Auto insurance - Study guides, Class notes & Summaries

CIC Commercial Multiline Exam Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) - ANSWER 1. Provide additional limits that are excess over underlying limits of insurance 2. Provide primary coverage when underlying poliy does not respond beacuse its aggregate limits of insruance are exhausted. 3. Provide broader coverage than the exsiting underlying insurance excess liability coverage forms and commercial umbrella liability policy - ANSWER 1...

Jim Smith is involved in a collision claim and is no longer able to use the vehicle to go to work. This "loss of use" is referred to as a: Direct loss Indirect loss Loss evaluation Consequential loss correct answersConsequential loss When the rear of the vehicle is damaged and there is a gap between the trunk lid and the quarter panel, what else on the vehicle should the appraiser check? The center pillar The trunk floor The quarter panels The frame rails correct answersTh...

Terrorism Risk Insurance Act (TRIA) Answer - In 2002- the availability of reinsurance coverage against terrorism. If there is a terrorist act then the federal government is responsible in paying the insurer for any damage. What is TRIEA and when did it happen Answer - In 2005 legislation was modified and coverage was extended by the Terrorism Risk Insurance Extension Act FCRA- when, what, and what it stands for Answer - In 1970 the Fair Credit Reporting Act was establish by the federal gov...

Jerome was shopping at ABC Imports when a light fixture fell from the ceiling and hit him on the head. Jerome's injuries resulted in an extended hospital stay, so he sued ABC Imports and was awarded $400,000. Assuming ABC Imports carries a CGL with a General Aggregate of $750,000 and a per occurrence limit of $250,000, what is the maximum that ABC's insurer will pay for Jerome's injuries? - CORRECT ANSWER $250,000 Strict Liability: - CORRECT ANSWER holds a person liable for h...

Insurance broker means a person who, for compensation and on behalf of another person, transacts insurance other than life with, but not on behalf of, an insurer. True or False? correct answer: False - An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their clients and provide advice in the interests of their clients. Transacting insurance includes: A. Execution of a contract of insurance B. All of the choices C. Solicitation D. Negotiation c...

Personal Auto Insurance Exam Questions with 100% Verified Correct Answers 2024/2025 Personal Auto Policy - Correct Answer Easy-to-Read Auto policy that provides broad coverage for both owned and non-owned autos that are used, maintained, and/or operated by the insured and family. Personal auto policy consists of a ________ page and a __________ form - Correct Answer 1. Declarations 2. Policy Part A Coverage - Correct Answer Liability coverage Part B Coverage - Correct Answer medical p...

Auto insurance Practice test Questions And Answers What type of coverage is provided by an inland marine policy? - ANS Open or all risk coverage - Inland marine policies have only a few limited exclusions. Any person who transacts insurance without a valid license is: - ANS Guilty of a misdemeanor, Subject to a fine not exceeding $50,000 and/or imprisonment, Subject to imprisonment in county jail for a period not exceeding one year. For homes subject to the state & defensible s...

PROPERTY AND CASUALTY AUTO INSURANCE EXAM PREP QUESTIONS AND ANSWERS 2024

Complete Test Bank for Personal Finance, 5th Canadian Edition by Jeff Madura, Hardeep Singh Gill ; ISBN13: 9780136662907. (Full Chapters included Chapter 1 to 16)...1. Overview of a Financial Plan. 2. Applying Time Value Concepts. 3. Planning with Personal Financial Statements. 4. Using Tax Concepts for Planning. 5. Banking Services and Managing Your Money. 6. Assessing, Managing, and Securing Your Credit. 7. Purchasing and Financing a Home. 8. Auto and Homeowner's Insurance. 9. Health ...

Property and Casualty Insurance Mastery Exam A Questions and Answers 100% Pass An insured rents a car while on vacation in Canada and causes an accident. Is there coverage under his personal auto policy? - Correct Answer ️️ -The loss is covered under an unendorsed personal auto policy. Under the workers' compensation laws, which of the following would NOT be covered? - Correct Answer ️️ -Heart-related illness resulting from hereditary causes An insurance policy covers fire, will ...