Texas Insurance Practice Exam Questions and Answers
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Course
Texas insurance
Institution
Texas Insurance
Texas Insurance Practice Exam Questions
and Answers
Subrogration may follow which of the following events? - ANSWER-An insured collects from her
insurance company for damages caused by a third party
Medical payments coverage under a BOP applies to expenses incurred by non-insureds for bodily in...
The term "time element coverage" is used when the amount of loss depends on: - ANSWER✔✔-The time
it takes to repair, rebuild or restore damaged property.
Under a personal automobile policy with uninsured motorists coverage, a disagreement between an
insurance company and an insured on the amount of a loss can be settled by: - ANSWER✔✔-Arbitration
Aaron purchases a Homeowners insurance policy for $700,000 with a 4% deductible. A few months later,
a heavy hailstorm destroys his roof, porch, and windows, causing $50,000 in damages. How much should
Aaron expect to receive from the insurance company to pay for the damages? - ANSWER✔✔-$22,000
A Personal Umbrella policy will cover an insured for an "occurrence" or "offense" that occurs -
ANSWER✔✔-Anywhere in the world.
The NAIC Model Unfair Claim Settlement Practice Act provides for a financial penalty of _________ for
each violation of the Act. - ANSWER✔✔-$1,000
If a building insured under a BOP has been vacant or unoccupied beyond _____ the insurer can send the
insured a notice of cancellation. - ANSWER✔✔-60 days
Risk retention and purchasing groups are used to provide which of the following types of coverage? -
ANSWER✔✔-Products Liability insurance..
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