Property and Casualty Insurance Exam Practice Questions and Answers | Already Graded A

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Property & Casualty Practice EXAM Questions and Answers Already Graded A All the following are considered an insured under Part A liability coverage, of the personal auto policy EXCEPT! ✔✔Empl... oyer while insured is driving a company car. A bank customer's identity was compromised and the thieves made numerous purchases from a retailer by signing the customer's checks. When the bank refused to make payment for the goods, the retailer brought suit against the bank. which coverage indemnified the bank for liability in the suit? ✔✔Forgery and alteration Which of the following best describes the CGL's general aggregate annual limit as it applies to the coverage parts of the CGL? ✔✔Coverage A, B and C apply in sum and are the most that will be paid subject to the general aggregate annual limit. Which type of crime listed below best describes someone who waits until store personnel are preoccupied and pockets merchandise while no one is looking and leaves without detection? ✔✔Theft The claims-made liability form provides coverage from a date that precedes the policy effective date. Which of the following defines that date? ✔✔retroactive date Which of the following is how defense costs are paid in relation to the limit of insurance under the personal auto policy for bodily injury and property damage part A-liability coverage? ✔✔in excess of the limit A cable company uses employees to install equipment in the customers homes. THe company purchases a bond from an insurance company to protect itself from potential dishonest acts of the employees. Which of the following types of bond does the cable company purchase? ✔✔fidelity bond Exclusions common to liability coverage for both the personal auto policy and the business auto policy include all the following EXCEPT ✔✔for liability arising while the insured auto is being used in an auto business. An extended reporting period attached to a general liability policy provides coverage in which of the following ways? ✔✔It provides coverage for claims made outside the policy term. Which one of the following persons would be covered for accidental injury on the insured's premises under Coverage C of the CGL Medical Payments? ✔✔A volunteer worker In which of the following situations would worker compensation benefits be covered for an injured employee? ✔✔a slip and fall while on the job at work All of the following are common exclusions in a liability policy EXCEPT ✔✔damage caused by acts of civil disobedience and riots. An injured employee covered under workers compensation is entitled to reasonably justifiable expenses for retraining. this benefit falls under which of the following? ✔✔vocational rehabilitation For the CGL coverages of bodily injury, property damage and medical payments, which of the following limits of insurance apply if the aggregate limit is NOT met? ✔✔per occurence Which of the following would be eligible to collect survivor and death benefits from workers compensation in the event of the covered injury resulting in the death of an employee? ✔✔spouse of employee The insured carries under insured motorists coverage limits of 250/500/250 on his automobile policy and his vehicle is struck by an at fault motorist who insures with the State minimum for liability of 20/40/10. If the insured brings suit for bodily injury damages to himself of 500,000 how much will he recover from at fault driver's policy? ✔✔20,000 If the insured has a loss with a private passenger nonowned temporary substitute vehicle how will the loss be treated by the insureds own policy for physical damage? ✔✔the broadest coverage available extends from the insured's policy. When an insured is driving his covered automobile causes an accident that results in injury, his automobile causes an accident that results in injury, his automobile medical payments will pay medical expenses for all of the following EXCEPT. ✔✔Any occupant of the other not at fault vehicle. Worker's compensation benefits for loss of wages include which of the following? ✔✔replacement of a portion of lost wages An insured with split liability limits of 100/300/100 is at fault in an automobile accident and the other vehicle sustains $6500 in property damages as well as two occupants have bodily injury and are claiming $150000 each. What is the most insurance will pay to each occupant? ✔✔$100,000 Which of the following business liability exposures does a slip and fall loss fall under? ✔✔premises and operations Which of the following business liability insurance policies would provide coverage to ABC Company in a suit brought by a fired employee for wrongful discharge? ✔✔Employment Practices Liability All of the following describe a nonowned auto under the commercial auto policy symbol 9 EXCEPT? ✔✔auto not titled to an insured but available for regular use of named insured of family member. Which par of the CGL designates who is an insured? ✔✔Declarations When an employer sends employees out of state on work related business, which of the following must he do to ensure the appropriate workers compensation coverage? ✔✔list the state on the information page for other states coverage Which of the following provides insurance for employers when workers not covered by workers compensation insurance are injured on the j [Show More]

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