Missed Exam Questions

Terrorism Risk Insurance Act (TRIA) act of 2015 has extend the TRIA to the year

2020

Within the first 60 days of coverage under a dwelling policy, how much notice is required for the cancellation of a policy? A) 5 days B) 10 days C) 15 days D) 20 days

B

Which of the following claims would be included under the dwelling policy? a) Fire damage to a garage located on the insured premises used as an auto repair shop b) Theft of the insured's auto stolen from the detached garage c) Death to the insured's cat due to smoke inhalation d) Fire damage to the insured's rowboat located in the attached garage

D

financial responsibility requirements of Indiana may be met in several ways. Which of the following is not one of those? A) an insurance policy with the required limits B) a bond issued in favor of the state C) a certificate of self-insurance D) a letter from an approved bank

D

The part of a property policy that shows the amount of insurance, premium and policy term is

Declartions

The purpose of a mine subsidence fund is fo

Reinsure provides of mine subsidence coverage

burglary

The crime of forced entry into the premises of another by a person or persons with felonious intent is defined as

Any licensed person whose activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to

10 years

Assuming that the insured agrees to the amount payable for a loss covered under a dwelling policy, how soon after the insurer has received proof is loss must it make payment?

60 days

Insurance interest in a property policy must be proven

At the time of loss

All of the following are perils covered under the broad dwelling policy except: A) collapse B) theft C) fire D) lifhtening

B

In Indiana all of the following may act as insurance consultants EXCEPT A) a licensed insurance producer B) an individual who holds both the producers and consultants license C) a trust officer of a banker acting in the normal course of his duties D) an attorney acting within his professional capacity

B

Which of the following best expresses the purpose of a stated value contract? a) To provide a maximum limit for which the insurance company may become liable in casualty losses b) To pre-establish the amount of coverage available for property items that are difficult to value c) To ensure that the principle of indemnification applies d) To establish the value of property subject to loss by theft or robbery

B

Which of the following is NOT the consideration in a policy? A) the promise to pay covered losses B) the application given to a prospective insured C) something of value exchanged between parties D) the premium amount paid at the time of the application

B

All of the following would be considering rebates if offered to an insured in the same of insurance EXCEPT A) stocks, securities, bonds B) an offer to share in commissions generated by the sale C) dividends from a mutual insurer D) offer of employment

C

Coverage for medical payments under a Personal Auto Policy applies to expenses following a covered accident that are incurred and services rendered within what time period? A) 90 days B) 1 year C) 3 years D) 5 years

C

What type of information would be found in a policy's insuring agreement? A) location of premises B) policy limits C) insurers address D) renewal dates

D

On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. What is the company guilty of?

Misrepresentation

All of the following are factors in the determination of actual cash value except A)replacement cost B) insurance premium paid C) type and quality of property D) age or properrty

B

When cancelling a personal property insurance policy for nonpayment of premium, an insurer must provide an insured with a written notice of no less than

10 days

In order to get a non-resident license in this state producers must

Apply and pay a fee to a non-resident state that reciprocates

Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT A) consideration B) legal purpose C) offer and acceptance D) conditions

D) Conditions Conditions are part of the policy structure. Consideration is an essential part of a contract.