Wizard101

1. A commercial building and Personal Property form provides coverage for:

2. Special Form or Open Perils Coverage

3. Which of the following terms is defined as the uncertainty of future outcome?

4. A commercial Package Policy must include at least how many coverages parts?

5. S is purchasing a commercial property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a particle loss, S should purchase a policy with minimum, limits of at LEAST which of the following amount?

Which of the following policy forms would best protect a business that musk keep operating after a loss?

7. Pro-Rata cancellation occurs when:

8. An insurer HO-2 Form has a $100,000 coverage limit on the dwelling and a $50,000 personal property limit with the standard deductible. If a sailboat valued at $1,500 is stolen from the insured’s premises, the insured will collect a MAXIUM of which of the following amounts?

9. The maximum amount a policy will pay in the event of a loss is called the:

10. Which of the following homeowners coverages does not generally contain a deductible?

11. All of the following perils are coverage under a building and Business Personal Property Coverage Form with a cause of Loss-Basic Form attached Excepts

12. The National Flood Insurance Program provides coverage for losses caused by all of the following occurrences except:

13. Under A homeowners policy, an insured is required to take all of the following actions when a coverage loss occurs excepts

14. During a tornado, a ban is destroyed when a section of its wall is blown down, knocking over a lantern, which sets the barn on fire. The proximate cause of loss is the.

15. A fire in an insured’s restaurant burns the kitchen walls and causes smoke damage to the entire interior. Water used to extinguish the fires cause extensive damage to floors and furnishings, The water damage is best described as:

16. Which of the following business would be eligible for a businessowner policy?

17. An insurer owns a set of six drawing pens designed and used by Benjiam Franklin. Each pen is worth $1,000 alone, but set is worth $12,000. One pen is destroyed by a covered peril. Under the Pair and Set clause, the insurer will pay a MAXIMUM of which of the following amounts?

18. X insurance a home for $100,000 under a dwelling Property Broad From (DP-2). If a flood causes a $1,000 in damage to the home’s content, which of the following Maximum amount will X’s insurance Pay?

19. All of the following options are examples of insurable EXCEPT.

20. A Commercial Property policy services which of the following responsibilities as a duty of the insured?

21. In order to issue a written binder for a commercial property policy what is the MINIMUM consideration a product must secure from an applicant?

22. The producer for resolving a disagreement between an insured and an insurer about a loss is described in which of the following parts of an insurance policy?

23. Which of the following statement about a mortgage rights under the dwelling property basic form (DP-1) in Incorrect?

24. An insured has an HO-3 Form. When using a snowblower borrowed from a neighbor, the insured strikers a large rock and causes $2,000 worth of damage to the snowblower. Under which section for the policy could payment be made on the insured’s behalf?

25. Who of the following perils is covered under the Commercial Property Basic Cause of Loss form?

26. A deer jumps through the window of an insured’s home, damaging the interior and exterior walls, Which of the following Homeowners Forms listed below is the LEAST comprehensive form the will still provide coverage for this loss?

27. A family take their 50 horsepower outboard boat to the lake on a trailer towed behind their personal auto. The pleasure boat is appropriately covered for physical damage under which of the following policies?

28. A primary obligation of an insure is to:

29. DP-2 is considered to be which of the following types of form?

30. The principal of indemnity is designed to avoid:

31. The owner-operator of a computer store often leaves expensive computers balanced negligently on the edges of tables, believing that any damage to the computer will be paid by the insurance policy. This situation is BEST described as a:

32. Which of the following phrases BEST defines a hazard?

33. Which of the following statements is CORRECT about the Fair Credit Reporting Act?

34. Inland marine insurance is commonly used to insure all of the following items EXCEPT:

35. In a commercial property form if a building is a left vacant coverage for vandalism will continue for up to how many days?

36. Which of the following coverage may be added by endorsement to a Boiler and Machinery Policy?

37. Which of the following source may be used it provide property insurability information?

38. Which of the following terms BEST describes continuous and repeated exposure to conditions that are neither expected nor intended by the inure?

39. An insured owns an antique marble statue valued at $3,000 which is covered under a Personal Articles Floater. Damage to the state would be covered in all the following situations EXCEPT:

40. A company promise to pay for damage caused by or resulting from any covered Cause of Loss would be found in which of the following sections of Commercial Property policy?

41. Actual Cash Value is most often defined as which of the following options?

42. The Personal Liability section of a Homeowners policy covers which of the following options?

43. G insures G’s television repair shop under a Building and Personal Property Coverage form with limits of $100,000 on the building and $50,000 on business personal property. A fire causes $10,000 in damage to the building and $20,000 in losses to the contents. G also have $1,000 for debris removal. If the policy has a deductible of $250, G will receive a Maximum of which of the following amounts of the insurer?

44. A building adjacent to an insurer business is servilely damaged by fire. Because of the nature of the damage to the adjoining property, the inured is denied access to the business by the fire department. If the insured’s property is covered under a Business Income Coverage Form the insure will cover the loss of earnings for a MAXIUM of:

45. An applicant statement included in the insurance contract that the property to be insured has an operable sprinkler system is:

46. Information provided by the insured in a Proof of Loss is considered:

47. Which if the following perils is covered by Broad Form periled but is not covered by the Basic Form?

48. Under a Personal Property Floater, a loss is covered when it occurs:

49. N’s next door neighbor, S, dumps hot ashes in N’s trash dumpster starting a fire and causing servicing damages to N’s home. N’s company pays the loss and then goes after S for payment this is an example of

50. Which of the following terms can be defined as a policy provision that omits certain risks from coverage?

51. In order to be reimbursed for a covered loss under a Standard fire policy in this state, an insured MUST

52. After an insurer receives a satisfactory proof of loss from an insured on a fire loss, payment its due within a MAXIMUM of how many days?

53. Coverage of good in transit is usually provided by which of the following types of insurance?

54. Under the standard flooded insurance policy, all of the following loss avoidance are covered up to $1,000 when damage to the insured property due to the flooding is imminent EXCEPT:

55. Which of the fowling situations is considered an insurance transaction?

56. The purpose of the FAIR Plan is to provide:

57. XYZ Insurance Company recently received its certification of authority to sell property insurance in Illinois, XYZ is an Iowa insurer but will sell its products through its licensed Illinois producers. Which of the following statements is CORRECT about XYZ Company’s involvement in the FAIR Plan?

58. The Insurance Commissioner is empowered to:

59. To obtain coverage from this state’s FAIR plan, an applicant MUST:

60. An insurer that generally fails to affirm or deny coverage of claims within a reasonable period if time after receiving Proof of Loss may be found guilty of

61. If a commercial insurer fails to meet the requirements of the forty-five days Notice of Nonrenewal Rule prior to the expiration date of the existing policy, the company “must”

62. After an insurance producer license is issued, a licensee MUST complete how many hours of approval continuing education course every two years?

63. The insurance Commissioner may issue a limited insurance representative license to an individual who wants to sell which of the following types of policies?

64. An individual appointed by an insurer to solicit applications for a policy of insurance or to negotiate a policy on its behalf is know as:

65. Making false or misleading statements about dividends or shares of surplus previously paid on an insurance policy is know as:

66. Upon determining that a producer has violated the insurance law, the Insurance Commissioner is required to take which of the following actions:

67. An incorporated insurer with capital divided into shares and owned by its shareholder is know as:

68. If an owner-occupied dwelling is totally destroyed without criminal fault on the part of the insured. The amount of the loss covered by a property policy would be “based on”

69. Which of the following persons may assign a Standard Fire policy?

70. In this state, a domestic insurer is defined as a company that:

71. An insurer that permits different rate classifications for individuals of the same class and same hazard may be guilty of:

72. All of the following item contained in a basement are covered under the standard flood insurance policy EXCEPT:

73. A Candidate for licensure as property insurance producer must have completed a MINIMUM of how many hours of pre-licensing education?

74. An insurer that intends to nonrenewed a Homeowners policy MUST take which of the following actions?

75. The Insurance Commissioner may suspend, revoke, or deny producer’s license for all the following reasons EXCEPT:

1. The attempt to restore an insured to the insured’s provision financial condition before the loss occurred is BEST described as:

2. The Conditions section of an insurance policy state the:

3. In the event of a loss under a Personal Auto Policy, an insured is required to submit to the insurance company all of the following information EXCEPT:

4. Which of the following individuals is a named insured under a Personal Auto policy?

5. Under a Commercial General Liability policy, Personal and Advertising Injury Liability coverage does NOT apply to damage resulting from

6. In an application for marine insurance, a yacht owner states that the yacht will only be sailed on inland waters. If the insured subsequently sail the yacht on the seas, coverage may be denied because the insured has breached:

7. Which if the following occurrence would be included under the definition of a personal injury

8. Premium costs for standard Workers Compensation insurance are paid by:

9. W, an electrician, caused damage to the main wiring of a shopping center while working on another building. As a result, the shopping center was forced to close early for the day. The loss resulting from this damage would be considered which of the following types under W’s Commercial General Liability policy?

10. Which of the following statements best describes a representative in an insurance application?

11. The Arbitration clause in a Personal Auto policy would be used in which of the following circumstances?

12. Which of the following injuries is covered under the medical payments section of an insured’s Commercial General Liability policy?

13. An insurance binder is best described as:

14. Which of the following individuals is likely to have a vailed Workers Compensation claim?

15. A Commercial General Liability policy provides coverage for which of the following hazards?

16. Insurance purchased to protect an insured from death. Injury, disability or property damage of another is defined as:

17. In a state where minimum auto bodily injury liability limits are 20/40, S is driving with limits of 20/40. S is responsible for an accident with T in which T suffers bodily injury in the amount of $120.000. T has non-stacked Underinsured Motorists limits of 100/300. How much will T’s policy pay toward T’s injury

18. Which of the following claims may be covered by under Bodily Injury Liability coverage?

19. Which of the following coverages may be written with Worker’s Compensation?

20. An insured has an automobile policy with a combined single limit of $500,000 for Bodily Injury and Property Damage. After an accident a court awards $300,000 bodily injury and $25,000 property damage to Claimant A, and $200,000 bodily injury and $25,000 property damage to Claimant B. In this situation, the insurance company’s limits for liability is:

21. Which of the fowling vehicles is considered a covered auto under a Personal Auto Policy?

22. Which of the following policies is intended to broaden the coverages and increase the limits of underwriting insurance?

23. J drives L’s car. Both J and L have a personal Auto Policy. Which of following statements is CORRECT concerning coverage if J causes an accident?

24. A legal obligation for injuries that are sustained due to failure to preform a duty is know as:

25. in a commercial General Lability policy, medical payment expense must be:

26. After paying a claim, an insurance company may have the right to purchase legal action against the negligent party. This right is called

27. Which of the following sections of a policy limits coverage?

28. The principal of a actual cash value is applied to claims for which of the following polices?

29. In insurance, which of the following terms refers to continuous or repeated exposure to conditions that may result in bodily injury or damage neither expected nor interned?

30. In insurance, all of the following losses are examples of pure risk EXCEPT:

31. The limits of liability are found in which of the following sections of a casualty policy?

32. The acts of intentionally withholding from an insurance application a fact that would affect insurance of the policy is referred to as:

33. a bond guaranteeing the obligation of one party to another by a third party know as a:

34. Products Liability coverage would insure damages that arise from which of the following situations?

35. The Fair Credit Reporting Act requires the:

36. Which of the following liability coverages may require the insured’s consent company settles and pays a loss?

37. An employer wishes to purchase liability coverage to protect against employees who bring suit due to an employment-related offense. What type of policy would be most appropriate for the employer?

38. An insured is required to take which of the following actions immediately after an occurrence?

39. A person is acting negligently if they:

40. Anything that increase the chance the chance of loss is know as(n)

41. Under a Fidelity Bond, which of the following individuals is considered the oblige?

42. Which of the following losses would be covered under an Inside the Premises- Robbery and Safe Burglary of Other Property form?

43. If an insured intentionally conceals a material fact about an auto to be covered by a policy, coverage may be:

44. Actual cash Value is most often defined as:

45. A policyholder would except to find which of the following information in the insuring agreement section of an auto policy?

46. Investment consultants should purchase which of the fowling protect themselves from errors and omissions claims?

47. A business insured under a commercial general liability policy has a General Aggregate limits of $1,000,000 and Occurrence limit of $100,000. An injured party is awarded $100,000. What limits will remain available to the insured?

48. Which of the following vehicles is considered a temporary substitute auto under a Personal Auto policy?

49. Which of the following sections of an insurance policy would explain the term “ auto”?

50. In a store, all of the following situations would be considered theft EXCEPT:

51. Which of the following statements is a considered an insurance transaction?

52. An incorporated insurance company with capital divided into shares and owned by its shareholders is know as:

53. Making false or misleading statement about dividends or shares of surplus previously paid on an insurance policy is known as:

54. In this state, a domestic insurance company is defined as a company that

55. An insurance company may deny an employee’s claim for Workers Compensation benefits if the employee was:

56. An insurance company that generally fails to affirm or deny coverage of claims withing a reasonable period of time after receiving Proof of Loss may be found guilty of

57. Which of the following companies MUST participate in the Auto Insurance Plan?

58. The Workers Compensation Act provides coverage for all of the following losses EXCEPT:

59. An employer who has been refused Workers Compensation coverage by at least four insurance companies may apply for covered with:

60. Proof of Motor Vehicle Liability insurance is requested of a driver:

61. Which of the following statements is CORRECT about Uninsured/Underinsured Motorist coverage in this state?

62. If an insured has more than one auto policy that provides, Uninsured Motorist coverage, which of the following statements about the recovery of benefits is CORRECT?

63. The nonrenewal of an auto policy does not become effective until how may days after the insured notice from the insurance company?

64. Under the Automobile Insurance Plan (AIP), all of the following coverages are available to the eligible owner of a private passenger vehicle EXECPT:

65. The amount if an injured employee’s Workers Compensation disability payments is based on the employee’s:

66. A candidate for license as a casualty insurance producer must have completed a MINIMUM of how many hours of relicensing educational?

67. After an insurance producer license is issued, a licensee MUST complete how many of approved continuing education courses every two years?

68. The insurance Commissioner is empowered to:

69. Proof of financial responsibility for damages caused by automobile accident may be shown by all of the following documents EXCEPT:

70. An insurance company that permits different rate classifications for individuals of the same class and same hazard may be guilty of:

71. An induvial appointment by an insurance company to solicit applications for a policy of insurance or to negotiate a policy on its behalf is know as:

72. A private passenger auto policy may be cancelled more than sixty days after the effective date for which of the following reason?

73. The insurance Commissioner may suspend, revoke, or deny a producer’s license for all of the following reason EXCPET:

74. The insurance commissioner may issue a limited insurance representative license to a individual who wants to sell which following types of policies?

75. Upon determining that a producer has violated the insurance law , the insurance Commissioner is required to take which of the following actions?

1. Which of the following Homeowners coverage does not generally on the following , homeowners coverage does not generally contain a deductible?

2. In a commercial property form, if a guideline is left vacant, coverage of vandalism will contain for up to how many days?

3. Which of the following perils is covered under the Commercial property basic cause of loss form?

4. Commercial Building and Personal Property form provides policy, what is the minimum consideration a producer must secure from an applicant

6. A Commercial Package policy must include at least how many coverage parts?

7. The personal liability sections of homeowners policy covers when of the following?

16. If the insure is unilateral increase premiums of decreasing benefits at the renewal of – commercial policy , the named insured must be notified (blank) days after the renewal

18. The personal liability section of a homeowners policy covers which of the following options

19. All of the following perils are covered under a building and business personal property coverage form with a cause of loss basic form attached except

20. A building adjacent to an insured business a surety damaged by fire, because of the native of the damage to the adjoining dropped, the insured is denied access to the business by the dire department. If the insured property is covered under which if a Business income coverage form, the insurer will cover the full of earrings for a maximum of

21. Which of the following coverage may be added by endorsement to a boiler an machinery policy?

22. When an insurer plan to nonrenewal a commercial property insurance policy, it must be given the policyholder a written floater of its intent to non renewal as least ow may days in advanced?

23. Within how many days must a property insurer pay an a claim after the settlement is reached

24. Can an insurer cancel a property policy for nonpayment of premium?

36. The non renewal of an auto policy does not become effective until, how many days after the insured receives notice from the insurance companies?