South Carolina Property and Casualty Insurance Exam Questions And Answers.
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SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE
Institution
SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE
South Carolina Property and Casualty Insurance Exam Questions And Answers.
South Carolina Property and Casualty Insurance Exam Questions And Answers.
South Carolina Property and Casualty Insurance Exam Questions And Answers.
South Carolina Property and Casualty Insurance Exam Questions And A...
South Carolina Property and Casualty Insurance
Exam Questions And Answers
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? - correct Answers ✔✔ -Underwriting
The Director is conducting an examination of a foreign company
transacting business in South Carolina. Who is responsible for the cost of
the examination? - correct Answers ✔✔ -Foreign company
Driver A has a personal auto policy with Part C: UM/UIM limits of 100/300.
He is injured by Driver B who has Part A: Bodily Injury Liability Limits of
50/100. It is determined that Driver B is at fault for the accident . Driver A
has $125,000 in medical expenses. How much will Part C: UM/UIM
coverage will pay? - correct Answers ✔✔ -50,000
A premium discount is the term that describes when an insured owes a
total standard premium greater than? - correct Answers ✔✔ -5,000
According to SC law, comprehensive deductibles do not apply to - correct
Answers ✔✔ -safety glass
Who is an insurance producer? - correct Answers ✔✔ -Any person licensed
to sell, solicit or negotiate insurance
Employee fidelity may be written in all the following ways EXCEPT -
correct Answers ✔✔ -Location schedule
,Which type of losses are covered by the South Carolina Wind and Hail
Underwriting Association? - correct Answers ✔✔ -Both Direct and Indirect
losses
Before granting a Certificate of Authority to a company, the Director must
be satisfied by proper evidence that all of the following are true EXCEPT -
correct Answers ✔✔ -The insurer does not have a Certificate of Authority
in any other state
Erroneous Publishing copied all the material from Angels Inc.'s book. The
only changes made by Erroneous were to rename the title and chapters,
put a different cover on it, and distribute it as its own. Angels Inc. files a
claim against Erroneous and seeks damages. Will a commercial general
liability policy cover the claim? - correct Answers ✔✔ -No, because the
claim results from copyright infringement and is not in an advertisement
When the insured's car was totaled in a recent accident, the ownership of
the car was transferred to the insurer. The insurer then sold off the
wrecked car to recover some of the loss it paid to the insured. What is the
term for this action? - correct Answers ✔✔ -Salvage
The reduction, decrease, or disappearance of value of the person or
property insured in a policy by a peril insured against is known as - correct
Answers ✔✔ -loss
A plasterer has finished a job. What kind of liability coverage would
protect him if the plaster falls and hurts someone because he did not do
the job correctly? - correct Answers ✔✔ -Completed operations
Which employee fidelity bond pays no more than its limit of liability for
each separate occurrence no matter that several separately identifiable
employees were involved in a single loss? - correct Answers ✔✔ -
commercial blanket position
If an employee consumes alcohol, becomes intoxicated, and is injured at
work, he/she is __________. - correct Answers ✔✔ -Not covered if the
consumption of alcohol is proven to have caused the injury
Under Coverage C of a farm policy, what is the limit payable on business
property located away from the premises? - correct Answers ✔✔ -$500
, Within how many days of requesting an investigative consumer report
must an insurer notify the consumer in writing that the report will be
obtained? - correct Answers ✔✔ -5 days
What is the purpose of the government crime coverage form? - correct
Answers ✔✔ -To provide crime coverage to those who do not qualify in the
normal market
Which of the following insurance options would be considered a risk-
sharing arrangement? - correct Answers ✔✔ -Reciprocal
According to the loss payment condition in HO policies, losses must be
paid within how many days of the insurer receiving proof of loss? - correct
Answers ✔✔ -60 days
Which of the following is true of dwelling policy coverage? - correct
Answers ✔✔ -Exclusion apply to all three policy forms
The individual named insured endorsement under a commercial auto
policy provides coverage for which of the following? - correct Answers ✔✔
-The sole proprietor of the business and his or hers family members
The type of crime policy under which coverage is triggered by a loss that
happens during the policy period but is not necessarily discovered during
the policy period is the _____________. - correct Answers ✔✔ -Loss
sustained form
What type of coverage protects the insured in an accident caused by a
driver with insufficient coverage? - correct Answers ✔✔ -Underinsured
Motorist
In which of the following sections of a commercial auto policy will you find
specific information about the policy period? - correct Answers ✔✔ -
Conditions
Faulty wiring in a home is an example of a _______. - correct Answers ✔✔ -
Hazard
Which of the following list all the required elements for establishing a
charge of negligence? - correct Answers ✔✔ -legal duty owed, standard of
care, proximate cause, damages
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