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Property and Casualty Practice PSI Exam Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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Property and Casualty Practice PSI Exam Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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  • June 23, 2024
  • 18
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • property and casualty practice psi exam questions

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  • PSI
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Property and Casualty Practice PSI Exam
Employees are barred from suing employers in court to obtain compensation for
injuries covered by workers' compensation because of which of the following
doctrines?

-Employer liability
-Exclusive remedy
-Workman liability
-No fault insurance - CORRECT ANSWER-Exclusive Remedy

Which of the following would trigger coverage under business income form with
extra expense coverage?

-Carpet cleaning after a water main break
-Employee pay after a building structure is damaged
-Building inspectors fees after a loss
-Unit rent when tenant is liable - CORRECT ANSWER-Carpet Cleaning after a
water main break

All of the following would be considered an insured person under Part A of a
personal automobile policy EXCEPT:

-Other persons or organizations that use the car to the extent that they share
liability with the insured person.
-Anyone using the insured's car with the insured's permission or the reasonable
belief that they are entitled to do so.
-The named insured and members of the insured's family for the ownership,
maintenance and use of any auto or trailer.
-Other persons or organizations for their liability from an accident involving an
auto or trailer used by the insured but owned by that person or organization. -
CORRECT ANSWER-Other persons or organizations for their liability from an
accident involving an auto or trailer used by the insured but owned by that person
or organization.

A DP-2 policy covers all of the following EXCEPT:

,-damage to awnings from weight of snow.
-damage to property caused by burglars.
-freezing of automatic fire sprinkler systems.
-accidental discharge of steam from a plumbing system. - CORRECT
ANSWER-damage to awnings from weight and snow

An extended reporting period attached to a general liability policy provides
coverage in which of the following ways?

-It provides coverage for claims made outside the policy term.
-It gives an additional 30 days coverage beyond the policy term.
-It gives an additional 10 years coverage beyond the policy term.
-It covers any gap between the claims-made and occurrence forms. - CORRECT
ANSWER-It provides coverage for claims made outside the policy term.

Which of the following is an example of risk reduction?

-Installing a fire hose system on every floor of a building
-Carrying an adequate amount of insurance to cover any loss.
-Refusal to work in a building that is not made of brick or concrete
-Not purchasing insurance because of a past history of zero claims - CORRECT
ANSWER-Installing a fire hose system on every floor of a building

Which of the following persons is covered for accidental injury on the insured's
premises under the commercial general liability medical payments?

-a tenant of the premises
-an employee of the insured
-person injured in warfare
-a volunteer worker - CORRECT ANSWER-a volunteer worker

Which Homeowner Form covers fixtures, installations, and improvements made
or acquired at the insured's expense?

HO-6
HO-5

, HO-4
HO-2 - CORRECT ANSWER-HO-4

Which policy condition is invoked when parties to an insured loss cannot agree?

-Arbitration
-Assignment
-Liberalization
-Subrogation - CORRECT ANSWER-Arbitration

Mobile homes can be insured in all of the following ways EXCEPT:

-With a HO-8 Modified Coverage form.
-On a separate mobile homeowners package policy.
-With a DP-1 if the mobile home is on a foundation.
-On a mobile homeowners endorsement to a HO-3 form. - CORRECT
ANSWER-With a HO-8 Modified Coverage form.

Workers' compensation coverage is rated on the basis of which of the following?

-Employer's payroll
-Employee's earnings
-Employer's gross claims
-Employer's years in business - CORRECT ANSWER-Employer's payroll

Workers' compensation benefits for loss of wages include which of the following?

-Reimbursement for medical bills
-Complete replacement for lost wages
-Replacement of a portion of lost wages
-Income stream for survivors - CORRECT ANSWER-Replacement of a portion of
lost wages

Which of the following terms refers to the transfer of the insured's right of
recovery against others to his insurance company?

-Abandoment

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