FX PROPERTY AND CASUALTY EXAM / 100+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+. 1. To be considered an insurable risk, a loss may NOT be: catastrophic 2. Which of the following persons would be required to hold a producer license?: a nonresident agent who negotiates insurance contracts 3....
FX PROPERTY AND CASUALTY EXAM / 100+
QUESTIONS AND CORRECT ANSWERS 2023/2024 /
GRADED A+
, FX PROPERTY AND CASUALTY EXAM / 100+ QUESTIONS AND
CORRECT ANSWERS 2023/2024 / GRADED A+
1. To be considered an insurable risk, a loss may NOT be: catastrophic
2. Which of the following persons would be required to hold a producer
license?: a nonresident agent who negotiates insurance contracts
3. Which of the following is the oldest known type of insurance?: ocean
marine
4. The contents coverage on a homeowners policy would pay how much after
the loss of one of a pair of golden candlesticks?: the difference in the actual
cash value as a pair and as a single
5. Which of the following additional perils is covered under both of the Basic
and Broad forms in dwelling policies?: internal explosion
6. When would a misrepresentation on the insurance application be consid-
ered fraud?: If it is intentional and material
7. A bond is written for a set limit, and the surety will be liable only for this
amount. This limit is known as the: penalty
8. In insurance, an offer is usually made when: the application is submitted
9. All of the following actions by a producer may be grounds for license
revocation or non-renewal EXCEPT: participating in controlled business
10. In personal auto policies, the term "you" refers to: the named insured
11. Business personal property coverage form covers all of the following
except:: automobiles held for sale
12. in dwelling policies, automatic increase in insurance is: coverage by en-
dorsement
13. To be eligible for businessowners policy (BOP) coverage, an office build-
ing CANNOT be higher than: 6 stories
14. Elaborate homes with replacement costs greater than ACV or market
value are insured on the: HO-8 Form
15. Which of the following dwelling coverage forms would pay replacement
cost for the dwelling?: DP-2 and DP-3
16. Business personal property coverage insures property out in the open if
it is: Within 100 feet of the described premises
17. A runaway shopping cart injures a customer in a supermarket's parking
lot. Coverage for this claim would be provided under: premises and operations
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