Exam Fx-Property and Casualty Questions
and Answers | Verified | Grade A+
• Under a dwelling policy, which of the following is NOT a factor in
determining a loss? -✓✓The amount negotiated by the insured
• All of the following are essential elements of a commercial package
policy (CPP) EXCEPT -✓✓Valuations and/or settlement provisions
• An insured carries a property policy on her home in the amount of
$250,000. A bank is shown as the mortgagor in the policy. Last month
the insured made her final mortgage payment, but did not remove the
bank from the policy. In the event of a covered loss to her home, how
much will the bank receive? -✓✓Nothing
Because the bank does not have a financial interest in the house at the
time of loss, they will receive nothing.
• The commercial property declarations page contains which of the
following information? -✓✓Description of the property insured
• An insurer neglects to pay a legitimate claim that is covered under the
terms of the policy. Which of the following terms best describes what
the insurer has violated? -✓✓Consideration
• Where is the policy period stated? -✓✓On the declarations page of the
policy
• The amount an insurer will pay under Coverage D (Loss of Use)
depends on -✓✓The amount of coverage on the dwelling.
• The part of a policy that clarifies terms in the policy is the -
✓✓Definitions.
and Answers | Verified | Grade A+
• Under a dwelling policy, which of the following is NOT a factor in
determining a loss? -✓✓The amount negotiated by the insured
• All of the following are essential elements of a commercial package
policy (CPP) EXCEPT -✓✓Valuations and/or settlement provisions
• An insured carries a property policy on her home in the amount of
$250,000. A bank is shown as the mortgagor in the policy. Last month
the insured made her final mortgage payment, but did not remove the
bank from the policy. In the event of a covered loss to her home, how
much will the bank receive? -✓✓Nothing
Because the bank does not have a financial interest in the house at the
time of loss, they will receive nothing.
• The commercial property declarations page contains which of the
following information? -✓✓Description of the property insured
• An insurer neglects to pay a legitimate claim that is covered under the
terms of the policy. Which of the following terms best describes what
the insurer has violated? -✓✓Consideration
• Where is the policy period stated? -✓✓On the declarations page of the
policy
• The amount an insurer will pay under Coverage D (Loss of Use)
depends on -✓✓The amount of coverage on the dwelling.
• The part of a policy that clarifies terms in the policy is the -
✓✓Definitions.
