Insurance Licensing Study guides, Class notes & Summaries

All of the following are characteristic of an ALTA loan EXCEPT: A. Exceptions B. Exclusions C. Contingencies D. Conditions - CORRECT ANSWER-C. Contingencies The policy limit noted in a title insurance policy applies to: A. Each defect B. Each claim C. Per year D. Cumulative claims - CORRECT ANSWER-D. Cumulative claims Zoning ordinances are establish by: A. Home builders B. Local Government C. Lender D. All the above - CORRECT ANSWER-B. Local government A good faith estimate must ...

Which would NOT be covered by the inside the premises- robbery or safe burglary other property coverage? correct answersAn employee caught stealing cash from the register The primary purpose of a surety bond is to correct answersMake sure obligations are fulfilled An insurance agency could purchase an errors and omission insurance policy which would provide protection in the event of any of the following events EXCEPT correct answersThe agency loses commission income from policies that wer...

Insurance Licensing Exam Chapters 1 Questions & Answers 2024 Risk - ANSWER-A condition where there is a chance, likelihood, or probability of potential loss. Insurance - ANSWER-Is a way of managing risk, by transferring risk to the insurer from the insured. Pure Risk - ANSWER-a risk that presents the chance of loss but no opportunity for gain Speculative Risk - ANSWER-A chance of loss OR a gain. loss - ANSWER-The reduction, decrease, or disappearance of value of the person, prop...

Insurance Licensing - Chapter 15: Arkansas State Law Exam Questions And Answers 2024

Insurance Licensing Exam Questions and Answers 2024

A commercial property special form covers property in transit up to _____? - Answer- $5000 salvage clause - Answer- allows the insurer to sell the damaged property as salvage to recover part of the paid loss Who is NOT subject to workers compensation laws? - Answer- Independent contractors Homeowners 2000 policy will pay to _____ for grave markers, including mausoleums, on or away from the premises for loss caused by a peril insured against under coverage C? - Answer- $5000 A grace m...

Which would NOT be covered by the inside the premises- robbery or safe burglary other property coverage? - Answer- An employee caught stealing cash from the register The primary purpose of a surety bond is to - Answer- Make sure obligations are fulfilled An insurance agency could purchase an errors and omission insurance policy which would provide protection in the event of any of the following events EXCEPT - Answer- The agency loses commission income from policies that were not issued by...

37. Professional liability coverage protects against legal liability, resulting from: Errors and Omissions 38. Which of the following liability policies is usually written on a "claims-made" form?: Professional Liability Insurance 39. All of the following statements are FALSE regarding garage physical damage coverage EXCEPT: No coverage is provided for any auto stored for more than forty-five days at a location not shown on declarations 40. Which commercial crime form would provide coverage...

Insurance Licensing Exam QUESTIONS AND ANSWERS GRADED A+ Which would NOT be covered by the inside the premises- robbery or safe burglary other property coverage? Correct Answer: An employee caught stealing cash from the register The primary purpose of a surety bond is to Correct Answer: Make sure obligations are fulfilled An insurance agency could purchase an errors and omission insurance policy which would provide protection in the event of any of the following events EXCEPT Correct Answe...