Property and Casualty Insurance KY ) UPDATED Exam Questions and CORRECT Answers
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Course
Property and Casualty Insurance KY )
Institution
Property And Casualty Insurance KY )
Property and Casualty Insurance KY )
UPDATED Exam Questions and
CORRECT Answers
All of the following are casualty coverages EXCEPT
A. Auto Insurance
B. Fidelity and Surety Bonds
C. Ocean Marine insurance
D. Crime Insurance - Correct Answer- C. Ocean Marine Insurance
Which of the following ...
Property and Casualty Insurance KY )
UPDATED Exam Questions and
CORRECT Answers
All of the following are casualty coverages EXCEPT
A. Auto Insurance
B. Fidelity and Surety Bonds
C. Ocean Marine insurance
D. Crime Insurance - Correct Answer- C. Ocean Marine Insurance
Which of the following describes the major responsibilities of an insurance company's claims
department?
A. Uses company standards and experience to determine whether or not to accept an
application for insurance.
B. Inspects losses, determines if there is coverage, estimates indemnification and sees that
insureds are indemnified.
C. Uses statistical data accumulated from various sources to determine insurance rates.
D. Makes inspections and recommends actions for the prevention and control of losses. -
Correct Answer- B. Inspects losses, determines if there is coverage, estimates indemnification
and sees that insureds are indemnified.
What homeowners form is also known as the tenants or renters form?
A. H0-4
B. H0-6
C. Both 1 and 2
D. Neither 1 or 2 - Correct Answer- A. H0-4
Which of the following is covered property under the Homeowners Policy?
A. Property of boarders
B. Firearms
C. CB radio and tape decks installed in a motor vehicle
,D. All of the above - Correct Answer- B. Firearms
The clause in liability policies that states policy limits apply seperately to each insured, but
do not increase the limit of liability for any one occurrence is the:
A. Subrogation Clause
B. Supplementary Payment Clause
C. Sistership Clause
D. Severability Clause - Correct Answer- D. Severability Clause
In an umbrella liability policy, the deductible the insured must satisfy before collecting under
the umbrella for a loss not covered by an underlying policy is called the:
A. Excess Limit
B. Reinsurance level
C. Retention Limit
D. Disappearing deductible - Correct Answer- C. Retention Limit
Under the personal auto policy, uninsured motorists coverage provides coverage for bodily
injury for which the insured is legally entitled to recover, and which results from an accident
with:
A. A driver with no liability insurance at the time of the accident
B. A driver who has liability insurance at the time of the accident, but not enough to meet the
states minimum financial responsibility
C. A driver whose insurance company is insolvent or denies coverage
D. Any of above - Correct Answer- D. All of the above
Which of the following is not essential for rating liability coverage for a Business Auto
Policy?
A. Vehicle Use
B. Radius of operations
C. Cost of vehicle when new
D. Limits selected - Correct Answer- C. Cost of vehicle when new
, Insurance for imports and exports is best provided by:
A. a Trip Transit Policy
B. an Annual Transit Policy
C. Ocean Marine Insurance
D. None of the above - Correct Answer- C. Ocean Marine Insurance
If the insured drops the collision coverage of a personal auto policy, coverage will stop:
A. Effective the date coverage is dropped
B. At the policy annual anniversary date
C. At the next quarterly premium payment date, when that portion of the payment is not
included.
D. At the date the insured received the premium - Correct Answer- A. Effective the date
coverage is dropped
Which of the following cannot be included in the commercial package policy?
A. Commercial Inland Marine coverage
B. Ocean Marine Coverage
C. Boiler and Machinery coverage
D. Commercial Property coverage - Correct Answer- B. Ocean Marine coverage
Which of the following is a factor in determining the liability premium for a personal auto
policy?
A. Model year of the car
B. Use of the car
C. Deductible
D. Vehicle condition - Correct Answer- B. Use of car
Which of the condominium forms should be used to cover the personal property of the owner
of the condominium?
A. Condominium Unit-Owners Form
B. Condominium Association Coverage Form
C. Neither of the above
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