Xcel Solutions Property & Casualty
Exam Questions and Answers
An earned premium resulting from the cancellation of a policy is calculated on: - Correct
Answer ️️ -On a pro rata basis, based on the previous year's rate
M owns a parking garage & has coverage that states: "We will cover losses...
Xcel Solutions Property & Casualty Exam Questions and Answers An earned premium resulting from the cancellation of a policy is calculated on: - Correct Answer ✔️✔️-On a pro rata basis, based on the previous year's rate M owns a parking garage & has coverage that states: "We will cover losses regardless if you are leg ally liable for the loss." This no -fault ideology will be found under: - Correct Answer ✔️✔️-Excess Direct Coverage An insurance company writing business in a state other than the one in which it is domiciled is called: - Correct Answer ✔️✔️-a Foreign Y is running a home daycare out of their home & has just earned $50,000 in her first year of business. Under an HO policy, Y's daycare is defined as: - Correct Answer ✔️✔️-
Not a business Underwriting guards against - Correct Answer ✔️✔️-Adverse Selection A licensee whose name or address changes must notify the Dept of Insurance within _____ days: - Correct Answer ✔️✔️-30 Days Assumption of risk: - Correct Answer ✔️✔️-States that a party will not collect damages because they should have known what they were doin g was risky Under a DP -2 Broad form, which of the following is not a Broad peril? - Correct Answer ✔️✔️-Vandalism Which of the following incidents would not be excluded under a DP -3 policy? - Correct Answer ✔️✔️-Burglary of a property that was vacant for 30 consecutive days Which of the following are losses excluded under Coverage F? - Correct Answer ✔️✔️-An individual who is eligible to receive disability insurance Which of the following will not provide a premium discount from standard market workers comp insurance? - Correct Answer ✔️✔️-Assigned Risk Plan The face amount of a Surety bond is called the: - Correct Answer ✔️✔️-Penalty M has opened up his business, Tractors & Semis Sales, LLC. His stock will be covered while it is being transported, if he: - Correct Answer ✔️✔️-Adds the equipment dealers floater All of the following are correct about the Commercial Endorsement regarding Spoilage EXCEPT: - Correct Answer ✔️✔️-Coverage extends to stock off premises What is a certificate of authority? - Correct A nswer ✔️✔️-The license required for an insurer to conduct business in the state A licensed producer who lives in another state & transacts insurance in AZ is called: - Correct Answer ✔️✔️-A Non -Resident Producer Any of the following may be an unfair claims settlement practice EXCEPT: - Correct Answer ✔️✔️-Refusing to pay persons bringing false or fraudulent claims What is the best description of an applicant to the AZ auto insurance plan? - Correct Answer ✔️✔️-An applicant in good -faith entitled to coverage but unable to obtain coverage through ordinary methods
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