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Property and Casualty Insurance - Final Exam Practice Questions and Answers (100% Pass)
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Property and Casualty Insurance - Final Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMProperty and Casualty Insurance - Final Exam
Practice Questions and Answers (100% Pass)
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 account
•• D) Advise an insured of coverage issues
A producer must notify the insurance division of an address change within: - ✔️✔️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: - ✔️✔️A)
Twelve Months
B) Nine Months
•• C) 90 days with extensions up to 180 days
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
D) 30 days
Contribution by Equal Shares: - ✔️✔️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? - ✔️✔️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: -
✔️✔️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: - ✔️✔️•• A)
An attorney
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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: - ✔️✔️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: - ✔️✔️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: - ✔️✔️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
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A producer license is: - ✔️✔️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: - ✔️✔️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: - ✔️✔️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? - ✔️✔️A) The $100,000 plus the
inflation guard coverage amount
B) The $100,000 plus the inflation guard, but minus depreciation coverage
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