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Insurance Exam Questions And Answers

Question 1 of 3

Q1 . What is a device used to minimize small nuisance claims and help keep insurance premiums down called?

Q2 . Under most property insurance policies, the policy territory includes which of the following?

Q3 . Which type of insurance professional sells advice about insurance coverage but does not actually sell insurance coverage?

Q4 . In legal terms, when one party's actions result in giving up a known right, what has the party created?

Q5 . When an uninterrupted chain of events resulting from a negligent act causes a loss, that act is considered to be which of the following?

Q6 . What is called something that might increase the likelihood that a loss will occur?

Q7 . In the event of a physical damage loss that makes a covered auto unavailable for a period of time, a personal auto policy will provide coverage for transportation expenses at the rate of $20 per day up to how much?

Q8 . What is the purpose of a deductible in an insurance policy?

Q9 . Which peril is not covered under a commercial property coverage part with the basic causes of loss form attached?

Q10 . Under the NCCI worker's compensation and employers liability policy form, what is the basic, or minimum, limit for employer's liability coverage per accident?

Q11 . Under a personal auto policy, if an insured already has physical damage coverage for at least one vehicle, how many days does the insured have to notify the insurer and request coverage for a new vehicle from the date it is acquired to ensure automatic coverage?

Q12 . Some property insurance policies provide for payment of the full policy limit in the event of a total loss by a covered peril, regardless of the actual value of the property. These policies are known as which of the following?

Q13 . Which dwelling policy forms are named peril forms?

Q14 . If coverage for personal liability and medical payments is attached to a dwelling policy, what basic limit of coverage applies to medical payments unless a higher amount is purchased?

Q15 . Who is eligible for medical payments under a homeowners policy in case of an injury?

Q16 . Tom Baxter has an automobile insured by a personal auto policy. He trades in his car and purchases a new private passenger auto as a replacement vehicle. If he does not notify the insurance company, the liability coverage for his replacement vehicle will apply automatically for how long?

Q17 . Under liability insurance policies, what does an "aggregate limit" mean?

Q18 . Under liability insurance policies, what does the term "personal injury" usually mean?

Q19 . If general liability "claims-made" coverage is renewed by "occurrence" coverage and the insured purchases a supplemental extended reporting period (ERP), for how long will the period for reporting claims under the policy be extended?

Q20 . Under which type of marketing system do agents or agencies operate as independent businesses but agree to represent only one insurance company?

Q21 . Claims-made general liability coverage does not apply to bodily injury or property damage that occurs when?

Q22 . Under the business auto coverage part, each of the following is true about the classifications of covered autos, which are designated by numerical symbols shown in the declarations, except for which of the following?

Q23 . For how many days does the coverage apply at another location for property removed to protect it from a flood under the National Flood Insurance Program?

Q24 . An insurer's loss ratio is determined by dividing what?

Q25 . Which of the following is not true about difference in conditions (DIC) insurance?

Q26 . What is a device used to minimize small nuisance claims and help keep insurance premiums down called?

Q27 . Under most property insurance policies, the policy territory includes which of the following?

Q28 . Which type of insurance professional sells advice about insurance coverage but does not actually sell insurance coverage?

Q29 . In legal terms, when one party's actions result in giving up a known right, what has the party created?

Q30 . When an uninterrupted chain of events resulting from a negligent act causes a loss, that act is considered to be which of the following?

Q31 . What is called something that might increase the likelihood that a loss will occur?

Q32 . In the event of a physical damage loss that makes a covered auto unavailable for a period of time, a personal auto policy will provide coverage for transportation expenses at the rate of $20 per day up to how much?

Q33 . What is the purpose of a deductible in an insurance policy?

Q34 . Which peril is not covered under a commercial property coverage part with the basic causes of loss form attached?

Q35 . Under the NCCI worker's compensation and employers liability policy form, what is the basic, or minimum, limit for employer's liability coverage per accident?

Q36 . Under a personal auto policy, if an insured already has physical damage coverage for at least one vehicle, how many days does the insured have to notify the insurer and request coverage for a new vehicle from the date it is acquired to ensure automatic coverage?

Q37 . Some property insurance policies provide for payment of the full policy limit in the event of a total loss by a covered peril, regardless of the actual value of the property. These policies are known as which of the following?

Q38 . Which dwelling policy forms are named peril forms?

Q39 . If coverage for personal liability and medical payments is attached to a dwelling policy, what basic limit of coverage applies to medical payments unless a higher amount is purchased?

Q40 . Who is eligible for medical payments under a homeowners policy in case of an injury?

Q41 . Tom Baxter has an automobile insured by a personal auto policy. He trades in his car and purchases a new private passenger auto as a replacement vehicle. If he does not notify the insurance company, the liability coverage for his replacement vehicle will apply automatically for how long?

Q42 . Under liability insurance policies, what does an "aggregate limit" mean?

Q43 . Under liability insurance policies, what does the term "personal injury" usually mean?

Q44 . If general liability "claims-made" coverage is renewed by "occurrence" coverage and the insured purchases a supplemental extended reporting period (ERP), for how long will the period for reporting claims under the policy be extended?

Q45 . Under which type of marketing system do agents or agencies operate as independent businesses but agree to represent only one insurance company?

Q46 . Claims-made general liability coverage does not apply to bodily injury or property damage that occurs when?

Q47 . Under the business auto coverage part, each of the following is true about the classifications of covered autos, which are designated by numerical symbols shown in the declarations, except for which of the following?

Q48 . For how many days does the coverage apply at another location for property removed to protect it from a flood under the National Flood Insurance Program?

Q49 . An insurer's loss ratio is determined by dividing what?

Q50 . Which of the following is not true about difference in conditions (DIC) insurance?