TSI practice test | Actual Questions and Answers Latest Updated 2024/2025 (Graded A+), Exams of Business and Labour Law

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TSI practice test | Actual Questions and Answers Latest Updated 2024/

(Graded A+)

A DP-2 policy would pay a claim for in which scenario? - ✔✔rioters set fire to the front porch K has a construction business that is installing an air conditioner. K asks his agent for a policy that would cover the installation until completion. Which policy will Ks agent sell him? - ✔✔installation floater Installation Floater - ✔✔installation policies provide coverage during installation. Nonresident License - ✔✔Agents may receive a nonresident license to sell insurance in other states,without having to take an exam. Negligence - ✔✔The failure to act as a reasonable prudent or caring person. Negligence is not intentional When would nonrenewal become effective? - ✔✔at the end of the policy period HO-4 policy - ✔✔Renters/tenants policy. Personal property covered for broad perils. HO-3 policy - ✔✔is special HO-2 Policy - ✔✔is broad HO-5 Policy - ✔✔is comprehensive (broadest,best) HO-6 Policy - ✔✔is condo HO-8 policy - ✔✔is historic/market value

Law of Large Numbers is best described as: - ✔✔similar risks allow for predictability in losses Dwelling Insurance - ✔✔outdoor structures are covered under dwelling. Dwelling insurance covers structures, such as rental properties A consequential loss is best described as: - ✔✔an indirect loss Proof of Loss - ✔✔a signed,sworn statement after a claim is proof of loss The Liberalization clause is best described as: - ✔✔coverage is increased, premiums remain the same Agreed Value insurance - ✔✔coinsurance is waived Extra expense is a portion of which inland marine policy? - ✔✔Business Income The type of policy that uses the completed value form is best described as: - ✔✔Builders risk Commercial General Liability Policy - ✔✔based off of gross sales Surplus Lines Insurance - ✔✔Insurance obtained from nonadmitted insurers when protection is not available from admitted insurers. Most business auto policies are written with which type of liability limit? - ✔✔combined single limit Personal Auto Policy (PAP) - ✔✔uses split limit(30/60/25) If the insured increases their deductible... - ✔✔premiums are lowered

The principal of indemnity is best described in which scenario? - ✔✔actual cash value The four parts of negligence are: - ✔✔legal duty,breach of legal duty, proximate cause and damages Employment practices liability insurance (EPLI) - ✔✔Protects an employer against claims by workers that their legal rights as employees of the company have been violated. the purpose of Coinsurance Clause - ✔✔to encourage insuring to value representation - ✔✔a statement believed to be true to the best of one's knowledge An inland marine policy will not cover: - ✔✔exports The new name for trucking insurance? - ✔✔Motor Carrier Coverage Form Warranty - ✔✔a true statement that is guaranteed to be true Punitive Damages - ✔✔awarded damages in excess of compensatory damages How many ethic hours are needed to renew a general lines license? - ✔✔2 hours,3 in fraud, 24 total CE credits and 50% must be done in classroom. Deductibles are required to be paid by the insured upon which basis? - ✔✔each occurrence. An occurrence is something that occurs over time. Supplementary payments - ✔✔coverage in excess of liability limitsa Business Owners Policy (BOP) - ✔✔complete package policy

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