Property and Casualty Bundled Exam Questions and CORRECT Answers

A claimant occupying only a portion of land may gain title to the whole tract by adverse possession if there is a reasonable proportion between the portion occupied and the whole tract and the claimant has __________ the whole tract. Color of title to If a landowner comes under a disability to ...

A insurance binder is effective for no more than 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 specific term is u...

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

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 an insurer uses to evaluate applications and determine if a policy should be issued and on what terms, conditions, and rate is known as? Underwriting The Director is conducting an examination of a foreign company transacting business in South Carolina. Who is responsible for the cos...

Workers Compensation Benefits required by state law to be paid to an employee by an employer in the case of injury, disability, or death as the result of an on-the-job hazard. Warranty A material stipulation in the policy that if breached may void coverage. Waiver The voluntary abandonment of...

Insurance commisioner •Appointed by the governor •6 year term •must sever all ties with any insurance company except as a claimant. Examination of insurers •Must examine each domestic insurer at least once every five years, and as often as deemed necessary. •May examine an alien...

The West Virginia Insurance Guaranty Association may do all of the following EXCEPT: Invest the assets of troubled insurers. The Commissioner is given all of the following powers EXCEPT: Prosecuting people To be licensed as an excess lines broker, an agent must do all of the following EXCEPT: ...

Authorized insurers may choose not to participate in the planAll of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rateThe named insured may cancel a property insurance policy in this state at any time, in which case the insurer must refund any unearned p...

Adverse Selectionlower or poorer risks more prone to losses than normal risks. Aleatory Contractthe consideration that is being exchanged is unequal or unrelated to the consideration given by the other party. Basicnamed peril coverage, the least coverage available. In dwelling policies it incl...

Alabama Property and Casualty UPDATED Exam Questions and CORRECT Answers If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis - CORRECT ANSWER- Pro Rata Basis What is the term used to descri...

Property and Casualty Insurance KY ) UPDATED Exam Questions and CORRECT Answers All of the following are casualty coverages EXCEPT A. Auto Insurance B. Fidelity and Surety Bonds C. Ocean Marine insurance D. Crime Insurance - Correct Answer- C. Ocean Marine Insurance Which of the following d...

Rhode Island Property And Casualty Adjuster Test UPDATED Exam Questions and CORRECT Answers Who revokes an adjusters license in Rhode Island? - Correct Answer- Insurance Commissioner While driving a rental car the insured wrecks it. Where is payment made under? - Correct Answer- Part A-Pro...

Idaho Property and Casualty Review UPDATED Exam Questions and CORRECT Answers Which of the following must have a Producer's license? A. managing general agent B. an actuary C. adjuster D. underwriter - Correct Answer- A. managing general agent The account to which premiums are deposited ma...