Insurance Questions

Unless properly licensed an general lines agent cannotChoose one answer. a. All of these answers are b. Directly or indirectly represent himself or herself to be an agent or receive, deliver or forward any insurance policy within the state c. Receive any money on account for any insurer or receive money to be transmitted to an insurer for a policy, renewal, endorsement or certificate d. Solicit insurance or procure applications for insurance

The Physicians, Surgeons and Dentist Professional Liability policy covers which of the following by endorsement?Choose one answer. a. Blood Banks b. All of these answers are c. Nurses d. Veterinarians

Under a Surety Bond, valuable property held by Surety for the life of the bond is called:Choose one answer. a. Collateral b. Capital c. Joint Venture d. Principal

Which of the following are not Unfair Methods of Competition or Unfair or Deceptive Acts?Choose one answer. a. Misrepresentation or false advertising of benefits, advantages, conditions or terms of an insurance policy b. Twisting or Churning c. Refusal to insure solely because of race, color, creed, marital status, sex, or national origin d. Giving to an insured, for advertising purposes, an article of merchandise having a value of $25 or less

There is generally a waiting period before payments begin under a Disability Policy and then monthly benefits are paid for a specified period of time. The waiting period may be:Choose one answer. a. 10 days b. 45 days c. As little as 7 days, and as long as one year d. 20 days

Under a Commercial Property Policy, the Legal Liability coverage does not provide coverage for the insured against damage to which type of property?Choose one answer. a. Owned by the insured b. Leased equipment c. In the care, custody, and control of the insured

Under the Building and Personal Property coverage form, which of the following items would be covered for damage by windstorm?Choose one answer. a. Shrubbery b. Fences c. None of these answers are d. Outdoor TV antenna

The insured owns an apartment building, which is covered by a Businessowner's Policy. Which limits apply to covered losses to outdoor trees, shrubs, and plants?Choose one answer. a. $500 any one item with a $5,000 maximum b. $250 any one item with a $2,500 maximum c. $500 any one item with a $2,500 maximum d. $250 any one item with a $5,000 maximum

The insured purchased a Commercial General Liability policy. The insured, suspecting illegal activities by a tenant, checked the tenant's apartment while the tenant was absent. The tenant sued for damages claiming wrongful entry. Which coverage under the Commercial General Liability policy applies?Choose one answer. a. Bodily Injury b. Personal Injury c. Advertising Injury d. Property Damage

Under FAJUA, the maximum limits for Bodily Injury and Property Damage are:Choose one answer. a. $100,000/$300,000 Bodily Injury and $25,000 Property Damage b. $250,000/$500,000 Bodily Injury and $100,000 Property Damage c. No Maximum d. $100,000/$300,000 Bodily Injury and $50,000 Property Damage

Joe carries $2,000 Medical Payments coverage on his automobile. Joe's daughter used a friend's automobile and was involved in an accident resulting in $3,500 in medical bills. The friend carries Medical Payments coverage in the amount of $3,000. How much will Joe's policy pay, if any? (Ignore Personal Injury Protection coverage)Choose one answer. a. $3,000 b. None c. $1,500 d. $500

The Homeowner's, HO3 policy will provide coverage for a student away at college as long as the student's premises was not unoccupied more than how many days prior to the loss?Choose one answer. a. 90 days b. 30 days c. 60 days d. 45 days

If an insured has Building coverage only, under the Building and Personal Property Coverage Form, which of the following items located within the building would not be covered?Choose one answer. a. Money loss b. Fire Extinguishers c. Refrigerator d. Carpeting

A Personal Articles Floater in the Inland Marine program excludes all the following except?Choose one answer. a. Insects and vermin b. Wear and Tear c. Mysterious Disappearance d. Inherent Vice

An insured is a restaurant operator who carries a Commercial General Liability policy. The insured's premises include a parking area used for valet parking of customer's cars. An employee of the insured, while parking a customer's automobile, hit another automobile in the parking lot. In addition to damage to the automobile, a customer was injured while standing beside the damaged automobile. Which of the following describes how the insurer will respond?Choose one answer. a. Will pay damage to customer's automobile b. Will pay nothing c. Will pay for injury to customer and damage to customer's automobile d. Will pay injuries to injured customer

Rebating of a portion of an agent's commission is permitted:Choose one answer. a. If based on age, sex, place of residence or occupation of the insured b. If granted only upon the insured's purchase of collateral insurance c. If insurance is provided by an insurer that allows its agents to rebate commission d. If a rebate schedule is prominently displayed in public view at the agent's place of business

If Flood is confined to a single building, how much area must be inundated in order for the Flood policy to provide coverage?Choose one answer. a. Three acres or over b. One acre or over c. Two acres or over d. No limit

Joe Brown is awarded a contract to install an air conditioning system at the premises of a local bar owned by Jim Smith. During the time work is being done, a major fire occurs overnight and destroys $50,000 worth of the insured's (Joe Brown's) property located at Jim Smith's bar. This loss is best covered by a:Choose one answer. a. Commercial Property Building and Personal Property Form b. Some form of Crime Insurance c. Installation Floater d. Contract Bond

Mr. Jones has a Homeowner's, HO3 policy. He left his golf clubs in his unlocked automobile. The automobile was parked at a shopping center when someone stole the golf clubs. Which of the following statements is true?Choose one answer. a. The loss, less the deductible, would be paid b. The claim was not covered because the automobile was unlocked c. The claim was not covered by the HO3 form because of a limitation in the policy d. The claim was not covered because the property was off his premises

The insured carries Collision and Other than Collision coverage under a Personal Automobile policy. The Other than Collision deductible is $100 and the Collision deductible is $100. The windshield breakage repair cost was $170. The insurer will pay:Choose one answer. a. $170 b. $0 (zero) c. $250 d. $70