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Personal lines Property & Casualty QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A+
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Personal lines Property & Casualty QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A+
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Personal lines Property & Casualty1. $10,000 - ANS-Burial costs are covered up to ________?
2. $15 million - ANS-Surplus lines insurer's capital & surplus must be at least ______?
3. $2,500 - ANS-Minimum PIP limits?
4. $25,000 - ANS-_________ for return of unearned premium
5. $25,000 - ANS-Maximum penalty for insurance code violations?
6. $25,000 - ANS-Property damage per accident?
7. $3 million in annual sales - ANS-Maximum floor space, the businessowners eligbility
rules limit eligible risks.
8. $30,000 - ANS-Bodily injury or death of any 1 person?
9. $300,000 - ANS-_________ per claimant for all other covered claims?
10. $50,000 - ANS-The Commissioner of insurance must provide a __________ surety
bond. (A surety bond guarantees performance)
11. $500 - ANS-Credit Card Fraud is covered under HO policy to a maximum of ________?
12. $500,000 - ANS-The Commissioner of insurance requires state fees in excess of
_____________ to be submitted by electronic transfer.
13. $60,000 - ANS-Bodily injury or death of 2 or more people _____?
14. 1 Year - ANS-If the license is expired for more than _______ all requirements for a new
license (including the exam) must be met?
15. 1 year - ANS-The employee must file a claim for compensation within _____ of injury?
16. 10 Days - ANS-______ in advance for Homeowners Insurance cancellation?
17. 10 Days - ANS-_______ in advance for a personal auto cancellation
18. 10 days - ANS-_____- in advance to cancel a commercial auto insurance policy?
19. 13 Consecutive weeks - ANS-Average weekly wage is based on the prior
______________?
20. 14 Days - ANS-Department must send notice of violation within _____ of finding?
21. 15 Days - ANS-An insurer must initiate workers compensation benefits within _____
days of being notified of an injury?
22. 15 days - ANS-Insurers must begin benefit payments within _________ of notice?
23. 15 Days - ANS-The Commissioner of insurance requires that persons must respond to
commissioner inquires within_______ ?
24. 18 Years Old - ANS-Minimum age for a license?
25. 1911 - ANS-Wisconsin was the first state to pass a constitutionally acceptable law for
Workers Compensation.
26. 2 - ANS-Maximum # of roomers permitted in residential structures eligible for
homeowners
27. 2 - ANS-TAIPA (Texas Auto Insurance Plan Association) to qualify, applicants must first
be rejected by at least ____ insurers?
28. 2 CGL exclusions - ANS-eliminate coverage for the damaged to the customer's autos &
for the value of Bob's work already performed.
, 29. 2 Hours - ANS-Ethics & consumer protection continuing education requirement?
30. 2 types of Flood insurance programs - ANS-Emergency & Regular
31. 2 weeks - ANS-If disability lasts for __________ or longer, compensation for wages is
from the date disability began?
32. 2 years - ANS-Business entity agent licenses are renewed every ______ after the
license is issued?
33. 2 Years - ANS-The Commissioner of insurance is appointed by the governor for a term
of ______ ending on February 1 of each odd-numbered year?
34. 20 Days - ANS-Response from alleged violator must be within ______ of receipt?
35. 24 Hours - ANS-Total continuing education requirements?
36. 25% - ANS-At least ____ of annual premiums must be derived from persons other than
the applicant, applicants family, & applicants business associates.
37. 26 feet - ANS-Sailing vessels that are less than ______ are covered.
38. 3 hours - ANS-Flood insurance requires _____ certification course?
39. 3 years - ANS-Covers expenses incurred within _______ of accident?
40. 30 Days - ANS-_______ in advance for a nonrenewal or cancellation on a 12-month
anniversary date.
41. 30 Days - ANS-_________ in advance for a Nonrenewal?
42. 30 Days - ANS-Binders must be replaced by the insurance policy within ____?
43. 30 days - ANS-Claims must be paid within ____ after proof of claim?
44. 30 Days - ANS-Suspected fraudulent acts must be reported to the commissioner or law
enforcement within _____?
45. 30 Days - ANS-The employee must notify the employer within ________ after injury?
46. 30/60/25 - ANS-Minimum liability in Texas ($30,000 per person for bodily injury, $60,000
per accident for bodily injury, $25,000 for property damage of others)
47. 4 years - ANS-Continuing education records must be kept for _____?
48. 5 - ANS-Maximum # of roomers permitted inresidential structures eligible for
homeowners
49. 5 Days - ANS-An employee may waive being covered by workers compensation (retain
the right to sue the employer for injuries) if notice is given within ________ of being
hired?
50. 5 Years - ANS-The Commissioner of insurance MUST have ________ of experience in
business or government.
51. 5 years - ANS-The waiting period to reapply if license is denied or revoked?
52. 6 months - ANS-Texas FAIR (Fair Access to Insurance requirements) provides
residential property insurance when coverage is unavailable in other markets or when
there has been no insurance on the property in the past ______?
53. 6 parts of the Workers compensation - ANS-1- Workers Compensation
54. 2- Employers Liability
55. 3- Other states insurance
56. 4- Your duties if injury occurs
57. 5- Premium
58. 6-Conditions
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