Page 1 of 13
MO PROPERTY AND CASUALTY EXAM |
FREQUENTLY TESTED QUESTIONS WITH CORRECT
ANSWERS | BRAND NEW!
Which of the following is true of dwelling policy coverage? - ✔✔✔
Correct Answer > Exclusions apply to all three policy forms
Under businessowners policy Section I, if an insurer wants to
nonrenew a policy for nonpayment of premium, how many days
before the expiration date must the insurer notify the
mortgageholder? - ✔✔✔ Correct Answer > 10 days
A company has a businessowners policy on a building with an
estimated replacement cost of $300,000. The company carries
$150,000 of insurance. If a loss occurs, how much will the insured
company be paid? - ✔✔✔ Correct Answer > The coinsurance formula
would apply
Which of the following types of valuation works best for property
whose value does not fluctuate much? - ✔✔✔ Correct Answer > Agreed
value
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Which of the following is NOT settled on an actual cash value
basis while covered under the business property coverage form?
- ✔✔✔ Correct Answer > Valuable papers and records
The pro rata liability clause is designed to protect the principle of
- ✔✔✔ Correct Answer > Indemnity
All of the following are true statements regarding the
supplementary payments of a CGL policy EXCEPT - ✔✔✔ Correct
Answer > They pay defense costs even after the aggregate limit has
been reached
Which of the following statements would be correct if an insured
failed to maintain the underlying limits as required by a personal
umbrella policy? - ✔✔✔ Correct Answer > The insured would be
responsible for the amount required as underlying limits in the
event of a claim.
An auto policy issued in Missouri may - ✔✔✔ Correct Answer > Contain
a named driver exclusion
How can inland marine coverage be written in this state? - ✔✔✔
Correct Answer > As a combination policy with fire casualty
MO PROPERTY AND CASUALTY EXAM |
FREQUENTLY TESTED QUESTIONS WITH CORRECT
ANSWERS | BRAND NEW!
Which of the following is true of dwelling policy coverage? - ✔✔✔
Correct Answer > Exclusions apply to all three policy forms
Under businessowners policy Section I, if an insurer wants to
nonrenew a policy for nonpayment of premium, how many days
before the expiration date must the insurer notify the
mortgageholder? - ✔✔✔ Correct Answer > 10 days
A company has a businessowners policy on a building with an
estimated replacement cost of $300,000. The company carries
$150,000 of insurance. If a loss occurs, how much will the insured
company be paid? - ✔✔✔ Correct Answer > The coinsurance formula
would apply
Which of the following types of valuation works best for property
whose value does not fluctuate much? - ✔✔✔ Correct Answer > Agreed
value
, Page 2 of 13
Which of the following is NOT settled on an actual cash value
basis while covered under the business property coverage form?
- ✔✔✔ Correct Answer > Valuable papers and records
The pro rata liability clause is designed to protect the principle of
- ✔✔✔ Correct Answer > Indemnity
All of the following are true statements regarding the
supplementary payments of a CGL policy EXCEPT - ✔✔✔ Correct
Answer > They pay defense costs even after the aggregate limit has
been reached
Which of the following statements would be correct if an insured
failed to maintain the underlying limits as required by a personal
umbrella policy? - ✔✔✔ Correct Answer > The insured would be
responsible for the amount required as underlying limits in the
event of a claim.
An auto policy issued in Missouri may - ✔✔✔ Correct Answer > Contain
a named driver exclusion
How can inland marine coverage be written in this state? - ✔✔✔
Correct Answer > As a combination policy with fire casualty
