ExamFX Guarantee Missed Questions

Reimbursement for fines and penalties

Which of the following would NOT be covered under the directors and officers liability coverage?

They are not taxable and are not guaranteed

Which statement is an accurate description of life insurance policy dividends?

Market Value

Which valuation method takes into consideration what a willing buyer would pay for an insured property?

Texas Department of Insurance

All authorized property and casualty insurers must be members of all of these organizations EXCEPT

Debris removal

All of the following are optional endorsements that may be added to the standard equipment breakdown coverage form EXCEPT

An employee of the named insured operating an auto that is owned by the employee's spouse

All of the following persons would be covered under a business auto policy EXCEPT

Insurance Company

An agent solicits insurance on the behalf of the

$50,000

An insured was judged at fault in an automobile accident. He has the 100/300 bodily injury liability coverage. Three other individuals were injured in the vehicle hit by the insured. They were awarded damages of $150,000, $75,000 and $75,00. What amount, if any, was not covered by his insurance policy?

30 Days

An insured was told to leave his home because of endangerment by a brush fire that was out of control. The insured was able to have his personal property moved to storage away from the endangered area. For how long will the homeowners policy provide coverage for the stored property?

The insured submits a claim against the policy

An insurer may cancel a homeowners policy that has been in effect for more than 60 days for any of the following reasons EXCEPT

Three or more

An insurer may decline to renew a Homeowners policy if the insured has filed how many claims under the policy in any 3-year period?

Workers Compensation

Claims from which of the following types of insurance will be covered by the Texas Property and Casualty Insurance Guaranty Association?

Policy

Policy limits are the maximum amount an insured may collect, or for which an insureds product is protected under the terms if the

The resident state of the claimants

Reports required by the Texas Department of Insurance based on complaints about unfair settlement practices must contain information about all of the following EXCEPT

The other party is licensed for the same lines of insurance as the agent sharing the commision

Sharing commissions is legal if

Court cost assessed against the insured in a suit

The supplementary payments section of the commercial general liability policy would cover

$1,000

Unless additional coverages are added to the businessowners policy (BOP), the maximum amount of coverage on an outdoor sign attached to the building is limited to

A certificate of authority

In order for Wild Life of Havana to do business in this state, it must apply for and obtain

Collision Coverage

In order to receive transportation expenses under the personal auto policy following damage to your auto caused by collision, you must have

$10,000

The businessowners policy (BOP) extension coverage form for personal property off-premises is limited to

Workers Compensation

What type of losses is NOT covered by the personal injury protection (PIP) in auto policies?

Arbitration

When Jane and her insurer could not agree on the amount of liability loss after her accident, the settlement was submitted to someone whose decision was then binding on both parties. What condition did Jane use?

They are covered if they are used to replace previously owned autos with that coverage

When symbol 7 is provided, which of the following statements is true with regards to newly acquired autos?

A single-family home

Which of the following could be insured with replacement cost coverage under the flood insurance program?

$8,000

A home is insured for $200,000 under an HO-3. Last week, the owner purchased a new home and began to move his personal property to the new residence. Last night, vandals did $8,000 of damage to the property that had been moved to his new residence. Disregarding any deductible, how much will the HO-3 pay?

The appliance was manufactured in the United States

A small appliance manufacturer in this state provides products around the globe. A customer in Switzerland is injured using one of its products. If the appliance manufacturer is found liable for the damages, why would its commercial general liability policy cover the customer's claim for bodily injury?

Riot

For an additional premium, the extended coverages written on the basic form dwelling policy would cover which of the following?

A reasonable expectation that the act may cause injury or damage

For there to be negligent liability, all of the following must exist EXCEPT

Misrepresentation

Guaranteeing future dividends is considered to be an unfair or deceptive act known as

8 days

How many days after an injury that results in a disability do income benefits begin to accrue?

There is no additional premium

If an insurance policy has the additional coverage provision, how doe it affect the policy premium?

At least 2 auto insurers

In order to obtain insurance through the Texas Automobile Insurance Plan Association, the applicant must provide proof that he or she has been rejected by

25%

Under Business Personal Policy Limit - Seasonal Increase, if no percentage is specified in the declarations, seasonal fluctuations will automatically increase the limit for business personal property by

An automobile used as a company car by a real estate company

Under a commercial general liability policy, which of the following is NOT considered mobile equipment?

Residual Markets

What is designed to assume risks that are generally unacceptable to the normal insurance market?

60 days

What is the maximum amount of time an insurer may delay payment of a claim without having to pay an additional interest?

There is no maximum time period

What is the maximum period of time the Commissioner may revoke your agent's license?

Immediately notify the insurer when the insured has filed for bankruptcy

Which of the following duties is NOT required of the insured in the event of a loss?

Contractual Liability

Which of the following exclusions would specifically fall under Coverage E?

Surplus Lines Broker

Which of the following is a licensee able to place insurance with unauthorized insurers?

The insured's limit of liability is 25% of the sum of the direct loss payment plus the deductible amount

Which of the following statements is correct regarding the debris removal coverage under the businessowners policy (BOP)?

Life and Health Insurance Counselor

A Licensee who, for a fee or commission, offers to examine a life insurance policy, and gives advice regarding the policy, is known as?

PIP does not cover funeral expenses

Which of the following statements is true regarding personal injury protection (PIP) coverage in auto liability policies issued in this state?

The insured may reject this coverage in writing

Which of the following statements is true regarding personal injury protection (PIP) coverage in auto liability policies issued in this state?

Insurance Transaction

Which of the following terms refers to solicitation, negotiation, effectuation or advising related to an insurance contract?

Property lost due to military action

Which of the following would NOT be covered by commercial inland marine policies?

Payroll

Workers compensation rating is developed by applying a rating bureau job classification to which of the following?