Nevada Property & Casualty Exams (100% Accurate answers)

A insurance binder is effective for no more than correct answers 90 Days Mr. Underwood gave his agent a down payment for the purchase of a business insurance policy. The insurance company issued a policy that promises to pay Mr. Underwood under terms and conditions stated in the policy. What spec...

risk correct answers Uncertainty of loss insurance correct answers the transfer of RISK pure risk correct answers lose or have no change - insurable speculative risk correct answers NOT insurable. possibility to lose or gain hazard correct answers something that increases risk indemni...

A certificate of authority gives a(n) correct answers Company authority to transact insurance in Nevada A characteristic unique to surplus lines insurance is that it correct answers May be written with unauthorized insurers provided there are no authorized insurers selling that type of policy in ...

The removal coverage that is included in the broad form dwelling policy will cover property temporarily removed from the premises to protect it from damage for how long? a) 5 days b) 15 days c) 30 days d) 60 days correct answers c) 30 days The commercial property declarations page contains wh...

A unique feature in a bailee form is that it covers A. A loss that has no exclusions B. The building occupied by the insured whether it is owned or leased C. Customers property whether or not the insured has been negligent D. Fire and theft losses to the insured stock held for sale without any...

The process of determining the premium charged and how much insurance is required for a particular loss is called correct answers Loss Valuation What type of compensatory damages will pay for pain and suffering and disfigurement? correct answers General For insurance purposes, when an insured ...

Joe received a notice from his insurer that his policy would be cancelled in 30 days. The notice did not give any reason for the cancellation and did not tell Joe any way to obtain that information. When will this cancellation be effective? correct answers The cancellation is not effective Each l...

Duties of the insurer found in property policy conditions include all of the following EXCEPT a) Return any premiums to the insured. b) Notify the insured in the event of financial difficulty. c) Pay covered losses. d) Provide advance notice of cancellation. correct answers B Duties of the in...

*Insurance* policies that have been in effect for *at least 70 days* or *that have been renewed* "cannot" becancelled by the insurer - correct answers before the expiration of the agreed term or *1 year from the effective date* of the policy or renewal A "commercial or business policy" issued...

If the commissioner fails to approve or disprove a proposed rate within 90 days, the proposed rate within 90 days, the considered? correct answers Approved If the insurer offers to to renew the policy on different terms, how long dose the policyholder have to cancel the policy have to cancel the ...

Commercial policies issued for a term longer than one year may be cancelled by the insurer by giving notice of cancellation A30 days before any anniversary date of the policy. B45 days before the expiration of the policy. C60 days before any anniversary date of the policy. D70 days before the ex...

Abandonment Condition correct answers states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability correct answers Imposed by law on those participating in certain activities that are considered especially hazardous; a p...

Joe received a notice from his insurer that his policy would be cancelled in 30 days. The notice did not give any reason for the cancellation and did not tell Joe any way to obtain that information. When will this cancellation be effective? A 30 days B 6 days after Joe received the notice C I...

When Joe was shopping for property insurance for his mobile home, the company he looked at had outrageously high premiums. Joe was told that they were required to set the premiums at that level and all other insurers would have the same premiums. Why is this not true? AOnly insurers that offer both...