PA Property & Casualty Insurance Exam (C)

All the following are minimum liability requirements of the PA motor vehicle financial responsibility law except

2.5k for first party medical benefits

In Pennsylvania, an insured is considered a clean risk for personal automobile coverage when the period immediately preceding the date of renewal of the policy is

36 months

Another term for an indirect loss is

A consequential loss

Which of the following is in the common policy declaration of commercial package policy?

A description of the business being covered

Concealment is defined as withholding

A known fact

In PA commercial property and casualty risk insurance does not included which of the following

Aviation

What is the purpose of an insurance policy deductibles?

Avoid the filing of small claims

Which of the following example of a loss covered by collision coverage under a business auto policy

Breakage of glass

Which type of insurance covers good in transit over water

Cargo

If a named insured elects the limited tort option in PA, the insured can seek recovery for pain and suffering for other non-monetary damages for all of the following scenarios except. If the at fault driver

Causes the insured to sustain serious injury

All of the following are examples of loss exposure except?

Completed Operations

An individual who acts on behalf of an inquirer in negotiating an insurance contract is known as

Consultant

Under a personal automobile policy. Part A -liability coverage covers damages for which of the following

Damage for liability or property damage done to someone else as a result of a covered accident

Which endorsement of an insured add to their business automobile policy to cover the owner of the leased vehicle

Drive other care coverage endorsement

What coverage part in a homeowner's policy includes building materials on the premises used to repair the covered property?

Dwelling

What type of property does an insured suffer if they do not carry sufficient if they don't NOT carry sufficient property insurance to meet the policy requirements?

Excess

The classification type of construction that uses material that can withstand fire for at least 2 hours

Fire resistive

Dwelling and Homeowners policies exclude coverage for

Flood

A deliberate lie by an insured to the insurer to obtain a lower premium is an example of

Fraud

After the hearing, the insurance commissioner has determined a licensee has committed a violation of PA insurance laws what can the insurance commissioner do?

Impose an administrative penalty

The entity that has the power to revoke an insurance license is the

Insurance commissioner

The primary function of a personal umbrella liability policy is providing coverage for

Legal claims that exceed the policyholder's primary liability insurance limits

Under a homeowner's policy which of the following is not covered by personal injury coverage

Medical payment to others

When terminating a licensed producer's appointment an insured must

Notify the commissioner within 30 days following the termination

In the event of a loss the dwelling policy condition on other insurance states that

Only a proportion of the loss will be paid

An insurance producer may NOT withdraw funds from a premium trust account to

Pay premium to insurance

If a licensee has found to have committed any fraudulent or dishonest practice the insurance commissioner may do all the following except

Place the licensee under supervision

According to PA workers comp law a notice shall be posted in prominent and easily accessible place at the site of employment stating

Remember it is important to tell your employer about your injury

Which terms describes a PA corporation whose primary activity consists of assuming and spreading all, or any portion of that liability exposure to its group members

Risk retention group

Which of the following situations is excluded in the homeowner's policy?

Running over the neighbors fence in a fit of rage

Which type of insurance policy is characterized by the identification of several items, each with its own description and limit?

Specific

An employee was severely injured in a work-related accident that require four weeks of hospitalization. The employee filed for workers compensation disability benefits. During the four week in the hospital, the disability would be classified as

Temporary total

An individual purchased a vehicle and financed it through his credit union which party does not have an insurable interest

The credit union

All of the following are elements of an agreement EXCEPT?

The definite terms

According to the PA assigned risk plan, all the following statements are true except

The plan may provide the transfer of individuals into the ordinary market at high rates

What is a benefit of a commercial package policy?

To replace the need for multiple policies

In PA first party benefits include all of the following except

Transportation

The illegal act of an insurance policy replacement through intentional misrepresentation of benefits and advantages is

Twisting

Which activity does not require an insurance producers license?

Underwriting

What is the coverage territory for forgery coverage under the commercial crime policy?

Worldwide