Question 1

Property inventories are important to identify insurance needs and to substantiate claims.

Accepted Answer

A) True 
 B)False

Question 2

The federal government subsidizes the flood insurance program.

Accepted Answer

A) True 
 B)False

Question 3

An HO-3 form with one insurance company may provide completely different coverage than an HO-3 form with another insurance company.

Accepted Answer

A) True 
 B)False

Question 4

Kevin,who has liability limits of $20,000/$40,000/$20,000 and a $500 collision deductible,is involved in an accident.Due to his negligence he runs into a Rolls Royce.Three people sustained bodily injuries in the Rolls Royce.The driver's injuries were worth $1,000,000,a passenger received injuries worth $12,500,and another passenger received injuries of $7,100.How much will the PAP pay for these bodily injuries?

Accepted Answer

A) $20,000 
B) $40,000 
C) $39,600 
D) $39,100 
E) Some other amount 
A) $20,000 
B) $40,000 
C) $39,600 
D) $39,100 
E) Some other amount

Question 5

The personal liability umbrella policy typically includes coverage for liability losses that are in excess of the limits of the comprehensive personal liability coverage provided in the homeowner's policy.

Accepted Answer

A) True 
 B)False

Question 6

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-The principle of [indemnity | peril] states that the insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 7

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-The best way to buy automobile insurance is through your [finance company | independent agent].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 8

Maximum liability policy limits are determined by

Accepted Answer

A) state law. 
B) auto type. 
C) the insured's choice. 
D) court proceedings. 
E) none of these. 
A) state law. 
B) auto type. 
C) the insured's choice. 
D) court proceedings. 
E) none of these.

Question 9

HO-4 and HO-6 are for renters and owners of condominiums,respectively.

Accepted Answer

A) True 
 B)False

Question 10

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Section I of a homeowner's insurance policy covers [medical payments | dwelling].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 11

The advisable dollar coverage for any one auto accident is no less than

Accepted Answer

A) $50,000. 
B) $100,000. 
C) $200,000. 
D) $300,000. 
E) $500,000. 
A) $50,000. 
B) $100,000. 
C) $200,000. 
D) $300,000. 
E) $500,000.

Question 12

A personal liability umbrella policy typically includes coverage for auto related liability losses in excess of the limits purchased in a personal auto policy.

Accepted Answer

A) True 
 B)False

Question 13

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-An insurance adjustor is working for the [insurance company | claimant].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 14

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Umbrella liability insurance is more likely to be needed by [higher | lower] income persons.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 15

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-An HO-2 policy will protect your property from losses due to [all perils except those listed | listed perils only].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 16

Who is eligible to receive benefits under Part B medical payments coverage of your automobile policy?

Accepted Answer

A) Your daughter's friends riding in your car 
B) The driver of the car you hit 
C) The pedestrian you hit while crossing the street 
D) a and c 
E) All of the above 
A) Your daughter's friends riding in your car 
B) The driver of the car you hit 
C) The pedestrian you hit while crossing the street 
D) a and c 
E) All of the above

Question 17

While you were away on winter vacation,there was a severe snowstorm that caused your roof to cave in causing a $20,000 loss.Your H0-2 policy will cover this loss.

Accepted Answer

A) True 
 B)False

Question 18

Auto insurance premiums would be affected by

Accepted Answer

A) the area in which you live. 
B) your driving record. 
C) type of automobile. 
D) the distance of your daily commute. 
E) all of these. 
A) the area in which you live. 
B) your driving record. 
C) type of automobile. 
D) the distance of your daily commute. 
E) all of these.

Question 19

Common types of property that are subject to internal limits on homeowner's policies include

Accepted Answer

A) musical instruments 
B) furniture 
C) jewelry 
D) clothing 
E) all of the above 
A) musical instruments 
B) furniture 
C) jewelry 
D) clothing 
E) all of the above

Question 20

A captive agent represents many insurance companies.

Accepted Answer

A) True 
 B)False

Property inventories are important to identify insurance needs and to substantiate claims.

The federal government subsidizes the flood insurance program.

An HO-3 form with one insurance company may provide completely different coverage than an HO-3 form with another insurance company.

The personal liability umbrella policy typically includes coverage for liability losses that are in excess of the limits of the comprehensive personal liability coverage provided in the homeowner's policy.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -The best way to buy automobile insurance is through your [finance company | independent agent].

Maximum liability policy limits are determined by

HO-4 and HO-6 are for renters and owners of condominiums,respectively.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Section I of a homeowner's insurance policy covers [medical payments | dwelling].

The advisable dollar coverage for any one auto accident is no less than

A personal liability umbrella policy typically includes coverage for auto related liability losses in excess of the limits purchased in a personal auto policy.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -An insurance adjustor is working for the [insurance company | claimant].

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Umbrella liability insurance is more likely to be needed by [higher | lower] income persons.

Who is eligible to receive benefits under Part B medical payments coverage of your automobile policy?

While you were away on winter vacation,there was a severe snowstorm that caused your roof to cave in causing a $20,000 loss.Your H0-2 policy will cover this loss.

Auto insurance premiums would be affected by

Common types of property that are subject to internal limits on homeowner's policies include

A captive agent represents many insurance companies.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters

Exam 10: Protecting Your Property

Property inventories are important to identify insurance needs and to substantiate claims.

The federal government subsidizes the flood insurance program.

An HO-3 form with one insurance company may provide completely different coverage than an HO-3 form with another insurance company.

The personal liability umbrella policy typically includes coverage for liability losses that are in excess of the limits of the comprehensive personal liability coverage provided in the homeowner's policy.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -The best way to buy automobile insurance is through your [finance company | independent agent].

Maximum liability policy limits are determined by

HO-4 and HO-6 are for renters and owners of condominiums,respectively.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Section I of a homeowner's insurance policy covers [medical payments | dwelling].

The advisable dollar coverage for any one auto accident is no less than

A personal liability umbrella policy typically includes coverage for auto related liability losses in excess of the limits purchased in a personal auto policy.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -An insurance adjustor is working for the [insurance company | claimant].

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Umbrella liability insurance is more likely to be needed by [higher | lower] income persons.

Who is eligible to receive benefits under Part B medical payments coverage of your automobile policy?

While you were away on winter vacation,there was a severe snowstorm that caused your roof to cave in causing a $20,000 loss.Your H0-2 policy will cover this loss.

Auto insurance premiums would be affected by

Common types of property that are subject to internal limits on homeowner's policies include

A captive agent represents many insurance companies.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters