NC Casualty Insurance Exam
Practice Questions with Accurate
Answers
A $1,000,000 Umbrella policy was issued over a Homeowners policy with personal
liability limits of $300,000. The umbrella could have been issued with a $1,000
self-insured retention (SIR). The Homeowners policy has canceled. However, the
company issuing the umbrella does not become aware of the homeowner's
cancellation until an occurrence takes place. An award of $700,000 is granted to
the injured party. How much will the umbrella policy pay? correct answer B
A Business owner's policy is?
A)
A monoline policy.
B)
A self-contained complete package policy.
C)
Part of the commercial package policy.
D)
A special policy for large retail operations. correct answer B
A N.C. agent's license can be issued temporarily, not to exceed?
A)
100 days.
B)
180 days.
,C)
One year.
D)
30 days. correct answer B
A potential agent must have satisfied all of the following requirements prior to
effectuating insurance coverage in this state EXCEPT:
A)
Received an appointment from an admitted insurer.
B)
Completed an educational course from an approved school.
C)
Posted a $50,000 surety bond.
D)
Received an insurance license from the Department of Insurance. correct answer
C
A temporary contract of insurance is known as a(n)?
A)
Binder.
B)
Rider.
C)
Warranty.
D)
, Endorsement. correct answer A
All of the following are true about umbrella liability EXCEPT?
A)
Certain losses excluded by the primary insurance are covered under an umbrella.
B)
The umbrella provides insurance on an excess basis.
C)
A deductible exists between primary policy and the umbrella.
D)
Umbrella limits are not level at the top. correct answer C
All of the following businesses would probably qualify for a Businessowner's
policy EXCEPT?
A)
Lawyer's office.
B)
Medical practice.
C)
A small grocery store who sells alcohol.
D)
A small grocery store who does not sell alcohol. correct answer C
All of the following cover Liability policies EXCEPT?
A)
Practice Questions with Accurate
Answers
A $1,000,000 Umbrella policy was issued over a Homeowners policy with personal
liability limits of $300,000. The umbrella could have been issued with a $1,000
self-insured retention (SIR). The Homeowners policy has canceled. However, the
company issuing the umbrella does not become aware of the homeowner's
cancellation until an occurrence takes place. An award of $700,000 is granted to
the injured party. How much will the umbrella policy pay? correct answer B
A Business owner's policy is?
A)
A monoline policy.
B)
A self-contained complete package policy.
C)
Part of the commercial package policy.
D)
A special policy for large retail operations. correct answer B
A N.C. agent's license can be issued temporarily, not to exceed?
A)
100 days.
B)
180 days.
,C)
One year.
D)
30 days. correct answer B
A potential agent must have satisfied all of the following requirements prior to
effectuating insurance coverage in this state EXCEPT:
A)
Received an appointment from an admitted insurer.
B)
Completed an educational course from an approved school.
C)
Posted a $50,000 surety bond.
D)
Received an insurance license from the Department of Insurance. correct answer
C
A temporary contract of insurance is known as a(n)?
A)
Binder.
B)
Rider.
C)
Warranty.
D)
, Endorsement. correct answer A
All of the following are true about umbrella liability EXCEPT?
A)
Certain losses excluded by the primary insurance are covered under an umbrella.
B)
The umbrella provides insurance on an excess basis.
C)
A deductible exists between primary policy and the umbrella.
D)
Umbrella limits are not level at the top. correct answer C
All of the following businesses would probably qualify for a Businessowner's
policy EXCEPT?
A)
Lawyer's office.
B)
Medical practice.
C)
A small grocery store who sells alcohol.
D)
A small grocery store who does not sell alcohol. correct answer C
All of the following cover Liability policies EXCEPT?
A)
