Property and Casualty Insurance (General / All states) Practice Test

Property-and-Casualty test Format | Course Contents | Course Outline | test Syllabus | test Objectives

TOPIC: Overview of Insurance Operations
1. The candidate will understand how insurance companies are organized, their goals, how success is measured, and their functions.
Learning Outcomes
The candidate will be able to:
a) Explain how insurers have organized to provide property-casualty insurance
b) Describe the major goals of an insurer
c) Describe the internal and external constraints that impede insurers from achieving their major goals
d) Describe the measurements used to evaluate how successful an insurer is at meeting its established goals
e) Describe the core and supporting functions performed by insurers

TOPIC: Insurance Regulation
2. The candidate will understand the reasons for and the types of regulation.
Learning Outcomes
The candidate will be able to:
a) Describe the effect each of the following acts and legal decisions have had on insurance regulation: Paul v. Virginia, Sherman Antitrust Act, South-Eastern Underwriters Association, McCarran-Ferguson Act, Insurance Services Office and the Attorneys General Lawsuit, and Gramm-Leach-Bliley Act
b) Explain how insurance regulation protects consumers, contributes to maintaining insurer solvency, and assists in preventing
destructive competition
c) Identify the regulatory activities of state insurance departments and the duties typically performed by state insurance commissioners
d) Describe the arguments for and against federal regulation of insurance
e) Describe the licensing requirements for insurers and insurance personnel
f) Describe the methods that regulators use to maintain the solvency of insurers and to manage insolvencies, and the reasons why insurers become insolvent
g) Describe the goals of insurance rate regulation, the major types of state rating laws, and the reasons supporting and opposing rate regulation
h) Explain how the contract language contained in insurance policies is regulated
i) Explain how the market conduct areas in insurance are regulated and how regulatory activities protect consumers
j) Explain how organizations that act as unofficial regulators affect insurance activities

TOPIC: Insurance Marketing and Distribution
3. The candidate will understand the insurance marketplace and marketing and distribution systems.
Learning Outcomes
The candidate will be able to:
a) Describe the following attributes of the competitive property-casualty insurance marketplace: distinguishing characteristics of insurance customers, insurer marketing differentiations, and unique factors in the insurance marketplace
b) Explain how typical insurer marketing activities are performed and why they are performed
c) Describe the main types of insurance distribution systems and channels, including the principal characteristics that distinguish one distribution system from another
d) Describe the functions performed by insurance producers
e) Describe the key factors an insurer should evaluate during the distribution-system and distribution-channel selection process

TOPIC: The Underwriting Function
4. The candidate will understand the purpose, role, and function of underwriting.
Learning Outcomes
The candidate will be able to:
a) Describe the purpose of underwriting
b) Describe the underwriting activities typically performed by line and staff underwriters
c) Describe the importance of compliance with underwriting authority in individual account selection
d) Describe the constraining factors considered in the establishment of underwriting policy
e) Describe the purposes that underwriting guidelines and underwriting audits serve
f) Describe the steps in the underwriting process
g) Explain how an insurers underwriting results are measured and how financial measures can be distorted

TOPIC: Underwriting Property and Liability Insurance
5. The candidate will understand the different policy considerations in underwriting property and liability insurance policies.
Learning Outcomes
The candidate will be able to:
a) Describe in detail each of the COPE factors used to evaluate property loss exposures
b) Explain how insurable interest, policy provisions for valuing losses, and insurance to value affect a loss payment amount under property insurance
c) Explain how underwriters use policy amount, amount subject, normal loss expectancy (NLE), probable maximum loss (PML),
and maximum foreseeable loss (MFL) to measure potential loss severity
d) Describe the underwriting considerations for business income and extra expense coverage
e) Describe the underwriting considerations and risk control techniques associated with employee dishonesty and crimes
committed by others
f) Describe the loss exposures and the underwriting considerations for commercial general liability insurance
g) Describe the underwriting considerations for personal and commercial auto insurance
h) Describe the key underwriting considerations relevant to the evaluation of submissions for workers compensation insurance
i) Describe the underwriting considerations for umbrella and excess liability insurance

TOPIC: Risk Control and Premium Auditing
6. The candidate will understand the purpose and function of risk control and premium auditing.
Learning Outcomes
The candidate will be able to:
a) Describe the goals of insurer risk control activities
b) Describe the risk control services provided by insurers
c) Explain how risk control cooperates with other insurer functions
d) Explain why premium audits are conducted
e) Describe the premium auditing process
f) Explain why premium audits must be accurate
g) Explain how premium auditing contributes to other insurer functions

TOPIC: The Claim Function
7. The candidate will understand the claim function and related elements.
Learning Outcomes
The candidate will be able to:
a) Identify goals of the claim function, the users of claim information, and the parties with whom claim personnel interact
b) Describe the claim department structure, types and functions of claim personnel, and claim personnel performance measures
c) Describe the key activities in the claim handling process: Acknowledging and assigning the claim, Identifying the policy and
setting reserves, Contracting the insured or the insureds representative, Investigating the claim, Documenting the claim,
Determining the cause of loss, liability, and the loss amount, and Concluding the claim
d) Explain how the law of bad faith relates to an insurers duty of good faith and fair dealing and how the legal environment
affects the law of bad faith
e) Describe the elements of good-faith claim handling

TOPIC: Adjusting Property and Liability Claims
8. The candidate will understand the claim handling process for property and liability claims.
Learning Outcomes
The candidate will be able to:
a) Explain how and why the activities in the framework for handling property claims are accomplished
b) Describe the challenges of handling various types of property claims: Residential dwelling, Residential personal property,
Commercial structure, Business income, Merchandise, Transportation and bailment, and Catastrophe
c) Explain how and why the activities in the framework for handling a liability claim are accomplished
d) Describe the challenges of handling various types of liability claims: Auto bodily injury liability, Auto property damage,
Premises liability, Operations liability, Products liability, Workers compensation, and Professional liability
e) Given a claim, determine coverage for a loss using the framework for coverage analysis and the activities in the claim handling process

TOPIC: Reinsurance
9. The candidate will understand the function and types of reinsurance and its application.
Learning Outcomes
The candidate will be able to:
a) Describe reinsurance and its principal functions
b) Describe the three sources of reinsurance
c) Describe treaty reinsurance and facultative reinsurance
d) Describe the types of pro rata reinsurance and excess of loss reinsurance and their uses
e) Describe finite risk reinsurance and other methods that rely on capital markets as alternatives to traditional and non-traditional reinsurance
f) Describe the factors that should be considered in the design of a reinsurance program
g) Given a case, identify the reinsurance needs of an insurer and recommend an appropriate reinsurance program to address those
needs
h) Explain how reinsurance is regulated

TOPIC: Personal Auto Policy
10. The candidate will understand the role of automobile insurance in society and the contents of the Personal Auto Policy.
Learning Outcomes
The candidate will be able to:
a) Evaluate various laws and systems regarding approaches to compensating automobile accident victims: Tort liability system,
Financial responsibility laws, Compulsory insurance laws, Uninsured motorists coverage, Underinsured motorists coverage,
and No-fault insurance
b) Describe no-fault automobile laws in terms of their types and required benefits
c) Explain how high-risk drivers may obtain auto insurance
d) Describe automobile insurance rate regulation in terms of rating factors, matching price to exposure, competition, and other
regulatory issues
e) Summarize the sections of the Personal Auto Policy
f) Identify the types of information typically contained on the declarations page of a personal auto policy
g) For each of Part A – Liability Coverage, Part B – Medical Payments Coverage, Part C – Uninsured Motorists Coverage, and
Part D – Coverage for Damage to Your Auto: Summarize the provisions; given a case describing a claim, determine if that part
of the coverage applies and, if so, the amount the insurer would pay for the claim
h) Describe underinsured motorist insurance in terms of its purpose and the ways in which it can vary by state
i) Describe the insureds duties following a covered auto accident or loss as shown in Part E
j) Summarize each of the general provisions in Part F
k) Describe the Personal Auto Policy endorsements that are used to handle common auto loss exposures
l) Given a case describing a claim, determine whether the Personal Auto Policy would cover the claim and, if so, the amount the
insurer would pay for the claim

TOPIC: Homeowners Coverage
11. The candidate will understand the contents of the ISO Homeowners Program and describe some specialty plans.
Learning Outcomes
The candidate will be able to:
a) Describe how individuals and families can use the ISO 2011 Homeowners insurance program to address their personal risk
management needs
b) Summarize the structure of the Homeowners Policy (HO-3), key changes in the ISO 2011 program revision, and factors
important to rating homeowners insurance
c) Determine whether the 2011 HO-3 policy provisions in Section I – Property Coverages provide coverage for a given loss or
loss exposure: Coverage A – Dwelling, Coverage B – Other Structures, Coverage C – Personal Property, Coverage D – Loss of
Use, and additional coverages
d) Summarize the 2011 HO-3 policy provisions concerning Perils Insured Against and Exclusions
e) Summarize each of the 2011 HO-3 policy provisions in Section I – Conditions
f) Given a scenario describing a homeowners property claim, determine whether the 2011 HO-3 Policy Section I – Property
Coverages would cover the claim and, if so, the amount the insurer would pay for the claim
g) Determine whether the 2011 HO-3 policy provisions in Section II – Liability Coverage provide coverage for a given loss or
loss exposure: Coverage E – Personal Liability, Coverage F – Medical Payments to Others, and additional coverages
h) Determine whether one or more exclusions preclude the coverage provided by Section II of the 2011 HO-3 policy provisions
in Section II – Exclusions
i) Summarize the 2011 HO-3 policy provisions concerning Conditions applicable to Section II and Conditions applicable to
Sections I and II
j) Given a case describing a homeowners liability claim, determine whether the 2011 HO-3 policy Section II – Liability
Coverage would cover the claim, and if so, the amount the insurer would pay for the claim
k) Compare the coverage provided by each of the following 2011 Homeowners policies to the coverage provided by the 2011
HO-3 policy: HO-2 Broad Form, HO-5 Comprehensive Form, HO-4 Contents Broad Form, HO-6 Unit-Owners Form, and
HO-8 Modified Coverage Form
l) Summarize the coverages provided by the various 2011 ISO Homeowners policy endorsements
m) Given a case describing a homeowners claim, determine whether a 2011 HO-3 Policy that may include one or more
endorsements would cover the claim, and, if so, the amount the insurer would pay for the claim
n) Describe the operation of the National Flood Insurance Program and the coverage it provides
o) Describe the operation of FAIR plans and beachfront and windstorm plans and the coverage they provide

TOPIC: Commercial Property Insurance
12. The candidate will understand the nature of Commercial Property Insurance.
Learning Outcomes
The candidate will be able to:
a) Describe commercial property insurance in terms of the major categories of loss exposures that can be covered and the
components of a commercial property coverage part
b) Determine whether a described item of property qualifies as Covered Property under one or more of these categories in the
Building and Personal Property Coverage Form: Building, Your Business Personal Property, and Personal Property of Others
c) Determine which of the additional coverages and coverage extensions of the Building and Personal Property Coverage Form
apply to a described loss
d) Determine whether the cause of a described loss is a covered cause of loss under the Causes of Loss – Basic Form or the
Causes of Loss – Broad Form
e) Determine whether the cause of a described loss is a covered cause of loss under the Causes of Loss – Special Form
f) Apply the Limits of Insurance and Deductible provisions of the Building and Personal Property Coverage Form to a described
loss
g) Explain how each of the Loss Conditions and Additional Conditions affects coverage under the Building and Personal Property
Coverage Form
h) Explain how each of the following optional coverages described in the BPP modifies the basic coverage of the BPP: Agreed
Value, Inflation Guard, Replacement Cost, and Extension of Replacement Cost to Personal Property of Others
i) Summarize each of the Commercial Property Conditions
j) Explain how each of the conditions contained in the Common Policy Conditions affects coverage under a commercial property
coverage part
k) Explain how each of these documents modifies the Building and Personal Property Coverage Form: Ordinance or Law
Coverage endorsement, Spoilage Coverage endorsement, Flood Coverage endorsement, Earthquake and Volcanic Eruption
Coverage endorsement, Peak Season Limit of Insurance endorsement, and Value Reporting Form
l) Identify the factors that affect commercial property insurance premiums
m) Given a case, determine whether, and for what amount, a described loss would be covered by a commercial property coverage
part that includes the Building and Personal Property Coverage Form and any of the three causes of loss forms

TOPIC: Commercial General Liability Insurance
13. The candidate will understand the nature of Commercial General Liability Insurance.
Learning Outcomes
The candidate will be able to:
a) Describe commercial general liability insurance in terms of the types of losses that can be covered by general liability
insurance and the components of a commercial general liability coverage part
b) Determine whether a described claim meets the conditions imposed by the Coverage A insuring agreement of the Commercial
General Liability Coverage Form (occurrence version)
c) Determine whether any of the exclusions applicable to Coverage A of the Commercial General Liability Coverage Form
eliminate coverage for a described claim
d) Determine whether a described claim meets the conditions imposed by the Coverage B insuring agreement of the Commercial
General Liability Coverage Form and whether any of the Coverage B exclusions eliminate coverage for the claim
e) Determine whether a described claim meets the conditions imposed by the Coverage C insuring agreement of the Commercial
General Liability Coverage Form and whether any of the Coverage C exclusions eliminate coverage for the claim
f) Summarize the supplementary payments of the Commercial General Liability Coverage Form
g) Determine whether a described person or organization is an insured under the Commercial General Liability Coverage Form
h) Explain how the following limits of insurance in the CGL Coverage Form are applied: Each occurrence limit, Personal and
advertising injury limit, Damage to premises rented to you limit, Medical expense limit, General aggregate limit, and Productscompleted operations aggregate limit
i) Apply the Commercial General Liability Conditions to claims or other interactions between the insurer and the insured
j) Explain how the premium for CGL coverage is determined
k) Given a case, determine whether, and for what amount, the Commercial General Liability Coverage Form (occurrence version)
covers a described claim

TOPIC: Commercial Auto Insurance
14. The candidate will understand the nature of Commercial Auto Insurance.
Learning Outcomes
The candidate will be able to:
a) Describe commercial auto insurance in terms of the loss exposures that can be covered and the components of a commercial
auto coverage part
b) Select the symbols needed to provide a described organization with appropriate commercial auto coverage(s) under the
Business Auto Coverage Form
c) Summarize the provisions contained in Section II – Covered Autos Liability Coverage of the Business Auto Coverage Form
d) Summarize the provisions contained in Section III – Physical Damage of the Business Auto Coverage Form
e) Describe the conditions contained in the business Auto Coverage form
f) Describe the following coverages that may added by endorsement to the Business Auto Coverage Form: medical payments,
personal injury protection and added personal injury protection, and uninsured and underinsured motorists
g) Explain how private passenger vehicles and trucks, tractors, and trailers are rated for commercial auto coverage
h) Given a case, determine whether, and for what amount, the Business Auto Coverage Form covers a described claim

TOPIC: Workers Compensation and Employers
Liability Insurance
15. The candidate will understand workers compensation and employers liability coverages.
Learning Outcomes
The candidate will be able to:
a) Describe workers compensation statutes in terms of: Basic purpose, Benefits provided, and Persons and employments covered
b) Describe workers compensation statutes in terms of: Extraterritorial provisions, Federal jurisdiction, and Methods for meeting employers obligations
c) Summarize these sections of the Workers Compensation and Employers Liability Insurance Policy: Information Page, General
Section, and Part One – Workers Compensation Insurance
d) Explain why employers liability insurance is needed and how the Workers Compensation and Employers Liability Insurance
Policy addresses this need
e) Describe the purpose and operation of Part Three – Other States Insurance in the Workers Compensation and Employers
Liability Insurance Policy
f) Describe the need for and the coverage provided by the Voluntary Compensation and Employers Liability Coverage
Endorsement and the Longshore and Harbor Workers Compensation Act Coverage Endorsement
g) Explain how premium bases, classifications, and premium adjustments affect the rating of workers compensation insurance
h) Given a case, determine whether the Workers Compensation and Employers Liability Insurance Policy covers a described
injury or illness and, if so, what types of benefits or what amount of damages is covered

TOPIC: Specialty Coverages
16. The candidate will understand various specialty coverages.
Learning Outcomes
The candidate will be able to:
a) Describe commercial excess liability insurance and commercial umbrella liability insurance in terms of: The three basic types
of commercial excess liability insurance and The provisions commonly found in commercial umbrella liability policies that
distinguish them from other types of commercial liability policies
b) Describe professional liability insurance and management liability insurance in terms of: How they differ from each other,
How they differ from commercial general liability policies, and The common types of professional and management liability
policies
c) Describe the purpose and characteristics of each of these types of environmental insurance policies: Site-specific
environmental impairment liability (EIL) policies, Underground storage tank compliance policies, Remediation stop-loss
policies, Contractors pollution liability policies, and Environmental professional errors and omissions liability policies
d) Describe aircraft insurance in terms of: The purpose-of-use categories that insurers use to classify aircraft and The coverages that can be included in an aircraft policy
e) Describe the types of losses that can be covered by each of the insuring agreements generally available in cyber risk insurance policies
f) Explain how an organization domiciled in the United States can insure foreign loss exposures that would not be covered under
standard property and liability insurance policies
g) Summarize the purpose and provisions of the terrorism endorsements developed by Insurance Services Office, Inc., and the
National Council on Compensation Insurance, Inc.
h) Summarize the guarantee provided by the particular types of surety bonds within the following bond classifications: Contract
bonds, License and permit bonds, Public official bonds, Court bonds, and Miscellaneous bonds

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Property and Casualty Insurance
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Question: 296
A. The policy period
B. The coverage parts purchased and their premiums
C. The exclusions that apply to the coverages
D. The identity and mailing address of the named insured
Answer: C
The Common Policy Declarations contain vital summary information about the contract, such as name and address of the named insured, policy period, coverage
parts attached, premiums, and a list of forms attached to the policy. Exclusions are found in the individual coverage parts. Exclusions may be contained in
coverage forms, causes of loss forms, or both.
Question: 297
Under the loss sustained version of commercial crime coverage forms, the policy will cover losses sustained during the policy period and discovered either during
the policy term or no later than which of the following?
A. Three years after policy expiration
B. Two years after policy expiration
C. One year after policy expiration
D. Six months after policy expiration
The commercial Common Policy declarations would include all of the following types of information except which one?
1. The policy period
2. The coverage parts purchased and their premiums
3. The exclusi ns that apply to the coverages
4. The identity and mailing addre s of the named insured
Answ C
The Com on P licy Declarations c ntain vital summary inf rmation abo t the contract such as name and address of the na ed insured licy period, co erage
parts attached premiums and a list of forms attached to the policy. Excl sions ar fo nd in the individ a coverage arts. Excl sions may be contained in
coverage forms, causes of loss forms, or both.
Q estion: 297
Under the loss ustained ersi n of comm ci l crime c ver e f ms, the p licy ill cover los e sus ai ed d ri g the p licy p riod an di cov red either during
the p licy ter or n lat r h n hich of the f llo in
1. Thr e years after policy expiration
2. T o y ars after policy expiration
3. One year after policy expiration
4. Six months after policy expiration
Answer: C
Crime insurance written under a loss sustained form covers losses sustained during the policy period and discovered either during the policy period or up to one year after the policy expires.
Under the NCCI workers compensation and employers liability policy form, the employers liability coverage excludes any claim for which of the following?
1. Care and loss of service
2. Liability assumed under contract
3. Damages to a third party
4. Consequential injury to a spouse or relative of an injured worker
Answer B
Liability assu ed u d der the employers liability section f a workers compensation policy. The other answer choices are
not excluded a d are commonly cov red by the policy.
Questi n: 299
Each f the foll wing is true about f rm coverages except which one?
1. Livestock nd equipm nt may be nsured.
2. Property and liability c verages may be incl ded.
3. The prin ipal residenc may be co ered by farm or homeowners forms.
4. Farm verage may be written as mono-line policy or art of a package.
A swer C
Far property including the principal residen e and oth r structu s may n t b
covered by h m o er form . ll of th ther a sw r choices efl ct exposure that ay be c vered by arm fo ms.
Qu ti 300
Becaus an insurer writes the policy language and the insured has little o no control over the content, any ambiguity in the ordin i us lly resolved in favor
Answer: B
Liability assumed under contract is specifically excluded under the employers liability section of a workers compensation policy. The other answer choices are
not excluded and are commonly covered by the policy.
Question: 299
Each of the following is true about farm coverages except which one?
A. Livestock and equipment may be insured.
B. Property and liability coverages may be included.
C. The principal residence may be covered by farm or homeowners forms.
D. Farm coverage may be written as a mono-line policy or part of a package.
Answer: C
Farm property, including the principal residence and other structures, may not be covered by homeowner forms. All of the other answer choices reflect exposures
that may be covered by farm forms.
Question: 300
Because an insurer writes the policy language and the insured has little or no control over the content, any ambiguity in the wording is usually resolved in favor
of the insured. Because the design and wording of a policy are in the hands of the
of the insured. Because the design and wording of a policy are in the hands of the
insurer, insurance policies are said to be which of the following?
1. Contracts of indemnity
2. Unilateral contracts
3. Contracts of adhesion
4. Aleatory contracts
Answer: C
Insurance policies are contracts of adhesion. The insurer draws up the contract language, and the insured simply adheres to the terms. For this reason, any ambiguity in the wording is usually resolved in favor of the insured by the courts.
Question: 301
A. The basic, broad, and special forms.
B. The broad and special forms only.
C. The special form only.
D. None of the forms provide theft coverage.
Answer: C
Only the special causes of loss form provides theft coverage for commercial property.
Question: 302
After a homeowners policy has been in effect for at least 60 days, when the insurer cancels for any reason other than nonpayment of premium, it must deliver the insured advance written notice of at least how many days?
A. 60 days
B. 30 days
C. 20 days
D. 10 days
Answer: B
The insurance company is only required to deliver notice 10 days in advance when it cancels a policy for any reason during the first 60 days of coverage or for
Which of the commercial property causes of loss forms provide theft coverage?
1. The basic, broad, p .
2. The broad and special forms only.
3. The spe ial form nly.
4. None f th for s provide thef coverage.
Answ C
Only the pecial causes of loss form provides theft coverage for commercial property.
Qu stion: 302
After a hom policy in effect for a , hen the
in urer cancels for any reason other than nonpayment of premium, it must giv
the insured advance written notice of at least how many days?
1. 60 days
2. 30 day
3. 20 days
4. 0 days
Answ B
The insurance company is only required to giv tic 10 d ys in dvance when it cancels a policy for any reason during the first 60 days of coverage or for
nonpayment of premium at any time during the policy term. However, after a policy has been in effect for 60 days, the insurer must deliver notice at least 30 days in advance when canceling for any reason other than nonpayment of premium.
Under which policy provision is an insured's right to recover for a loss from a third party transferred to the insurance company?
1. Abandonment
2. Pair or set clause
3. Subrogation
Answer: C
The Transfer of Rights of Recovery clause, also known as subrogation, gives the insurance company the right to recover from a third party who was at fault for a
loss, up to the amount that the insurer has paid the insured for the loss. The abandonment provision merely states that the insured cannot decide to surrender damaged property to the insurer in return for full payment. (The acquisition of
damaged property is at the option of the insurance company.) The pair or set clause states that the settlement for damage to one item that is part of a pair or set will be made with recognition of the reduction in value of the pair or set.
Arbitration is a means of settling claims disputes when the insured and the insurance company disagree on the value of damaged property.
Question: 304
A businessowners policy may provide additional coverage for increased cost of construction when required to comply with an existing ordinance or law.
However, this coverage is available only for buildings that are insured on a replacement cost basis and it is limited to which of the following amounts?
A. $10,000 B. $7,500 C. $5,000 D. $2,500
Arbitration
Answer C
The Transfer of Righ , brog tion, gives the insurance company the right to recover from a third party who as at fault for a
loss, up to the amount that the insurer has paid the insured for the loss. The abandonment provision merely states that the insured cannot decide to surrender damaged pr perty to the insur r in return for full payment. (The acquisition of
damaged p operty is at the option of the in urance c mpany.) The pair o set clause states that the settlement for d mage to one item that i part of p ir or set will be ade with recognition of the educti in value of the pair or set.
Arbitration is a means of ettling clai s disputes when the insured and the insurance co pany disagr e on the v lue of da aged property.
Q estion: 304
A businessowners policy may provide additional coverage for increased cost f onstruction when required to comply with an existing ordinance or law.
owever, thi c ver g is v il ble nl fo b ildings that are sured on a repla ement ost basis d it is imited t whi h of the followi g amounts?
A. $10 000 B. $7,500 C. $5,000 D. $2,500
Answer: A
If a building is insured on a replacement cost basis, a businessowners policy will provide additional coverage for increased cost of construction when required to
comply with an existing ordinance or law. This coverage is limited to 10,000.
Which of the following is not available as one of the farm liability coverages included in an ISO policy?
1. Medical payments to others
2. Bodily injury and property damage
3. Personal injury and advertising injury
4. Injury to farm employees
Answer D
Similar to CGL cov , verage for bodily injury and property damage, personal injury and advertising inj ry, and medical
payments t others. Coverage for injury to farm employees is specifically
excluded.
Questio : 306
Which of the f llowing is not an opti nal property cover n homeo ners policies?
1. P rsonal property repl cement cost
2. Permitt d incident l occu ancies
3. Increased limits for jewelry, watches, and furs
4. Coverage for loss of use of the premises
n wer D
All h meowner poli ie pr vid so e c erage fo l ss f use. The other ans er ch ices reflect a ail bl op i na co er ges, bu they u t b a ded by
end rs ment.
Question: 307
Answer: D
Similar to CGL coverage, the farm liability form provides coverage for bodily injury and property damage, personal injury and advertising injury, and medical
payments to others. Coverage for injury to farm employees is specifically excluded.
Question: 306
Which of the following is not an optional property coverage on homeowners policies?
A. Personal property replacement cost
B. Permitted incidental occupancies
C. Increased limits for jewelry, watches, and furs
D. Coverage for loss of use of the premises
Answer: D
All homeowner policies provide some coverage for loss of use. The other answer choices reflect available optional coverages, but they must be added by endorsement.
Question: 307
Which of the following is true about commercial crime coverage written on a
Which of the following is true about commercial crime coverage written on a
discovery policy form?
1. In order to be covered, losses must be sustained and discovered during the policy period.
2. Losses may be covered if they are discovered at any time up to 18 months after the policy expires.
3. No exclusions apply to the types of losses that may be covered by this form.
4. A loss discovered during the policy period will be covered even if it was sustained years earlier.
Answer: D
Commercial crime coverage written on a discovery policy form will cover a loss discovered during the policy period even if it was sustained months or years earlier. It will also cover a loss discovered up to 60 days after the policy expires.
Question: 308
Withholding, rather than misstating, a material fact on an insurance application is an act of which of the following?
A. Misrepresentation
B. Concealment
C. Waiver and estoppel
D. Fraud
Answer: B
Concealment is similar to misrepresentation, except that it involves withholding a material fact where misrepresentation involves misstating a material fact. Fraud
has a more extensive definition, which includes the insurance company relying on and being harmed by the misstatement of a material fact. Waiver and estoppel are terms that involve
someone giving up a known right.
Question: 309
When an insurer cancels a commercial package policy for reasons other than nonpayment of premium, it must deliver written notice to the first named insured at
least how long?
Exclusions do apply to this coverage.
Question: 308
Withholding, r ther than misstating a material fact on a insuran e pplication is an act of hi h of the following?
1. Mis epresentation
2. Co ce lment
3. Waiver and estoppel
4. Fraud
An er
Co cealm i i ilar to i ntation, except th t i i l withholding m terial fact where misrepresentation involves misstating a material fact. Fra d
ha a more extensive definition, which includes the insurance company relying on nd being harmed by the misstatement f a materi l fact W iver d estopp l a e
t rm that invol e
someone givi g up a k wn ight.
Qu ti 309
When an insurer cancels a commercial package policy for reasons other than nonpayment of premium, it must deliver written n tice t the irst n ed insured at
least how long?
1. 60 days in advance
2. 30 days in advance
3. 20 days in advance
4. 10 days in advance
Answer: B
If the insurer cancels a commercial package policy, it must mail a written notice to the last known address of the first named insured. Ten days' notice is required for cancellation for nonpayment of premium; 30 days notice is required for cancellation for any other reason permitted by the policy.
Question: 310
without the necessity of issuing an endorsement?
A. Miscellaneous type vehicles
B. Towing and labor costs
C. Transportation expenses
D. Named nonowner coverage
Answer: C
Coverage for transportation expenses is included in the physical damage section of a personal auto policy. All of the other answer choices are optional coverages
that may be added by endorsement.
Question: 311
The commercial building and personal property coverage form provides a number of coverage extensions but only if which of the following is true?
A. The coverage for buildings is written on a replacement basis.
B. All coverages are written on a blanket basis.
C. They are shown in the declarations and an additional premium is paid.
D. An 80% or higher coinsurance percentage or a value reporting symbol is shown in the declarations.
Which of the following coverages may be included in a personal auto policy
without the neces y g
1. Miscellaneous type vehicles
2. Towing and labo costs
3. Transport tion xpenses
4. Named onowner coverag
Ans e C
Coverage for transportati n expenses is included in the physical damage section of a p rsonal auto polic . All of the ther answ r choices re optional cov rages
that ay be added by end rsement.
Q estion: 311
The commercial building and person l pr erty c vera form pr vides a number of c verage e tensions ut o ly if whic f th follo ing i tru ?
1. Th cover g fo bui ding is written n r place nt b si
2. All overages are written on a blanket basis.
3. They re shown in the declarations and an additional premium is paid.
4. An 0% or higher coinsurance percentage or a value reporting symbol is shown in the declarations.
Answer: D
The commercial building and personal property coverage form does provide a number of coverage extensions but only if an 80% or higher coinsurance percentage or a value reporting symbol is shown in the declarations.

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