Simulated Exam
To renew their licenses, resident insurance producers in Illinois are required to complete how many continuing education hours? A)24 B)20 C)18 D)25
A) 24
The businessowners policy will pay reasonable expenses for A)1 year from the date of accident B)3 months from date of an accident C)6 months from date of an accident D)5 years from date of an accident
A)1 year from date of an accident
Losses to the dwelling and other structures are paid at replacement cost as long as the insured carries an amount of insurance equal to or greater than A)80% of the building's replacement cost B)50% of the buildings replacement cost C)80% of the buildings actual cash value D)20% of the buildings replacement cost
A)80% of the buildings replacement cost
The provisions of the Terrorism Risk Insurance Act of 2002 apply to which of the following lines of insurance? A)Commercial property B)Dwelling C)Automobile D)Homeowners
A)Commercial Property
Which of the following individuals is required b the Code to have an insurance producers license A)a limited insurance representative B)a public adjuster C)a bank trust officer D)an attorney
A)a limited insurance representative
Which of the following is NOT an example of insurable interest? A)a womans interest in property that she hopes her uncle will leave to her in his will B)a dry cleaners interest in his customers clothing in his custody, care, or control C)a mans interest in the improvements he has added to his leased apartment D)a womans interest in the home she owns
A)a womans interest in a property she hopes her uncle will leave to her in his will
All of the following statements about surplus lines are true EXCEPT A)agents can place directly with surplus lines companies B)each state insurance department determines which types of risks may be put in the surplus and excess market C)the insured usually must be given a disclosure stating that the policy is placed with a nonadmitted carrier D)policies are usually not protected by state guaranty associations
A)agents can place directly with surplus lines companies
Under an auto policy, Other than Collision coverage would apply to which of the following situations? A) All of the car's tires are stolen. B) An insured has her car parked at an airport, and a suitcase is stolen from the car. C) The car rolls over after hitting a patch of ice. D) An insured breaks a window to gain access because the keys were left inside. C)a car rolls over after hitting a patch of ice D)an insured has her car parked at an airport, and a suitcase is stolen from her car
A)all of the cars' tires are stolen
The industry placement facility has the power to do any of the following EXCEPT A)assess policyholders for losses incurred in any one year B)establish reasonable underwriting standards for each risk C)use deductibles to impact the risks insured against D)assess member companies for the facility's expenses
A)assess policyholders for losses incurred in any 1 year
The procedure for resolving a disagreement between an insured and an insurance company about a loss is described in which of the following parts of an insurance policy? A)conditions B)Declarations C)Exclusions D)Insuring agreement
A)conditions
The list of perils covered under a policy is found in which part of the policy? A)insuring agreement B)declarations page C)exclusions section D)conditions section
A)insuring agreement
All of the following losses of cattle would be covered under a broad form farm policy EXCEPT A)loss due to disease B)loss due to an accident while loading into railroad cars C)loss due to attacks by wild animals D)loss due to accidental shooting of cattle by a neighbor
A)loss due to disease
Liability policies provide certain supplementary payments that are A)paid in attention to the policys regular limit of liability B)included in the policy's aggregate limits C)paid only if the insured is found to be legally liable D)included in the policy's occurrence limits
A)paid in addition to the policy's regular limit of liability
When an insurance company cancels a policy, what is the method used to determine the premium due? A)pro rata B)flat C)premature D)short-rate
A)pro rata
All of the following factors must be involved to establish negligence EXCEPT A)approximate cause B)damages C)legal duty owed D)breach of legal duty owed
A)proximate cause
When an insurer must establish a Consumer Affairs and Information Department, that department must have all of the following characteristics EXCEPT A)be located in the insurer's home, regional, or branch office B)be available 24 hours each day, 7 days per week C)provide toll-free access to the insured D)be staffed by people knowledgeable about the insurer's operations
B)be available 24 hours each day, 7 days per week
All of the following are excluded under mine subsidence coverage EXCEPT A)crops B)buildings C)trees D)land
B)buildings
A contractor built a home for a family. Four months after the family moved into the home, the kitchen sink fell on a family members foot ad broke it. This is an example of what type of loss? A)personal injury B)completed operations C)insured contracts D)premises liability
B)completed operations
An insured who needs coverage against the breakdown of boilers and other machinery and equipment should purchase A)commercial property coverage B)equipment breakdown coverage C)comprehensive general liability coverage D)difference in conditions coverage
B)equipment breakdown coverage
Which one of the following requires that insurance applicants be advised that a consumer report may be requested on them and the scope of any investigation resulting from the application? A)financial freedom act B)fair credit reporting act C)freedom of privacy act D)fair disclosure act
B)fair credit reporting act
All policies covering a structure in Illinois must provide mine subsidence insurance A)as a base coverage, and included in the base premium for the policy B)for separate premium unless waived by the insurance C)for residential buildings only D)for commercial buildings only
B)for separate premium unless waived by the insurance
Knowingly lying on an application to obtain coverage would be an example of A)concealment B)fraud C)recession D)misrepresentation
B)fraud
Janet, an employee of Carla's Computer repair, is injured while playing baseball for the company-sponsored softball team. Under which policy would Janet find coverage for her injuries? A)parts one and two of workers compensation B)health insurance C)part on of workers compensation D)part two of workers compensation
B)health insurance
All of the following are exclusions under a liability policy EXCEPT A)losses covered by workers compensation laws B)injuries or damages caused unintentionally by the insured C)bodily injury to an employee D)bodily injury to the insured
B)injuries or damage caused unintentionally by the insured
An insured owns a small neighborhood grocery store. During a storm, a piece of the roof falls on the sidewalk. Several people are in the store at the time, but no one is injured. Under the insurance definition of negligence, such an insured would be held A)legally liable B)not legally liable C)strictly liable D)negligent
B)not legally liable
Ashley is hit by a car while riding her bike through her neighborhood. Which of the following damages arising out of this accident would be classified as general damages? A)property damage repairs to her bike B)pain and suffering C)medical bills D)lost wages
B)pain and suffering
Premium funds being held by insurance producers or registered films must be deposited in which of the following? A)the insurance producers personal savings account or firms business account for safekeeping B)premium fund trust accounts C)state banks D)insurance company accounts
B)premium fund trust accounts
Which of the following is an example of property that might be insured on an agreed value basis? A)apartment building B)rare painting C)house D)car
B)rare painting
Joan and Steven have applied for automobile insurance with abc auto insurers. The abc agent asked Joan and Steven if their resident 18 year old son, Henry, has has any moving traffic violations in the past 2 years. Both answer no. The fact is that Henry has 4 speeding tickets, but never told his parents. What legal concept does this scenario describe? A)fraud B)representation C)warranty D)misrepresentation
B)representation
Uncertainty regarding financial loss is also known as A)peril B)risk C)insurance D)hazard
B)risk
An insurance company takes possession of a damaged auto it has covered. When the company becomes the legal owner of the auto, it is exercising the right of A)leasing B)salvage C)liability D)condemnation
B)salvage
A parking valet at a hotel uses a guest's car to do a personal errand and damages the car in a collision. The guest has a personal auto policy (PAP). The insurance company will pay the claim and A)relieve the parking valet of legal liability for the loss B)subrogate against the parking valet C)subrogate against the named insured D)recover any additional loss from the lienholder
B)subrogate against the parking valet
General powers of the Director of Insurance include all of the following except? A)making rules and regulations necessary to implement the insurance laws B)instituting such actions or other lawful proceedings as deemed necessary to enforce the state's insurance laws and regulations C)writing advertisements for insurers D)conducting examinations as needed to determine whether a person or company has violated any insurance law and regulation
C)writing advertisements for insurers
Which of the following information is NOT found on the declarations page of a policy? A)deductible amount B)policy period C)name of insured D)meanings of certain terms used in the policy
D) meanings of certain terms used in the policy
Which one of the following statements regarding auto insurance premium estimates is CORRECT? A)Any estimates, whether oral or written, are binding B)All estimates are given to an applicant must be countersigned by a producer C)All estimates about premium charges must be made in writing to the applicant D)An estimate may be given orally and it will not be binding
D)An estimate may be given orally and it will not be binding
If a dispute arises over whether an insured is entitled to uninsured motorists coverage, what process is used to settle the dispute? A)Negotiation B)Appraisal C)Subrogation D)Arbitration
D)Arbitration
Robert and Carolyn live in a busy city and decide that not owning a car is the solution to not experience having a car stolen. What method describes this philosophy? A)Transfer B)Loss Control C)Retention D)Avoidance
D)Avoidance
A dwelling policy can be used to insure all of the following EXCEPT A)lake cabins B)an apartment building with 6 units C)duplexes D)rental homes
B)an apartment building with 6 units
An insured owns an office building valued at $200,000. He carries a deductible of $1,000. The building sustains a loss of $40,000. If the insurance policy carries an 80% coinsurance clause, how much coverage must the insured carry to ensure that the loss is paid in full? A)$160,000 B)$80,000 C)$192,000 D)$200,000
A)$160,000
The insured has a building with a replacement cost of $200,000 but has insured it for only $100,000. An 80% coinsurance provision is present in the policy. When an $80,000 loss occurs, the policy will pay A)$50,000 B)$100,000 C)$80,000 D)$40,000
A)$50,000
What happens if a consumer notifies a credit reporting agency that information in the consumer's credit report is incorrect? A)the credit reporting agency is required to investigate the complaint and, if it is justified, correct or delete the information B)information is retained in these reports for seven years, even if it is incorrect C)the credit reporting agency is required to send the complaint to the insurer so the issue may be investigated by the insurer and the insurer's file is corrected if appropriate D)the consumer must report the issue to the insurer who requested the report. the insurer is responsible for getting the credit report information corrected
A)the credit reporting agency is required to investigate the complaint and, if it is justified, correct or delete the information
Which of the following is NOT an element of an insurable risk A)the loss must be catastrophic B)the loss must be due to chance C)the loss must be accidental from the insured's perspective D)the loss must have a determinable value
A)the loss must be catastrophic
Which of the following transit policies protects the shipper or receiver of goods against loss of goods in transit incoming and outgoing all year long? A)trip transit policy B)annual transit policy C)bill of landing D)property in transit
B)annual transit policy
Insurance premiums collected by producers may be held in a premium fund trust account for what number of days before remitting them to the insurer? A)30 B)60 C)10 D)90
D)90
Bob has a liability policy in the amount of 300/500/100. How much coverage does he have per occurrence for property damage liability? A)$500,000 B)$100,000 C)$50,000 D)$300,000
B)$100,000
How much will the personal auto policy pay for a rental car if the insured vehicle is stolen? A)$25 per day, up to $650 maximum B)$20 per day, up to $600 maximum C)$30 per day, up to $900 maximum D)Nothing
B)$20 per day, up to $600 maximum
The replacement cost of Arjun's home is $200,000. He carries $100,000 of insurance on the home with a $1,000 deductible. The policy has an 80% coinsurance requirement. If a $40,000 covered loss occurs, how much would Arjun's insurance company pay for the loss? A)$40,000 B)$25,000 C)$24,000 D)$39,000
B)$24,000
In the case of deceased licensed insurance producer, the director may grant a temporary insurance producers license to the administrator or executor for a period not to exceed a total of how many months? A)12 B)6 C)15 D)9
B)6
Businessowners liability coverage will cover losses due to which of the following occurences? A)Theft of the owners weekly receipts B)A suit brought by a competitor for libel C)An Accident in which the owners car was involved D)A fire that damaged the owners exterior sign
B)A suit brought on by a competitor for libel
When is an insurance producer exempt from the bond requirement? A)When his or her license applies to only one class of insurance B)After certifying to the director that she is acting solely for an insurance company that has assumed the same responsibility that a surety would assume under a bond C)After he or she signs a personal bond waiver D)When he or she holds a nonresidents license
B)After certifying to the director that she is acting solely for an insurance company that has assumed the same responsibility that a surety would assume under a bond
Which of the following perils is excluded in the HO-2 broad form? A)Loss caused by fireplace smoke B)Escape of pollutants that results from any cause of loss C)Damage to the dwelling caused b a vehicle operated by a nonresident of the household. D)Accidental discharge of water from an appliance
B)Damage to the dwelling caused by a vehicle operated by a nonresident of the household
The personal auto policy coverage applies to losses, accidents, or occurences that take place during the policy period in all the following locations EXCEPT A)Alberta, Canada B)Phillipsburg, St. Martin C)Dover, Delaware D)San Juan, Puerto Rico
B)Phillipsburg, St. Martin
What is meant by aggregate limit of liability? A)The most insurance company will pay to one person B)The maximum amount the policy will pay per policy period, regardless of the number of claims C)The maximum amount payable in any one occurrence D)The most the insurance company will pay for defense costs
B)The maximum amount the policy will pay per policy period, regardless of the number of claims
Controlled business means insurance sold to cover the lives, businesses, properties or risks of all the following EXCEPT A)the spouse of the insurance producer B)a friend of the insurance producer C)the insurance provider D)an employer of the insurance producer
B)a friend of the insurance producer
Which of the following would NOT be covered by coverage A in the HO-6? A)a freestanding storage building the insured has placed inside the fence surrounding his patio B)a garage-like building the condominium complex provides for common storage, in which the insured keeps the family's bicycles C)hardwood floors the insured installed in the condo D)track lighting the insured has installed in her condo
B)a garage-like building the condominium complex provides for common storage, in which the insured keeps the family's bicycles
An insured owns a pet lion that is caged on the homeowners property. The owner takes great care to warn neighbors of the possible danger by posting signs, fencing the yard, and locking the cage at all times. When a neighbors child manages to open the cage and is bitten, what type of liability would apply to the lion owner? A)contractual liability B)absolute liability C)premises liability D)vicarious liability
B)absolute liability
Jim and his family are considering a move to the west coast but are very concerned about earthquakes. jim called an insurance agent for advice. what is the best advice the agent could give jim about adequately covering his new house for possible earthquake damage? A)a separate earthquake policy should be purchased to provide full coverage for earth movement B)adding the earthquake endorsement will provide the coverage needed C)a state insurance fund will cover any damage that occurs D)the homeowners policy automatically provides earthquake coverage
B)adding the earthquake endorsement will provide the coverage needed
When an insurer decided to cancel or nonrenew coverage on a residential fire and extended coverage perils, which of the following is required? A)the insured is given up to 90 days from the policy effective date to make repairs B)the insured is given up to 90 days to repair any property defects so the property becomes insurable C)the insured is given up to 90 days to find a replacement insurer D)the insured is given up to 90 days in which to sell the property
B)the insured is given up to 90 days to repair any property defects so the property becomes insurable
Which one of the following principles is used to describe liability for the actions of another person A)absolute liability B)vicarious liability C)implied liability D)strict liability
B)vicarious liability
In legal terms, voluntary relinquishment of a known right is called a A)warranty B)waiver C)withdrawal D)concealment
B)waiver
After business hours, someone breaks into the insured's lot behind his car dealership and steals a customers auto. Which of the following coverage would apply to this loss? A)Premises-operations coverage in the commercial general liability coverage form B)Liability coverage in the garage coverage form C)Garagekeepers coverage in the garage coverage form D)Liability coverage in the Business Auto Coverage Form
C) Garagekeepers coverage in the garage coverage form
The coverages offered by an insurance company are described in the A)conditions section B)definitions section C)declarations page D)insuring agreement
C) insuring agreement
An insured has a $40,000 Dwelling Special Form (DP-3) policy. After hosting an afternoon party, the insured discovers that the family's credit cards and ATM cards are missing. If the cards are used, what coverage is provided under Coverage C - Personal Property, and why? A)$0. Coverage C provides insurance only for the insured's personal property B)$4,000. Coverage C provides up to 10% of the dwelling amount for loss of personal property C)$0. Coverage C excludes coverage for credit cards D)$20,000. Coverage C provides up to 50%
C)$0. Coverage C excludes coverage for credit cards
If an insured has a claims-made commercial general liability policy with the basic extended reporting period, the insurer will pay for losses after the policy has been canceled as long as the occurrence is reported within 60 days of cancellation and the claim is filed withing how many years? A)3 B)10 C)5 D)1
C)5
A property owner wants to insure both the rental property and any of the tenant's belongings if they are stolen. Which policy would you recommend and why? A)DP-1 Basic Form because the property owner needs only named perils coverage B)DP-3 Special Form because it includes coverage for personal property C)DP-3 Special Form and a separate tenants policy to cover personal property D)DP-2 Broad Form because it automatically provides the extended coverage endorsement
C)DP-3 Special Form and a separate tenants policy to cover personal property
Bob's construction company, based in Wisconsin, is doing a job in Illinois. Bob's declaration page for his workers' compensation policy lists Minnesota, Iowa, Illinois, and Wisconsin as states where he will do work. Pete, an employee working in Illinois, is injured on the job. How would Bob's policy respond? A)It will pay benefits as if Pete had been injured in Wisconsin B)It will pay benefits only if Bob is held liable C)It will pay benefits based on Illinois workers' compensation laws D)Pete may choose coverage under the benefits that are best for him
C)It will pay benefits based on Illinois workers' compensation laws
All of the following are true regarding the Insurance Claims Fraud Prevention Act EXCEPT A)Insurers are required to submit suspected fraudulent activity to the Director of Insurance B)Insurers have access and may use the information collected under this Act C)Regardless of intent, insurers may be held liable for the information they submit to the director D)Insurers must cooperate with the Director and law enforcement agencies
C)Regardless of intent, insurers may be held liable for the information they submit to the director
Coverage E in the dwelling policy provides coverage for A)personal liability B)fair rental value C)additional living expense D)medical payments
C)additional living expense
Items of property that are difficult to value after a loss has occurred, such as antique furniture or fine arts, may be insured on A)a repair cost basis B)a market value basis C)an agreed value basis D)a replacement cost basis
C)an agreed value basis
Section II of a homeowners policy covers covers all of the following EXCEPT A)bodily injury to others B)property damage of another caused by the insured C)bodily injury to one of the insured resident family memebers D)liability for loss of use of anothers property
C)bodily injury to one of the insured resident family members
A producer may receive an insurance license in all the following lines of authority, EXCEPT A)personal lines B)casualty C)commercial lines D)property
C)commercial lines
Joan and Steven have applied for automobile insurance with ABC Auto Insurer's. They were NOT asked and did NOT tell the agent that their neighbor, George, who lost his drivers license due to drunk driving, uses one of their cars on a regular basis to drive to work. Once the company found out about George after he had an accident, they denied the claim, citing what legal concept as the reason? A)fraud B)breach of warrant C)concealment D)misrepresentation
C)concealment
Policies located in which of the following counties are exempt from the provisions of the Mine Subsidence Insurance Fund? A)counties that share a border with a county that has a population of 500,000 or more B)counties that have no man-made mines C)counties specifically exempted by the Director of Insurance D)counties with a population of 500,000 or more
C)counties specifically exempted by the Director of Insurance
The insured is looking for the amount of coverage in a property and casualty policy. This information would be found in the A)endorsements B)liberalization clause C)declarations D)conditions
C)declarations
Payments for losses that cannot be precisely measured, such as the loss of companionship of spouse from another, are called A)punitive damages B)spousal damages C)general damages D)special damages
C)general damages
The Illinois automobile Insurance Plan writes automobile insurance for A)individuals who can get lower rates through normal channels B)preferred risks C)individuals who can not get insurance through normal channels D)off-road vehicles only
C)individuals who can not get insurance through normal channels
All of the following statements about uninsured motorists property damage coverage in Illinois are true EXCEPT A)the coverage is subject to a $250 deductible B)maximum coverage is $15,000 or actual cash value, whichever is less C)it is required for all private passenger vehicle in the state D)this coverage pays for damages to an insured when struck by an uninsured vehicle
C)it is required for all private passenger vehicles
Extensions of coverage are available under the business and personal property form if the A)insured has declared an amount of insurance applicable to each extension B)insured carries both building and personal property insurance C)policy indicates that 80% or higher coinsurance applies or the insured has purchased a reporting form D)amount of building insurance is $100,000 or greater
C)policy indicates that 80% or higher coinsurance applies or the insured has purchased a reporting form
Isabellas application for auto insurance was declined by the insurance company on the basis of information in her credit report. When Isabella reviews this report, she discovers information that she believes is incorrect. Isabella asks the credit reporting agency to investigate this information. If it is determined that this information is incorrect who is responsible for fixing it? A)the state insurance department B)Isabella C)the credit reporting agency D)the insurance company who declined the policy
C)the credit reporting agency
Liability insurance covers A)second-party losses B)only the insured C)third-party losses D)first-party losses
C)third party losses
Which one of the following best describes a short-rate cancellation? A)upon cancellation, 100% of the premium is returned B)upon cancellation, all earned premium is returned minus overhead expenses incurred C)upon cancellation, the insurer keeps all earned premium plus overhead expenses incurred D)upon cancellation, the insurer returns all unearned premium
C)upon cancellation, the insurer keeps all earned premium plus overhead expenses incurred
How many hours of course study must an Illinois resident insurance producer complete to satisfy the ethics continuing education requirement for license renewal? A)10 B)5 C)24 D)3
D)3
Ace Insurance company and Acme Insurance company each insure the same building for the same amount. Both policies contain a pro rata other insurance clause. In the event of a partial loss, how much of the loss will Acme pay? A)One-third - the insured is the third party to the contact and must bear a proportionate share of the loss B)None - second-named insurers always provide excess coverage C)100% - although, Acme will have the right to subrogate the claim against Ace insurance company. D)50% - each insurer will pay half the amount of the total loss
D) 50% - each insurer will pay half the amount of the total loss
The insured must send a signed statement of loss to the insurance company within how many days? A)90 B)45 C)30 D)60
D)60
Producers who broker insurance must have a surety bond in force. The bond must be written in the amount of A)$1,000, or 2% of the premiums brokered in the previous year B)$1,500, or 3% of the premiums brokered in the previous year C)$2,000, or 4% of the premiums brokered in the previous year D)$2,500, or 5% of the premiums brokered in the previous year
D)$2,500, or 5% of the premiums brokered in the previous year
License and permit bonds are required by government entities, including states, cities, and towns, from individuals requesting permission or license to take certain actions that may affect the public. What do these bonds do? A)the protect the government units from the dishonest acts of their employees B)They guarantee that the business owner will complete the contract in accordance with the terms of the contract C)They permit someone to seek a remedy in court of equity D)They guarantee that the principal will perform the described activity in conformance with the specifications, terms, and codes governing such activities
D)They guarantee that the principal will perform the described activity in conformance with the specifications, terms, and codes governing such activities
Joe's plumbing has leased a fleet of vans used by his plumbers while going from job to job. Which of the following endorsements is especially important in this situation? A)individual named insured B)drive other car coverage C)mobile equipment D)additional insured-lessor
D)additional insured- lessor
Which of the following information is found on the declarations page of a policy? A)perils covered under the policy B)perils excluded by the policy C)duties required for coverage to apply D)address of premises insured under the policy
D)address of the premises insured under the policy
Applicants for producer licenses must meet all of the following requirements EXCEPT A)comply with the bond requirement B)have not committed any act that is grounds for license denial, suspension or revocation C)complete an approved prelicensing course of study, unless exempt D)be 21 years of age
D)be 21 years of age
Which of the following is NOT one of the requirements for a building to be eligible for coverage under a flood insurance policy? A)building has walls and a roof B)building is fixed to a permanent site C)building is principally above the ground D)Building is owner occupied
D)building is owner occupied
The auto manufacturers standard or optional equipment may not be excluded from coverage unless it is A)rear view mirrors B)turn indicators C)rubber floor mats D)cd player
D)cd player
Joan and Steven have applied for automobile insurance with ABC auto insurers. When the agent asks if anyone else drives the car, they lie and do not tell him that their neighbor, George, who lost his drivers license due to drunk driving, uses one of their cars on a regular basis to drive to work. Once the company found out about George after he had an accident, they denied the claim, citing what legal concept as the reason? A)misrepresentation B)concealment C)breach of warrant D)fraud
D)fraud
Which one of the following is NOT a supplementary payment provided in the commercial general liability policy? A)costs of judgement interest B)premiums for court bonds C)costs of investigation and defense D)medical payments
D)medical payments
Harold owns a sports bar. As a promotion, he offers customers tastings of new German beers. One customer, after several samples, drives off and injures another person. The injured party sues the driver and Harold. Harold's commercial general liability policy will: A) cover the loss under the products/completed operations insuring agreement. B) cover the loss under host liquor liability because Harold did not actually sell the beer. C)cover the loss under the bodily injury and property damage insuring agreement D)not cover the loss because of the liquor liability exclusion
D)not cover the loss because of the liquor liability exclusion
The insuring agreement section of a policy describes A)duties of the insured after a loss B)description of the property insured C)losses excluded D)perils insured against
D)perils insured against
A limited lines producer may solicit insurance for each of the following lines of insurance except A)legal expense B)limited healthcare C)travel D)professional liability
D)professional liability
All of the following coverages are typically included in the supplementary payments of liability policy EXCEPT A)defense costs B)first aid to others at the time of the accident C)loss of earnings D)property damages the insured is found legally liable for
D)property damages the insured is found legally liable for
An insurance binder is best described as A)a temporary agreement to pay a claim pending final settlement B)a rate manual supplied by one of the rating organizations C)a bound collection of rules, rates, and forms D)temporary, short-term evidence of coverage
D)temporary, short-term evidence of coverage
A premium finance agreement must include all of the following EXCEPT A)the amount of any service change B)the total amount of premiums C)the number of installments and their due dates D)the name and address of the producer
D)the name and address of the producer
A person is eligible for insurance under the Illinois FAIR Plan after how many rejections by insurers? A)ten B)four C)two D)three
D)three
