Exam Fx-Property and Casualty Exam QUESTIONS AND ANSWERS| GRADED A
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To be considered an insurable risk, a loss may NOT be Correct Answer: catastrophic Which of the following persons would be required to hold a producer license? Correct Answer: a nonresident agent... who negotiates insurance contracts Which of the following is the oldest known type of insurance? Correct Answer: ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? Correct Answer: the difference in the actual cash value as a pair and as a single Which of the following additional perils is covered under both of the Basic and Broad forms in dwelling policies? Correct Answer: internal explosion When would a misrepresentation on the insurance application be considered fraud? Correct Answer: If it is intentional and material A bond is written for a set limit, and the surety will be liable only for this amount. This limit is known as the Correct Answer: penalty In insurance, an offer is usually made when Correct Answer: the application is submitted All of the following actions by a producer may be grounds for license revocation or non-renewal EXCEPT Correct Answer: participating in controlled business In personal auto policies, the term "you" refers to Correct Answer: the named insured Business personal property coverage form covers all of the following except: Correct Answer: automobiles held for sale in dwelling policies, automatic increase in insurance is Correct Answer: coverage by endorsement To be eligible for businessowners policy (BOP) coverage, an office building CANNOT be higher than Correct Answer: 6 stories Elaborate homes with replacement costs greater than ACV or market value are insured on the Correct Answer: HO-8 Form Which of the following dwelling coverage forms would pay replacement cost for the dwelling? Correct Answer: DP-2 and DP-3 Business personal property coverage insures property out in the open if it is Correct Answer: Within 100 feet of the d [Show More]
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