150 that were incorrect

Have a resident license in his or her state of residence.

A person who wants to apply for a nonresident license in Connecticut must first

Completed operations

A plasterer has finished a job. What kind of liability coverage would protect him if the plaster falls and hurts someone because he did not do the job correctly?

12 months

A producer who has allowed his or her license to lapse may reinstate the license without retaking the examination within what maximum time period?

Valued policy.

A type of policy that is used to provide a specific amount of replacement cost for a given risk after an insured property has been destroyed is called a(n)

Motor carrier coverage is needed. The motor carrier coverage form can cover anyone who transports goods. Because the truckers coverage form does not cover private carriers, the motor carrier coverage will cover both private and common or contract carriers.

ABC trucking company recently purchased XYZ manufacturing company. ABC wants to transport the new company's freight with their trucking division. The company also wants to continue to haul freight for the clients it has served for many years. In regard to coverage, which of the following is true?

Personal injury Personal injury may be added by endorsement.

All of the following are additional liability coverages automatically provided in a homeowners policy EXCEPT

Premiums

All of the following are examples of risk retention EXCEPT

Physical damage coverage.

All of the following are parts of a personal auto policy EXCEPT

Theft.

All of the following are perils covered under the broad form dwelling policy EXCEPT

Passing the Connecticut licensing examination.

All of the following are requirements for a nonresident license EXCEPT

Consequential loss, also known as indirect loss, is a second financial loss caused by a covered direct loss.

An insured's business is damaged because of a fire, and he is forced to close the business temporarily for repairs. As a result, the insured lost income. What type of loss is this?

The named insured was convicted of driving while intoxicated. Once a policy has been in effect for more than 60 days, an insurer may terminate the policy due to nonpayment of premium or if one of the regular operators loses his or her license.

An insurer may NOT cancel a policy that has been in effect for 120 days on a mid-term due to which of the following?

Fiduciary liability insurance.

Apply and pay a fee to a nonresident state that reciprocates

Liability and medical payments

Extended nonowned coverage endorsement in a PAP broadens which of the following coverages?

Utility service - direct damage would pay for the loss of the meat that was damaged because of no refrigeration.

Frank's Steaks furnishes meat to steakhouses. An accident on the premises causes the building to lose refrigeration for 32 hours. The state inspectors will not allow the meat in the refrigerating units to be sold for human consumption, and Frank loses $18,500 in disposing of the meat. What coverage under Frank's BOP policy will cover the loss?

3

How many continuing education hours related to regulations or ethics are producers required to complete per reporting period?

Every 6 months

How often is the exportable list published and made available to licensees?

every 6 months

How often is the exportable list published and made available to licensees?

covered by endorsement

In dwelling policies, automatic increase in insurance is

self insured - Retention

In liability insurance, the amount of loss that the insurer must cover out of pocket is called?

Apply and pay a fee to a nonresident state that reciprocates

In order to get a nonresident license in Connecticut, a producer must do which of the following?

Deductible

In property and casualty insurance, what is the term for the amount of a loss that the insured must cover out of pocket, and the insurer will only pay for the additional amount of the loss above this limit?

Submitting to a medical exam when requested.

In the event of a claim under a commercial general liability policy, the insured has all of the following duties to the insurer EXCEPT

The Commissioner of Insurance.

In the state of Connecticut, an insurance license is granted by

conditions

In which of the following sections of a commercial auto policy will you find specific information about the policy period?

specific coverage

Property insurance that provides $100,000 coverage for a building and $50,000 coverage for personal property at a single location is called

business liability By endorsement, an insured may extend the Section II liability coverage to certain business pursuits that occur away from the premises. It would cover the activities of the insured, but would not cover the liability of a business owned by an insured.

The Business Pursuits endorsement under Section II of a homeowners policy will cover all of the following EXCEPT

the date when the injury or damage occurred The occurrence form trigger is based on the date when injury or damage occurs and covers claims made at any time for injuries that occur during the policy period.

The occurrence form trigger is based on which of the following?

the state

The regulation of the insurance industry primarily rests with

Provided by the insured's policy on an excess basis.

Under the personal auto policy, liability for bodily injury resulting from the insured's use of a nonowned automobile is

The insured knowingly lied about the year the property was constructed. The only way an insurer can cancel a policy midterm is if there has been a misrepresentation of a material fact or if the risk has changed substantially from when it was first insured.

Under which of the following circumstances would an insurer be allowed to cancel a dwelling policy midterm?

United States and its territories, Canada, or worldwide for private passenger hired autos

What is the business auto coverage territory for?

the SIR The self-insured retention (SIR) is an initial part of a loss the insured pays before the umbrella pays if no other policy covers the loss.

What is the deductible of a commercial liability umbrella policy called?

(Incurred losses + Loss adjusting expense) / earned premium

What is the loss Ratio?

The excess over the self-insured retention.

When an umbrella policy is broader than underlying insurance and it pays a loss that is not covered by the underlying policy, it usually only pays

Only if the insured does not have commercial auto coverage

When is a hired and nonowned auto liability endorsement available in a businessowners policy (BOP)?

the commisioner

Which entity is in charge of granting producer licenses?

Replacement cost

Which method of loss valuation is contrary to the basic concept of indemnity?

Scheduled personal property endorsement

Which of the following endorsements is used to insure Coverage C (personal property) for values beyond the limitations of the homeowners policy?

Any loans required to offset uncollectible amounts

Which of the following is NOT covered under accounts receivable coverage form?

declarations

Which of the following is a mandatory part of an insurance policy that varies with each individual policy?

collapse

Which of the following is an additional coverage that is covered by the broad causes of loss form?

It is a liability insurance company owned by its members.

Which of the following is true regarding a risk retention group?

Personal injury applies only if added by endorsement and an additional premium is paid.

Which of the following liability coverages must be added by endorsement to a homeowners policy in order to apply?

breakage of glass Breakage of glass is included in the DP-2 and DP-3 only.

Which of the following other coverages is NOT included in the basic form dwelling policy?

liability coverage

Which of the following personal auto coverages would pay for the insured's travel expenses and loss of earnings while involved in the settlement process of a covered loss?

Directors and officers liability

Which of the following special liability coverages will provide protection to managers of a corporation for claims arising from a wrongful act committed by the manager while in an official capacity?

You cut your leg while whacking weeds in your backyard with your neighbor's weed whacker. Medical payments to others covers invitees, residence employees not covered by workers compensation, and injury to others caused by animals in your control. If you hurt yourself, accident and health insurance would be needed for your injuries.

Which of the following would NOT be covered by medical payments to others in Section II of your HO policy?

Additional Coverages

Which part of an insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss, or defense expenses?

Immediately report to an emergency room for medical examination.

With regards to the personal auto policy, in the event of a claim or loss, the insured is required to do all of the following EXCEPT

A pickup or van titled to and used in the named insured's business. For eligibility, the personal auto policy will insure as covered autos those vehicles owned by the named insured and not used primarily for a business, other than farming. Vehicles leased to the named insured for periods of 6 months or longer also are classified as owned for insurance purposes.

With respect to auto insurance, the term owned autos includes all of the following EXCEPT

A vehicle that is titled to another person, but is being used with permission by an insured

With respect to the personal auto policy, which of the following vehicles could be classified as a nonowned auto?

pays dividends to policy owner

participating insurance policy does what ?

How parties to the contract must act following a loss.

the policy conditions define?