
b. neither warranties nor representations
c. warranties and not representations
d. both warranties and representations
which of the following could be scheduled under a miscel-
laneous type vehicles endorsement to the personal auto
policy?
a. taxi d. motorcycle
b. company van
c. trailer
d. motorcycle
The owner of an old building buys insurance to protect
himself from a possible lawsuit. This is an example of
risk..
a. transfer a. transfer
b. retention
c. avoidance
d. sharing
who are the owners of a mutual insurance company?
a. directors
b. policyowners b. policyowners
c. investors
d. stockholders
An Insurance company may examine and audit an in-
sured's books and records for up to...
a. 5 years
b. 3 years
b. 3 years
c. 4 years
d. 8 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...
c. 30 days
a. 90 days
b. 60 days
c. 30 days
d. 45 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?
b. peak season endorsement
a. value reporting form
b. peak season endorsement
blanket policy
business income and extra expense 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...
b. liquor liability insurance
a. commercial general liability
b. liquor liability insurance
c. premises liability insurance
d. products 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
b. cease and desist order
c. suspension order
d. notice of violation
which of the following coverages is included in the home-
owners policy but is not included in an unendorsed
dwelling policy?
a. other structures d. liability
b. dwelling
c. personal property
d. liability
which of the following commercial general liability cover-
ages would protect a policyholder from assumed liability
under a construction contract to install water lines for a
city?
c. contractual liability
a. completed operations
b. premises liability
c. contractual liability
d. independent contractors
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 b. when a loss is excluded in the underlying policy but not
not excluded under the umbrella excluded under the umbrella
c. only for a commercial auto liability
d. for usual and everyday types of exposures
all of the following perils are covered under the basic
commercial property causes of loss form except...
, a. falling objects
b. vandalism
a. falling objects
c. fire
d. sprinkler leakage
all statements and descriptions in any application for an
insurance policy by an insured are,,,
a. representations and not warranties
a. representations and not warranties
b. neither warranties nor representations
c. warranties and not representations
d. both warranties and representations
which of the following could be scheduled under a miscel-
laneous type vehicles endorsement to the personal auto
policy?
a. taxi d. motorcycle
b. company van
c. trailer
d. motorcycle
The owner of an old building buys insurance to protect
himself from a possible lawsuit. This is an example of
risk..
a. transfer a. transfer
b. retention
c. avoidance
d. sharing
who are the owners of a mutual insurance company?
a. directors
b. policyowners b. policyowners
c. investors
d. stockholders
