California Property and Casualty Insurance Exam Questions and answers. 100% Accurate.

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California Property and Casualty Insurance Exam Questions and answers. 100% Accurate. What is the required rate discount under a Good Driver Discount policy? - ✔✔20% below the rate the insu... red would have been otherwise charged for the same coverage All the following are authorized activities for the Limited Automobile Insurance Agent EXCEPT if the agent - ✔✔Charges and collects a brokers fee for service What is the procedure for refusing uninsured motorist coverage in a liability policy? - ✔✔Prior to issuance or renewal, the insured may state in writing that they do not want the coverage How many classes of insurance are defined under California Insurance Law, including "miscellaneous" and "reserved" - ✔✔There are a total of 20 classes of insurance defined under California Law, with many sub-classes. When can a person who sells real property require the use of a specific insurance agent, broker or solicitor? - ✔✔A buyer is always able to choose their own insurance representative All the following are requirements for determining an area that qualifies for Low Cost Automobile Insurance EXCEPT - ✔✔The number of auto accidents that occur within the country Which of the following describes a contract of reinsurance? - ✔✔The first insurer issues insurance to compensate another insurer for losses on contracts issued by that second insurer The managing General Agent negotiates and binds ceding Insurance on behalf of whom? - ✔✔The insurer All of the following are duties of a Managing General Agent EXCEPT - ✔✔Delivering policies to the insured Who is able to place business through the California Automobile Assessed Risk Program? - ✔✔Only agent/brokers licensed in fire and Casualty who have also been certified through CAARP Can a lender, as a condition of making a loan, require that any insurance be placed through a particular insurance agent or broker? - ✔✔The loan recipient may always select a particular agent or broker of their choosing All of the following apply to "Approved of Insurance Rates" EXCEPT - ✔✔A commissioner shall notify the public of a rate change after it has been approved Who must be able to inspect records of insurance transactions made availability by agent-brokers at any time? - ✔✔The insurance commissioner All the following conditions must be met before a surplus lines broker may place insurance with a nonadmitted insurer EXCEPT - ✔✔That the rate for the places insurance must be the lowest optio In conducting the business and affairs of the State Compensation Insurance Fund, the president of the fund may do any of the following EXCEPT - ✔✔Sell life insurance covering compensation benefits Which is an ACCURATE statement regarding the List of Approved Surplus Lines Insurers - ✔✔Eligible carriers do not need to file documents with the California Department of Insurance A personal lines licensed is an agent-broker who is able to transact coverage for all of the following EXCEPT - ✔✔Personal aircraft What is the maximum coverage allowed through the California Automobile Assigned Risk Program for bodily injury and death? - ✔✔The max coverage per accident is limited to $30,000 of all persons as a result of any one accident What is the method used for placing business with the California Automobile Assigned Risk Program? - ✔✔The percentage of CAARP policies requires is equal to the percentage of regular insurance policies the insurer has issued within the state How many days prior to policy expiration is an insurer requires to mail a non renewal notice to the named insured? - ✔✔30 days All of the following are permissible reasons for a consumer reporting agency to furnish motor vehicle, past claims, or credit reports EXCEPT - ✔✔A request of a national news organization for an investigative story What must an individual do in order to act as an agent for a business entity or insurer offering limited lines automobile coverage? - ✔✔File a notice of appointment with the commissioner What possible consequences are faced from the insurance commissioner by an agent or broker who does not within 60 days comply with an order to establish and complete records? - ✔✔A suspension or revocation of license To which person or organization does a public insurance adjuster promote and represent? - ✔✔The insured Under the California Vehicle Code all of the following are acceptable to satisfy the Financial Responsibility requirement EXCEPt - ✔✔A company with an escrow account that is licensed to do business in California All the following are taken into consideration for California Automobile Assigned Risk Program eligibility for applicants EXCEPT - ✔✔The education of the applicant Where must the address be printed for the principal office that is required for every broker agent and resident insurance casualty broker-agent? - ✔✔Applicants for license and renewals What is the coverage limit offered by the California Earthquake Authority for condominiums? - ✔✔The coverage is limited to $25,000 if the value is $135,000 or less, and $50,000 is the value is over $135,000 What 2 different types of areas are served by the California Fair Access to Insurance Interest is measured by? - ✔✔The extent to which the insured would be damnified by loss or injury to the property All of the following are examples of open policies EXCEPT - ✔ [Show More]

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