Download PERSONAL LINES EXAMFX STUDY SESSION.docx and more Study notes Biology in PDF only on Docsity!
PERSONAL LINES EXAMFX STUDY
SESSION
indirect 00 loss 00 - 00 ans-- ✔✔An 00 additional 00 loss 00 that 00 results 00 from 00 a 00 direct 00 loss 00 of 00 property 00 is 00 called 00 a/ an It 00 provides 00 errors 00 and 00 omissions 00 coverage 00 for 00 an 00 agency 00 - 00 ans-- ✔✔Which 00 of 00 the 00 following 00 statements 00 is 00 NOT 00 true 00 regarding 00 a 00 personal 00 umb rella 00 liability 00 policy? Renewal 00 dates 00 - 00 ans-- ✔✔What 00 type 00 of 00 information 00 would 00 be 00 found 00 in 00 a 00 policy's 00 insuring 00 agreement ? Per 00 occurrence 00 - 00 ans-- ✔✔An 00 insured 00 has 00 a 00 liability 00 policy 00 that 00 sets 00 the 00 amount 00 for 00 all 00 claims 00 that 0 0 arise 00 from 00 a 00 single 00 incident 00 at 00 $50,000. 00 Which 00 type 00 of 00 limit 00 of 00 liability 00 does 00 this 00 insured's 00 policy 00 have? Owned 00 or 00 leased 00 by 00 the 00 resident 00 of 00 the 00 mobile 00 home 00 - 00 ans-- ✔✔The 00 mobilehome 00 endorsement 00 alters 00 the 00 homeowners 00 policy 00 to 00 cover 00 a 00 m obilehome 00 and 00 other 00 structures 00 on 00 land warranty 00 - 00 ans-- ✔✔Which 00 of 00 the 00 following 00 is 00 a 00 statement 00 that 00 is 00 guaranteed 00 to 00 be 00 true, 00 and 00 if 00 untrue, 00 may 00 breach 00 an 00 insurance 00 contract? Mechanical 00 breakdown 00 - 00 ans-- ✔✔Which 00 of 00 the 00 following 00 is 00 a 00 common 00 exclusion 00 found 00 in 00 Part 00 D: 00 Coverag e 00 for 00 Damage 00 to 00 Your 00 Auto 00 of 00 a 00 PAP? market 00 value 00 - 00 ans-- ✔✔The 00 insured's 00 house 00 is 00 located 00 one 00 mile 00 from 00 the 00 county's 00 new 00 landfill 00 a nd 00 across 00 the 00 road 00 from 00 the 00 entrance 00 of 00 a 00 rock 00 quarry. 00 It 00 would 00 cost 00 $
,000 00 to 00 rebuild 00 the 00 house 00 is 00 something 00 happened 00 to 00 it, 00 but 00 when 00 the 00 insure d 00 tried 00 to 00 sell 00 it, 00 the 00 best 00 offer 00 he 00 received 00 was 00 $80,000. 00 The 00 insurance 00 co mpany 00 will 00 insure 00 the 00 house 00 for 00 only 00 $80,000. 00 What 00 method 00 of 00 valuation 00 is 00 used 00 to 00 insure 00 this 00 property? Each 00 policy 00 will 00 pay 00 $25,000 00 of 00 the 00 loss 00 - 00 ans-- ✔✔An 00 insured 00 has 00 four 00 separate 00 but 00 identical 00 policies 00 written 00 by 00 different 00 ins urers 00 to 00 cover 00 her 00 $100,000 00 building. 00 Each 00 policy 00 is 00 written 00 for 00 $100,000, 00 a nd 00 each 00 has 00 the 00 pro 00 rata 00 liability 00 other 00 insurance 00 clause. 00 In 00 the 00 event 00 of 00 a 00 total 00 loss 00 to 00 the 00 building, 00 what 00 would 00 each 00 insurer 00 pay? declarations 00 - 00 ans-- ✔✔Which 00 of 00 the 00 following 00 is 00 a 00 mandatory 00 part 00 of 00 an 00 insurance 00 policy 00 that 00 v aries 00 with 00 each 00 individual 00 policy? Insuring 00 agreement 00 - 00 ans-- ✔✔All 00 of 00 the 00 following 00 are 00 conditions 00 commonly 00 found 00 in 00 the 00 insurance 00 polic y 00 EXCEPT Burglary 00 - 00 ans-- ✔✔The 00 crime 00 of 00 forced 00 entry 00 into 00 the 00 premises 00 of 00 another 00 by 00 a 00 person 00 or 00 persons 00 with 00 felonious 00 intent 00 is 00 defined 00 as dwelling 00 policy 00 form 00 - 00 ans-- ✔✔Residential 00 structures, 00 including 00 individual 00 condominium 00 units, 00 and 00 their 00 con tents 00 are 00 insured 00 by 00 what 00 part 00 of 00 the 00 National 00 Flood 00 Insurance 00 Program? transportation/permission 00 to 00 move 00 endorsement 00 - 00 ans-- ✔✔An 00 insured 00 covered 00 under 00 a 00 Mobile 00 Homeowners 00 Policy 00 wants 00 to 00 move 00 t he 00 location 00 of 00 the 00 covered 00 mobile 00 home. 00 Which 00 of 00 the 00 following 00 must 00 the 00 in sured 00 obtain 00 from 00 the 00 insurer? Consideration 00 - 00 ans-- ✔✔An 00 insurer 00 neglects 00 to 00 pay 00 a 00 legitimate 00 claim 00 that 00 is 00 covered 00 under 00 the 00 terms 00 of 00 the 00 policy. 00 Which 00 of 00 the 00 following 00 insurance 00 principles 00 has 00 the 00 insu rer 00 violated? Insured 00 - 00 ans--✔✔Who 00 is 00 responsible 00 for 00 filling 00 out 00 a 00 notice 00 of 00 claim 00 form? occurrence 00 - 00 ans-- ✔✔Losses 00 caused 00 by 00 continuous 00 or 00 repeated 00 exposure 00 to 00 conditions 00 resulting 00 in 00 injury 00 to 00 persons 00 or 00 damage 00 to 00 property 00 that 00 is 00 neither 00 intended 00 nor 00 ex pected 00 is 00 the 00 definition 00 of 00 which 00 of 00 the 00 following 00 terms?
The 00 policy 00 will 00 not 00 be 00 affected. 00 - 00 ans-- ✔✔An 00 individual 00 applies 00 for 00 a 00 life 00 policy. 00 two 00 years 00 ago 00 he 00 suffered 00 from 00 a 00 head 00 injury 00 from 00 an 00 accident, 00 so 00 he 00 cannot 00 remember 00 parts 00 of 00 his 00 past, 00 b ut 00 is 00 otherwise 00 competent. 00 He 00 has 00 also 00 been 00 hospitalized 00 for 00 drug 00 abuse, 00 b ut 00 does 00 not 00 remember 00 this 00 when 00 applying 00 for 00 insurance. 00 The 00 insurer 00 issues 00 the 00 policy 00 and 00 learns 00 of 00 his 00 history 00 one 00 year 00 later. 00 What 00 will 00 probably 00 happ en? 6000 days 00 - 00 ans-- ✔✔Insurers 00 must 00 file 00 all 00 rates 00 and 00 forms 00 for 00 Commissioner's 00 approval 00 within 00 how 00 many 00 days 00 prior 00 to 00 use? The 00 trust 00 that 00 a 00 client 00 places 00 in 00 the 00 producer 00 in 00 regard 00 to 00 handling 00 premiu ms 00 - 00 ans-- ✔✔Which 00 of 00 the 00 following 00 is 00 an 00 example 00 of 00 a 00 producer's 00 fiduciary 00 duty? Specific 00 definitions 00 as 00 to 00 their 00 meaning 00 as 00 used 00 in 00 the 00 policy 00 - 00 ans-- ✔✔words 00 or 00 terms 00 that 00 appear 00 in 00 an 00 insurance 00 policy 00 in 00 bold 00 face 00 print 00 incl ude pay 00 dividends 00 to 00 the 00 policy 00 owner 00 - 00 ans-- ✔✔A 00 participating 00 insurance 00 policy 00 may 00 do 00 which 00 of 00 the 00 following? Property 00 and 00 Casualty 00 Insurance 00 Guaranty 00 Association 00 - 00 ans-- ✔✔Which 00 of 00 the 00 following 00 was 00 created 00 to 00 pay 00 benefits 00 due 00 to 00 insured's 00 afte r 00 their 00 insurance 00 companies 00 have 00 been 00 declared 00 insolvent? First 00 named 00 insured 00 - 00 ans-- ✔✔Which 00 of 00 the 00 following 00 would 00 be 00 named 00 on 00 the 00 declarations 00 page 00 of 00 a 00 property 00 or 00 liability 00 policy? consideration 00 - 00 ans-- ✔✔Something 00 of 00 value 00 exchanged 00 between 00 the 00 insurer 00 and 00 the 00 insured 00 is 00 c onsidered 00 an The 00 coinsurance 00 formula 00 will 00 also 00 be 00 applied 00 to 00 total 00 losses. 00 - 00 ans-- ✔✔All 00 of 00 the 00 following 00 statements 00 concerning 00 coinsurance 00 are 00 true 00 EXCEPT stated 00 amount 00 - 00 ans-- ✔✔when 00 the 00 amount 00 of 00 insurance 00 written 00 in 00 a 00 property 00 policy 00 is 00 not 00 subject 00 to 00 any 00 coinsurance 00 provision 00 and 00 that 00 amount 00 is 00 paid 00 in 00 the 00 event 00 of 00 a 00 c overed 00 loss, 00 the 00 coverage 00 is 00 said 00 to 00 be 00 written 00 as full 00 replacement 00 of 00 property 00 as 00 its 00 current 00 cost, 00 new 00 and 00 without 00 reduction 00 f or 00 depreciation 00 - 00 ans--✔✔replacement 00 cost 00 is 00 defined 00 as
$500 00 - 00 ans-- ✔✔If 00 an 00 insured 00 covered 00 under 00 a 00 mobile 00 homeowners 00 policy 00 moves 00 the 00 mob ile 00 home 00 to 00 protect 00 it 00 from 00 a 00 covered 00 peril, 00 the 00 policy 00 will 00 pay 00 up 00 to Insuring 00 Agreement 00 - 00 ans-- ✔✔The 00 part 00 of 00 the 00 insurance 00 contact 00 that 00 described 00 the 00 covered 00 perils 00 and 00 the 00 nature 00 of 00 coverage 00 of 00 the 00 contractual 00 agreement 00 between 00 the 00 insurer 00 an d 00 the 00 insured 00 is 00 called 00 the to 00 pre- establish 00 the 00 amount 00 of 00 coverage 00 available 00 for 00 property 00 items 00 that 00 are 00 difficul t 00 to 00 value 00 - 00 ans-- ✔✔Which 00 of 00 the 00 following 00 best 00 expresses 00 the 00 purpose 00 of 00 a 00 stated 00 value 00 co ntract? conditions 00 - 00 ans-- ✔✔because 00 an 00 insurance 00 policy 00 is 00 a 00 legal 00 contract, 00 it 00 must 00 conform 00 to 00 the 00 state 00 laws 00 governing 00 contracts 00 which 00 require 00 all 00 of 00 the 00 following 00 elements 00 EX CEPT replacement 00 cost 00 - 00 ans-- ✔✔which 00 method 00 of 00 loss 00 valuation 00 is 00 contrary 00 to 00 the 00 basic 00 concept 00 of 00 inde mnity liability 00 coverage 00 - 00 ans-- ✔✔which 00 of 00 the 00 following 00 personal 00 auto 00 coverage's 00 would 00 pay 00 for 00 the 00 insure d's 00 travel 00 expenses 00 and 00 loss 00 of 00 earnings 00 while 00 involved 00 in 00 the 00 settlement 00 pr ocess 00 of 00 a 00 covered 00 loss? accident 00 insurance, 00 because 00 it 00 pays 00 medical 00 expenses 00 regardless 00 of 00 fault 00 - 00 ans-- ✔✔in 00 a 00 personal 00 auto 00 policy, 00 the 00 medical 00 payments 00 coverage 00 is 00 similar 00 to 200 years 00 - 00 ans-- ✔✔with 00 in 00 how 00 many 00 years 00 of 00 loss 00 may 00 an 00 insured 00 bring 00 a 00 lawsuit 00 against 0 0 an 00 insurer, 00 according 00 to 00 the 00 dwelling 00 policy? occurrence 00 - 00 ans-- ✔✔losses 00 caused 00 by 00 continuous 00 or 00 repeated 00 exposure 00 to 00 conditions 00 resulting 0 0 in 00 injury 00 to 00 persons 00 or 00 damage 00 to 00 property 00 that 00 is 00 neither 00 intended 00 nor 00 exp ected 00 is 00 the 00 definition 00 of 00 which 00 of 00 the 00 following 00 terms renewal 00 dates 00 - 00 ans-- ✔✔what 00 type 00 of 00 information 00 would 00 be 00 found 00 in 00 a 00 policy's 00 insuring 00 agreement
Commingling 00 - 00 ans-- ✔✔A 00 producer 00 who 00 fails 00 to 00 segregate 00 premium 00 monies 00 from 00 his 00 own 00 person al 00 funds 00 is 00 guilty 00 of? Certificate 00 of 00 authority 00 - 00 ans-- ✔✔What 00 must 00 an 00 insurer 00 obtain 00 in 00 order 00 to 00 transact 00 insurance 00 within 00 a 00 give n 00 state? Assigned 00 risk 00 auto 00 plan Joint 00 underwriting 00 association FAIR 00 plan 00 - 00 ans--✔✔What 00 is 00 considered 00 a 00 residual 00 market? State 00 property 00 and 00 casualty 00 guaranty 00 association 00 - 00 ans-- ✔✔A 00 mechanism 00 for 00 assisting 00 the 00 policyholders 00 of 00 bankrupt 00 insurers? It 00 is 00 issued 00 to 00 group 00 insurance 00 participants. 00 - 00 ans-- ✔✔Which 00 of 00 the 00 following 00 is 00 NOT 00 true 00 regarding 00 a 00 Certificate 00 of 00 Authority? liability 00 insurance 00 - 00 ans-- ✔✔Adam 00 is 00 injured 00 in 00 a 00 car 00 accident 00 caused 00 by 00 John. 00 What 00 kind 00 of 00 insura nce 00 would 00 cover 00 John's 00 obligation 00 to 00 pay 00 for 00 Adam's 00 injuries? any 00 change 00 in 00 business 00 name 00 - 00 ans-- ✔✔An 00 individual 00 licensed 00 as 00 an 00 agent 00 must 00 notify 00 the 00 Texas 00 Department 00 of 0 0 Insurance, 00 on 00 a 00 monthly 00 basis, 00 of 00 all 00 of 00 the 00 following 00 EXCEPT The 00 lesser 00 of 00 the 00 above 00 amounts 00 - 00 ans-- ✔✔Under 00 the 00 Texas 00 Property 00 and 00 Casualty 00 Insurance 00 Guaranty 00 Association, 00 what 00 is 00 the 00 maximum 00 amount 00 that 00 a 00 claimant 00 may 00 recover 00 from 00 an 00 occurren ce 00 under 00 a 00 policy 00 issued 00 by 00 an 00 insolvent 00 insurer? Draft 00 insurance 00 laws 00 - 00 ans-- ✔✔The 00 commissioner 00 has 00 full 00 power 00 and 00 authority 00 to 00 do 00 all 00 of 00 the 00 following 00 EXCEPT misrepresentation 00 - 00 ans-- ✔✔During 00 a 00 sales 00 presentation 00 a 00 produce 00 intentionally 00 makes 00 a 00 statement 00 w hich 00 may 00 mislead 00 the 00 insurance 00 applicant. 00 This 00 describes The 00 hearing 00 must 00 be 00 held 00 within 001000 days 00 of 00 receiving 00 a 00 request, 00 unless 00 bot h 00 parties 00 agree 00 to 00 a 00 later 00 date. 00 - 00 ans-- ✔✔An 00 agent 00 receives 00 an 00 Emergency 00 Cease 00 and 00 Desist 00 Order 00 for 00 chronically 0 0 misrepresenting 00 his 00 insurance 00 policies. 00 The 00 agent 00 knows 00 that 00 he 00 did 00 not 00 co mmit 00 the 00 violations 00 stated 00 in 00 the 00 Emergency 00 Cease 00 and 00 Desist 00 Order. 00 He 00 w
ants 00 to 00 contest 00 the 00 charges 00 in 00 a 00 court 00 hearing. 00 Which 00 of 00 the 00 following 00 is 00 tr ue? a 00 licensed 00 life 00 insurance 00 agent 00 - 00 ans-- ✔✔which 00 of 00 the 00 following 00 individuals 00 could 00 legally 00 receive 00 commissions 00 from 00 t he 00 sale 00 of 00 a 00 life 00 insurance 00 policy? specific 00 definitions 00 as 00 to 00 their 00 meaning 00 as 00 used 00 in 00 the 00 policy 00 - 00 ans-- ✔✔Words 00 or 00 terms 00 that 00 appear 00 in 00 an 00 insurance 00 policy 00 in 00 bold 00 face 00 print 00 inc lude controlled 00 business 00 - 00 ans-- ✔✔when 00 an 00 individual 00 obtains 00 an 00 insurance 00 license 00 for 00 the 00 primary 00 purpose 00 of 00 writing 00 insurance 00 on 00 him- 00 or 00 herself, 00 or 00 for 00 members 00 of 00 his 00 or 00 her 00 immediate 00 family, 00 or 00 business, 00 thi s 00 is 00 called 00?
