Questions I got Wrong #2

How many days do insurers have to acknowledge any claims made by first-party claimants?

10

A sworn written statement that must be furnished by the insured to the insurer before any loss under a policy can be paid is called

Proof of loss

The Gramm-Leach-Bliley Act was passed to

Protect private customer information filed with a financial institution.

The homeowners policy covers collapse caused by all of the following EXCEPT: a)Weight of too many people attending an event hosted in the house. b)Foundation cracks. c)Weight of snow. d)Hidden insect or vermin damage.

b)Foundation cracks.

According to the transportation network company regulations, while drivers are logged into the digital network and engaging in a prearranged ride, the driver's primary automobile insurance coverage must be in the amount of at least

$1,000,000

What is the limit for the forgery or alteration coverage in the businessowners policy?

$2,500

The War, Military Act, and Terrorism Exclusion will only apply to an incident of terrorism in which the total of insured damage to all types of property in the United States, its territories and possessions, Puerto Rico and Canada exceeds what amount?

$25,000,000

When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as which of the following? a)Consideration b)Legal purpose c)Contract of adhesion d)Acceptance

Consideration

All of the following are conditions commonly found in the insurance policy EXCEPT a)Subrogation. b)Appraisal. c)Insuring agreement. d)Cancellation and nonrenewal.

c)Insuring agreement.

All of the following statements concerning liability coverage are true EXCEPT a)Liability policies normally include supplementary payment provisions. b)Liability policies defend the insured against claims, real or alleged. c)The policyholder can sue the insurer whether or not all conditions and provisions of the policy have been met. d)The insurer cannot refuse to pay a claim even if the insured is bankrupt.

c)The policyholder can sue the insurer whether or not all conditions and provisions of the policy have been met.

How many hours of continuing education must be completed in ethics and Missouri law each licensing period?

3

When other insurance is written on the same basis as a commercial property policy, the obligation of the insurer is to cover

A share of the loss

Within the first 60 days of coverage under a dwelling policy, how much notice is required for the cancellation of a policy?

10 Days

Which of the following types of valuation works best for property whose value does not fluctuate much? a)Stated amount b)Inflation guard c)Agreed value d)Market value

Agreed value

If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered

An unfair trade practice.

Additional coverages in the liability section of a homeowners policy cover all of the following EXCEPT a)Expenses the insured incurs rendering first aid for bodily injury to third parties. b)Damage to the property of others. c)Damage to a third-party property for which the insured is legally liable. d)Claims expense.

Damage to a third-party property for which the insured is legally liable.

To maintain an insurance license, all Missouri producers must successfully complete the required continuing education. All of the following statements concerning continuing education are correct, EXCEPT a)Required CE hours must be divided between the producer's lines of authority. b)CE requirement may be extended for up to 1 year. c)Excess CE credits may not be applied toward the next requirement period. d)Each licensee is required a minimum of 16 hours every two years.

Excess CE credits may not be applied toward the next requirement period.

State law specifically prohibits using illegal inducements in the marketing of insurance. All of the following would be considered illegal inducements EXCEPT a)Offering benefit certificates or securities in return for purchasing insurance. b)Inviting prospective clients to the grand opening of the company's new office. c)Issuing or delivering insurance company stock in return for purchasing insurance. d)Promising returns and profits from the purchase of insurance.

Inviting prospective clients to the grand opening of the company's new office.

To perform work on a customer's car, a mechanic in an auto shop had to put the vehicle on a service hoist. The hoist collapsed, damaging the vehicle and injuring the mechanic. In regard to the garage coverage form, which of the following statements is true? a)Coverage is provided for all perils. b)Coverage is provided for the bodily injuries to the mechanic. c)No coverage is applicable. d)Coverage is provided for the car on the hoist only.

No coverage is applicable

Which of the following would be covered under the Film Coverage Form? a)Deterioration of a film b)Exposure of a negative film to light c)Electrical erasure of a tape d)None of these are covered.

None of these are covered

Rental Reimbursement is only available if the policy includes which coverage?

Other Than Collision Coverage