Exam Fx-Property and Casualty Exam Questions & Answers. 100% Proven pass rate.

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Exam Fx-Property and Casualty Exam Questions & Answers. 100% Proven pass rate. To be considered an insurable risk, a loss may NOT be - ✔✔-catastrophic Which of the following persons would be ... required to hold a producer license? - ✔✔-a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? - ✔✔-ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? - ✔✔-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? - ✔✔-internal explosion When would a misrepresentation on the insurance application be considered fraud? - ✔✔-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 - ✔✔-penalty In insurance, an offer is usually made when - ✔✔-the application is submitted All of the following actions by a producer may be grounds for license revocation or non-renewal EXCEPT - ✔✔-participating in controlled business In personal auto policies, the term "you" refers to - ✔✔-the named insured Business personal property coverage form covers all of the following except: - ✔✔-automobiles held for sale in dwelling policies, automatic increase in insurance is - ✔✔-coverage by endorsement To be eligible for businessowners policy (BOP) coverage, an office building CANNOT be higher than - ✔✔-6 stories Elaborate homes with replacement costs greater than ACV or market value are insured on the - ✔✔-HO8 Form Which of the following dwelling coverage forms would pay replacement cost for the dwelling? - ✔✔-DP2 and DP-3 Business personal property coverage insures property out in the open if it is - ✔✔-Within 100 feet of the described premises A runaway shopping cart injures a customer in a supermarket's parking lot. Coverage for this claim would be provided under - ✔✔-premises and operations Which of the following businesses would be eligible for a businessowners policy? - ✔✔-Hill & Morton Funeral Home The designation symbols used in commercial auto policies can be found in which policy section? - ✔✔- covered auto Which of the following is used in the formula for calculating the actual cash value (ACV) of a property? - ✔✔-replacement cost What type of bond guarantees that the principal will complete the contract as agreed upon? - ✔✔- performance bond Peril is most easily defined as - ✔✔-The cause of loss insured against An insured building has had no residents for 10 years and it is empty of personal belongings. From an insurance standpoint, the building is - ✔✔-vacant Under a workers compensation policy, premiums will be determined when - ✔✔-the policy period ends Which commercial property form is used to insure buildings while under construction? - ✔✔-Builders risk Which of the following information will be found in the Declarations page of the commercial property policy? - ✔✔-description of the policy insured An insured is injured while driving his own car. Which personal auto coverage will pay for the loss? - ✔✔-Part B-Medical Payments According to the BOP definitions, which of the following does NOT mean valuable papers and records? - ✔✔-Securities Supplementary payments under the personal auto policy include all of the following EXCEPT? - ✔✔- unlimited cost of bail bonds Items of property that would be difficult to appraise after a loss are best insured with - ✔✔-statedamount insurance Which of the following is NOT consideration in an insurance policy? - ✔✔-the application given to a perspective insured Who is considered a nonresident agent? - ✔✔-an agent who is licensed in another state, but is allowed to transact insurance in this state Events or conditions that increase the chances of an insured loss occurring are called? - ✔✔-hazards An insured has purchased a used car. When does collision coverage for this car begin? - ✔✔- immediately An insurance agent sold an insurance policy to his spouse. What type of transaction is this? - ✔✔- controlled business In the split limit coverage in personal auto policies, which limit indicated the maximum amount the policy will pay for bodily injury per person? - ✔✔-1st limit When a vehicle travels from one state to another, what happens to the limits of policy liability in a personal auto policy? - ✔✔-They do not chang [Show More]

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