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AWMA Exam 3 Questions and Answers- Updated 2024 The top three specialty areas in which high net worth individuals seek advice include all of the following except A)retirement planning. B)tax planning. C)estate planning. D)investment planning. - Answer-A) The top three specialty areas in which high net worth individuals seek advice are tax, estate, and investment planning. Retirement planning is not as necessary, but may be a minor concern. Mod 1 Concerning behavioral biases and as comp...

AWMA Exam 2 Questions and Answers – Updated 2024 Of the following practical dimensions of emotional intelligence, which is the most complex and difficult to attain? A)Regulation of adviser and/or client emotions B)Integration of emotional intelligence into thinking C)Perception and differentiation between emotions D)Understanding and explanation of the emotions - Answer-A) Individuals who score highly on the main dimensions of EI are able to perceive and differentiate between emotions,...

AWMA Exam 1 Practice Questions and Answers – Updated 2024 Which one of the following characteristics is more correct concerning younger wealthy individuals (millennials and GenXers)? A) Younger wealthy individuals are seeking more technological options in financial planning. B) Younger wealthy individuals have not experienced significant bear markets. C) Younger wealthy individuals have directly opposite financial needs as compared to baby boomers. D) Younger wealthy individuals likely...

AU62 Course Exam Practice Questions with Correct Answers An organization may incur losses from legal liabilities in a number of different ways. Which one of the following actions would best be described as an intentional tort? - Answer-A newspaper mistakenly identifies the driver in an alcohol-related hit and run accident as John Doe, a prominent local attorney. Martin, a 15-year-old boy, carelessly tossed a glass bottle over the heads of several people toward a recycling bin 15 feet away...

AU 62 - Chapter 2 Study Guide with Complete Solutions Coverage A - Answer-Bodily Injury and Property Damage Liability Bodily Injury and Property Damage Liability composed of - Answer-premises and operations hazard; products and complete operations hazard premises and operations liability exposure - Answer-possibility that an organization will be held liable because of bodily injury or property damage caused by an accident that either occurs on the organizations premises or arises out of t...

AU 62 - Ch 2 Study Guide with Complete Solutions Premises and operations liability exposure - Answer-Premises and operations liability exposure is the possibility that an organization will be held liable because of bodily injury or property damage caused by an accident that either occurs on the organization's premises or arises out of the organization's ongoing (as opposed to completed) operations on or off those premises. It could be caused by an accident arising out of the products...

AU 62: Chapter 2 Exam Questions and Answers A contractor was hired by a railroad to work on a bridge adjacent to railroad tracks. Which one of the following types of insurance coverage would best respond to claims against the railroad arising out of the contractor's work? Select one: A. A Commercial General liability (CGL) Coverage Form covering the contractor B. A Commercial General liability (CGL) Coverage Form covering the railroad C. A Railroad Protective Liability Coverage Form p...

AU 62 - Ch 3 Study Guide with Complete Solutions Products liability - Answer-A manufacturer's or seller's liability for harm suffered by a buyer, user, or bystander as a result of a product that has a dangerous manufacturing defect or design defect or that is not accompanied by a warning of an inherent hidden danger. Express warranty - Answer-An explicit statement about a product by the seller that the buyer or other user may rely on and that provides a remedy in the event the produc...

AU 62: Chapter 1 Exam Questions and Answers A court rules that a demolition company is legally liable for claimed damages resulting from the demolition company's blasting operations at a construction site, in spite of the fact that the demolition company was in no way negligent and the resulting damages were entirely accidental. This type of liability is known as Select one: A. Contractual liability. B. Statutory liability. C. Premises liability. D. Strict liability. - Answer-D. Str...

AU 61 – 2024 Exam Practice Questions and Answers A building owner rents its property to an auto dealership. The property is damaged and temporarily unavailable for a period during which the dealership pays no rent. From the building owner's perspective, this is an example of: A. Lost income. B. A cause of loss. C. A period of restoration. D. An extra expense. - Answer-A. Lost income. All of the following are financial consequences of property loss exposures, EXCEPT: A. Extra expen...

AU 61: Chapter 5 Practice Questions and Answers Fire differs from other forms of oxidation in which one of the following ways? Select one: A. It can sustain itself without oxygen. B. It requires a fuel source. C. The speed at which the chemical reaction occurs is different. D. It releases energy in the form of heat. - Answer-C. The speed at which the chemical reaction occurs is different. Extreme friction provides which one of the following basic components of fire? Select one: A. Fue...

AU 61: Chapter 2 Exam Questions and Answers Of the four interdependent elements that commercial property underwriters analyze when evaluating submissions for property insurance, which one of the following stands out as a key factor in underwriting property insurance? Select one: A. External exposure B. Occupancy C. Construction D. Protection - Answer-C. Construction Of the elements commonly used by property underwriters when evaluating property submission, which one of the following i...

AU 62 - Ch 8 Exam Questions and Answers Umbrella liability policy - Answer-A liability policy that provides excess coverage above underlying policies and may also provide coverage not available in the underlying policies, subject to a self-insured retention. Provides additional limits BUT also provides coverage not available in the underlying coverages, subject to the insured's assumption of the self-insured retention or retained limit. Most umbrella policies provide defense coverage. ...

AU 62 Professional Liability Exam Questions and Answers What is accurate concerning professional liability coverage under the CGL policy? - Answer- Professional liability losses may end up being excluded from coverage under the commercial general liability policy if they do not fit the definition of bodily injury, property damage or personal and advertising injury. Insurers routinely endorse their CGL policies to exclude professional liability. What type of business would most likely have...

AU 62 Practice Questions with Correct Answers Statutory liability is one of the major bases for imposing legal liability on an organization. Which one of the following statements concerning statutory liability is most correct? Select one: A. Most of the claims covered by liability insurance arise in conjunction with liability imposed by statutes and ordinances. B. Statutory liability arises when an organization intentionally violates a state or federal law. C. Statutory liability is a fo...

AU 62 Legal Foundations Practice Questions and Answers Which one of the following statements about legal liability is true? - Answer-Legal liability that is imposed by civil laws can be based on contracts and statutes Tortfeasor - Answer-one who commits a tort Which one of the following best describes the liability that the homeowner would face if a child trespassed onto the property and was injured by the pool? - Answer-Under the attractive nuisance doctrine, the homeowner can be liable ...

AU 62 Exam Study Guide with Complete Solutions Civil Law - Answer-legal matters not governed by criminal law and that protects rights and provides remedies for breaches of duties owed to others ONLY THING INSURANCE COVERS Criminal Law - Answer-the branch of the law that imposes penalties for wrongs against society Bases for legal liability - Answer-torts contracts statutes Torts - Answer-a wrongful act or an omission, other than a crime or a breach of contract, that invades a legally ...

AU 62 Exam Questions and Answers Which one of the following statements about owners and contractors protective liability coverage is true? - Answer-It covers the property owner for damage arising from the contractor's operations. A contractor was hired by a railroad to work on a bridge adjacent to railroad tracks. Which one of the following types of insurance coverage would best respond to claims against the railroad arising out of the contractor's work? - Answer-A Railroad Protectiv...

AU 61 - EXAM REVIEW QUESTIONS AND ANSWERS While traveling on an interstate highway, Julia Carson noticed a large plume of smoke in what appeared to be an isolated area. Julia pulled off at the next exit and called 911 to reach a single emergency response center that dispatched local fire services to the area. Which one of the following elements did Julia use? - Answer-Fire detection Floors, beams, and joists spread interior load _____to ________load-bearing components. - Answer-horizonall...

Au 61 Simulated Exam Questions and Answers Dillon Distributing has a property insurance policy on its building. The policy has a $306,000 limit, a $5,000 deductible, and a 90% coinsurance condition. The building suffered a $100,000 fire loss. The actual cash value of the building at the time of the loss was $400,000. How much will Dillon Distributing's property insurer pay for the loss? Select one: A. $95,000 B. $80,000 C. $90,625 D. $85,000 - Answer-B. $80,000 Dillon Distributing...