Property and Casualty Insurance - Final Exam Questions and Answers 2023
An unlicensed employee of an insurance agency may perform all of the following EXCEPT:
A) Accept a claim form
B) Type correspondence for a direct mail campaign
C) Deposit properly endorsed checks into the agency's bank acco...
Property and Casualty Insurance - Final Exam Questions and Answers 2023
An unlicensed employee of an insurance agency may perform all of the following EXCEPT: - answer A) Accept a claim form
B) Type correspondence for a direct mail campaign
C) Deposit properly endorsed checks into the agency's bank account
•• D) Advise an insured of coverage issues
A producer must notify the insurance division of an address change within: - answer A) 10 days
B) 20 days
C) 25 days
•• D) 30 days
A Temporary License may be issued to approved individuals for a period of: - answer A) Twelve Months
B) Nine Months
•• C) 90 days with extensions up to 180 days
D) 30 days
Contribution by Equal Shares: - answer A) Is applicable in Workers Compensation
B) Is excess over primary coverage
C) Prorates coverage between all policies equally
•• D) Is a form of proportional coverage in which losses are paid equally by all policies until one policy is exhausted, whereby the other policy pays alone
Which of the following is NOT a requirement necessary to qualify as a producer in Iowas? - answer A) Pass the exam required by statute
B) Be a resident of the state of Iowa
C) Be of good character and company
•• D) Complete a 36-hour licensing course
All of the following are true of the Iowa's Continuing Education Regulation EXCEPT: - answer A) A continuing education term is three years
B) New producers must complete 36 credits every continuing education term
•• C) Continuing education is automatically waived for producers that are attorneys
D) Producers must have 3 credits in ethics every CE term
All of the following applicants may be denied a producer's license EXCEPT: - answer •• A) An attorney
B) An individual that provides incomplete information on a license application
C) An applicant whose letter of clearance is dated 120 days prior
D) A nonresident not licensed in their state of domicile Personal liability coverage under the Dwelling Policy is: - answer A) Automatically provided under the policy
•• B) Only provided by endorsement
C) Broader and more comprehensive than homeowner personal liability
D) Limited to 10% of Coverage A
All of the following would be considered a hazard EXCEPT: - answer A) Trash and debris in the basement of a home
B) Broken steps and hand railings
C) Overloaded electrical wiring
•• D) Properly stored paint and related solvents
All of the following would be considered a Unfair Claims Practice EXCEPT: - answer A) Failure to acknowledge written or oral communications
B) Failure to deny or affirm coverage
•• C) Dealing with the insured or claimant in good faith
D) Refusing to pay covered claims
A producer license is: - answer A) Automatically renewed
B) Renewed for one-year periods subject to the completion of CE
C) Renewed for two-year periods subject to the completion of CE
•• D) Renewed for three-year periods subject to the completion of CE
In a Personal Umbrella Policy, the amount paid by the insured for certain losses not covered under the primary coverage is called: - answer A) The deductible
B) The security insured retention
•• C) The self-insured retention
D) The sole insurable retention
To form a contract, a competent part: - answer A) Must be 16 years old
•• B) Must have legal capacity
C) Is anyone age 18 or older regardless of their personal history
D) Is anyone 21 or older, even if that person is intoxicated
In 2010, a homeowner insured his home for its purchase price of $100,000 and added the inflation guard endorsement. Under the Homeowner Policy, what amount should the
homeowner be carrying today to be property insured? - answer A) The $100,000 plus the inflation guard coverage amount
B) The $100,000 plus the inflation guard, but minus depreciation coverage
C) Its fair market value
•• D) The current cost to replace with like kind and quality at today's rebuilding costs
Which of the following reduces small nuisance claims and helps keep premiums down? - answer •• A) Deductible
B) Indemnity C) Coinsurance
D) Salvage
A fire severely damages a tenant occupied duplex insured under a Dwelling Policy. After the fire the tenants are forced to move. In this case: - answer A) The Dwelling Policy will pay nothing
B) The Dwelling Policy will pay the tenant's extra expenses
•• C) The Dwelling Policy will pay the owner's loss of rental value
D) The Dwelling Policy will pay the tenant's moving allowance
The Notice of Aftermarket Crash Parts must be given to the insured no later than at: - answer A) Application of insurance
B) Approval of insurance
•• C) Delivery of policy
D) Time of repair
The Principle of Indemnity is used extensively in the property casualty field to: - answer A) Indemnity an insured in excess of their loss
B) Reduced lawsuits
•• C) Restore or reimburse one to the extent of their loss
D) Promote arbitration
Which of the following is CORRECT of Collision coverage under the Personal Auto Policy? - answer •• A) It is the upset of a covered auto or its impact with another vehicle or object
B) Examples of collision include missiles or falling objects
C) Examples of collision include fire, theft or larceny
D) Examples of collision include explosion, earthquake or windstorm
Insurance is a method which: - answer A) Reduces risk
B) Retains risk
C) Avoids risk
•• D) Transfers risk
A known right that is voluntarily relinquished by an insurer is: - answer A) Estoppel
•• B) Waiver
C) Subrogation
D) Appraisal
Which of the following activities would require an individual to be licensed as a producer? - answer A) Giving a homeowner brochure to prospect
•• B) signing an insurance application
C) Depositing a check into the insurer's premium account
D) Arranging or making meeting appointments for licensed proudcer
the process of treating and managing loss exposures is risk: - answer A) Avoidance
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $38.49. You're not tied to anything after your purchase.
