ExamFX Property and Casualty

Discriminating in policy benefits based on the insured's habits and lifestyles.

All else being equal, which of the following will NOT be considered unfair discrimination by insurers?

Participating in controlled business

All of the following actions by a producer may be grounds for license revocation or non-renewal EXCEPT

Controlled Business

An insurance agent sold an insurance policy to his spouse, what type of transaction is this?

Open peril policy

An insurance policy that covers all risks of loss that are not specifically excluded is a(n)

Immediately

An insured has purchased a used car. When does collision coverage for this car begin?

Automobiles held for sale

Business personal property coverage form covers all of the following EXCEPT

Covered Auto

The designation symbols used in commercial auto policies can be found in which policy section?

Assignment

The transfer of a legal right or interest in an insurance policy.

Catastrophic

To be considered an insurable risk, a loss may NOT be

6 Stories

To be eligible for BOP coverage, an office building CANNOT be higher than...

The policy period ends

Under a worker compensation policy, premiums will be determined when

Builder risk

What commercial property form is used to insure buildings while under construction?

Who own the auto

What is the main distinction between a hired auto and a non-owned auto?

5

What is the maximum number of roomers or borders for the properties insured under the dwelling policy?

2

What is the maximum of boarders per unit that would be allowed in the homeowner policy?

Personal Liablity

What type of coverage is Coverage E in homeowners policies?

Additional Coverage

What type of coverages is Coverage E in homeowners policies?

They do not change

When a vehicle travels from one state to another, what happens to the limits of policy liability in a personal auto policy?

Insurer

When agents act within the scope of their contract, their actions will be assumed to be the acts of whom?

Funeral Home

Which of the following businesses would be eligible for a business owners policy?

Additional Living Expenses

Which of the following coverage is NOT included in the DP-1 form?

DP-2 and DP-3

Which of the following dwelling coverage forms would pay replacement cost for the dwelling?

Setting premium rates

Which of the following is NOT a duty of the Department of Insurance?

Bankruptcy

Which of the following is NOT one of the Other Coverages available with the personal liability supplement?

The application given to prospective insured

Which of the following is NOT the consideration in a policy?

Coverage D

Which of the following is the Fair Rental Value Coverage in the dwelling policy

Replacement cost

Which of the following is used to in the formula for calculating the actual cash value (ACV) of a property?

Sewer Backup

Which of the following would NOT be considered a flood?

Severability of Insurance

Which policy condition HO policies states that insurance applies separately to each insured?

Tenants

Who is covered by an HO-4 policy?

10 Days

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

Stated-amount Insurance

Items of property that would be difficult to appraise after a loss are best insured with

Liability assumed under contract

Professional liability coverage protects the insured against legal liability resulting from

A self-contained pre-packaged policy

A business owner policy is

30,000

A liability policy has split limits of 25/50/30/. Which of the following indicates the maximum amount of payable for damage to a person's property.

Claims-made form

A policy that provides coverage for an injury or damage only if it is first reported during the policy period is called

Securities

According to the BOP definitions, which of the following does NOT mean valuable papers and records?

60 Days

According to the loss payment condition in HO policies, losses must be paid within how many days of the insurer receiving proof of loss?

HO-8 Form

Elaborate hommes with replacement costs greater than ACV or market value are insure on the:

Hazards

Events or conditions that increase the chances of an insured loss occurring are referred to as

Loss of use

Fair Rental Value Coverage in the dwelling policy is similar to which homeowners policy form?

The chance of loss

For the purposes of insurance, risk is defined as:

Outdoor signs attached to the building

For which of the following will be a BOP property coverage pay?

One indivisible premium

How is the premium for the business owners policy?

Part B: Medical Payments

If an insured is injured while driving his own car, what coverage in his personal auto policy will pay for the loss?

Part C

In a personal auto policy, which of the following describes coverage for uninsured motorist.

Coverage by endorsement

In dwelling policies, automatic increases in insurance is

The application is submitted

In insurance, an offer is usually made when

1st Limit

In the split limit coverage in personal auto policies, which limit indicates the maximum amount the policy will pay for bodily injury per person?

The cause of loss insured against

Peril is most easily defined as

Property

Section I of a business owners policy pertains to what type of coverage?

1 Year

The business owners liability coverage, from will cover medical expenses incurred and reported within how many years of the accident date.

10,000

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

Nothing

The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candle sticks?