Personal Lines Insurance Exam Questions With Verified And Reviewed Answers | Already Passed!!
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Course
Personal Lines
Institution
Personal Lines
Personal Lines Insurance Exam
Questions With Verified And
Reviewed Answers
| Already Passed!!
1) Umbrella policies may cover losses excluded by the underlying
policy. True or False? - ANSWER
True
2) Umbrella liability policys typically only cover losses insured by the
primary i...
Personal Lines Insurance Exam
Questions With Verified And
Reviewed Answers
| Already Passed!!
1) Umbrella policies may cover losses excluded by the underlying
policy. True or False? - ANSWER True
2) Umbrella liability policys typically only cover losses insured by the
primary insurance. True or False? - ANSWER False
3) Would a personal umbrella policy cover libel and slander? -
ANSWER Yes
4) Failure of the insured to maintain required underlying insurance
would likely result in an umbrella loss being ________. - ANSWER
Excluded
5) Commercial umbrella policies are not ____________ within the
industry. - ANSWER Standardized
,6) The towing and labor endorsement limit applies per __________. -
ANSWER Occurrence
7) The miscellaneous type vehicle endorsement is not intended to be
used for snowmobiles. True or False? - ANSWER True
8)The miscellaneous type vehicle endorsement amends the definition
of covered auto to include recreational type vehicles such as motor
homes. True or False? - ANSWER True
9) The named non owner endorsement may be used to provide liabilty,
_______ ________, and _________ motorists coverages. - ANSWER
Medical Payments and Uninsured
10) The type of insurance offered by most auto dealerships and lessors
that insures for the difference between what the insured owes on the
vehicle and what the insurer says the vehicles actual cash value is in the
event of a loss is known as ___ insurance. - ANSWER GAP
11) Minimum financial responsibility requirements in california for auto
insurance is $15,000 per person for BI, $30,000 per accident for BI, and
$_____ per accident for PD. - ANSWER $5,000
,12) Any broker-agent licensed to transact auto insurance in california
and certified by the manager, may submit applications to the california
automobile assigned risk plan. True or False? - ANSWER True
13) Any person who qualifies for a good driver discount policy will be
charged at a rate at least ____% below the rate an insured would
otherwise be charged for the same coverage. - ANSWER 20
14) Low cost auto insurance is a pilot auto insurance program available
to residents of certain counties who live in a household that gross
annual income does not exceed ___% of the federal poverty level. -
ANSWER 250
15) The purpose for a personal umbrella policy is to cover large and
catastrophic losses. True or False? - ANSWER True
16) A commercial umbrella policy does not include workers
compensation benefits. True or False? - ANSWER True
17) The physicians, surgeons, and dentists professional liability policy
covers injuries which result from the lack of professional skill or
judgement. True or False? - ANSWER True
, The consent to settle a loss provision, may appear in some _______
professional policies. - ANSWER Medical
If an insurance producer were to fail to renew a policy, it could be
covered under his / her errors and omissions liability policy. True or
false? - ANSWER True
Lawyers professional liability covers bodily injury and property
damages losses. True or False? - ANSWER False
What type of liability policy would a realtor purchase to protect him /
herself professionally? - ANSWER Errors and Omissions
Would a directors and officers liability policy include coverage for
errors in preparing a financial statement? - ANSWER Yes
_________ liability insurance is needed to protect employers from
claims which arise from their duties under the employee retirement
income security act of 1974 (ERISA). - ANSWER Fiduciary
In surety bonding, the party whose obligation is guaranteed is the
_________. - ANSWER Principal
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