PA PROPERTY AND CASUALTY LICENSE
PRACTICE TEST EXAM GRADED A+
What is the term if the buyer of an insurance policy
receives any part of the producers commission or
anything else of significant values as an inducement
to purchase a policy. - answer-Rebating
The unethical act of persuading a policy owner to
drop a policy solely for the purpose of selling another
policy without regard to the possible disadvantages to
the policy owner. - answer-Twisting.
An exclusion that states that an insurer will not pay
any claim in which an individuals property is damaged
as a result of an earthquake, mudslide, landslide, or
sinkhole. - answer-an Earth movement exclusion
An exclusion that states that an insurer will not pay
any claim in which an individuals property is damaged
,as a result of the fact that the individual did not
maintain the property. - answer-Neglect exclusion
Which Home Owner's form covers damage to a condo
owner's PROPERTY that occurs as the result of any
event that is not specifically excluded in the policy. -
answer-HO-6 Unit Owner's Form
Which Home Owner's form covers damage to a
TENANT'S property that occurs as a result of an
aircraft, civil commotion, explosion, fire, nail,
lightning, smoke, theft, vandalism, vehicles and/or
wind. - answer-HO-4 Content's Broad Form
Which HO form covers damage to the DWELLING that
occurs as the result of any event that is not
specifically excluded in the policy and damage to the
property inside the dwelling that results of an aircraft,
civil commotion, explosion, fire, hail, lightning,
smoke, theft, vandalism, vehicles, and/or wind. -
answer-HO-3 Special Form
,Which HO Form covers damage to the DWELLING &
PROPERTY inside the dwelling that occurs as an
result of any event that is not specifically excluded in
the policy. - answer-HO - 5 Comprehensive Form
What means conducting business in accordance with
current rules and laws set by government regulatory
agencies and the courts. - answer-Compliance
Standards of conduct and moral judgement. - answer-
Ethics
Legal term that describes the relationship between
parties. - answer-Agency
What is the term to describe how an insurer appoints
an individual to act on its behalf. - answer-Agency
Contract
, An individual whose position and responsibilities
involve a high degree of trust and confidence
(trustees, guardians, and executors). - answer-
Fiduciary
The name for the fact a producer must sell the kind of
policies that best fit the prospects needs and in
amounts that the prospects can afford. - answer-
Needs Selling
What is given when the applicant pays the initial
premium at the time the application for a policy is
signed. - answer-Conditional Receipt
What is the term for informing the prospect or client
of all facts involving a specific policy or plan so that
an informed decision can be made. - answer-Full
Disclosure
What is the name for the watchdog group whose
member companies agree to adhere to and enforce
PRACTICE TEST EXAM GRADED A+
What is the term if the buyer of an insurance policy
receives any part of the producers commission or
anything else of significant values as an inducement
to purchase a policy. - answer-Rebating
The unethical act of persuading a policy owner to
drop a policy solely for the purpose of selling another
policy without regard to the possible disadvantages to
the policy owner. - answer-Twisting.
An exclusion that states that an insurer will not pay
any claim in which an individuals property is damaged
as a result of an earthquake, mudslide, landslide, or
sinkhole. - answer-an Earth movement exclusion
An exclusion that states that an insurer will not pay
any claim in which an individuals property is damaged
,as a result of the fact that the individual did not
maintain the property. - answer-Neglect exclusion
Which Home Owner's form covers damage to a condo
owner's PROPERTY that occurs as the result of any
event that is not specifically excluded in the policy. -
answer-HO-6 Unit Owner's Form
Which Home Owner's form covers damage to a
TENANT'S property that occurs as a result of an
aircraft, civil commotion, explosion, fire, nail,
lightning, smoke, theft, vandalism, vehicles and/or
wind. - answer-HO-4 Content's Broad Form
Which HO form covers damage to the DWELLING that
occurs as the result of any event that is not
specifically excluded in the policy and damage to the
property inside the dwelling that results of an aircraft,
civil commotion, explosion, fire, hail, lightning,
smoke, theft, vandalism, vehicles, and/or wind. -
answer-HO-3 Special Form
,Which HO Form covers damage to the DWELLING &
PROPERTY inside the dwelling that occurs as an
result of any event that is not specifically excluded in
the policy. - answer-HO - 5 Comprehensive Form
What means conducting business in accordance with
current rules and laws set by government regulatory
agencies and the courts. - answer-Compliance
Standards of conduct and moral judgement. - answer-
Ethics
Legal term that describes the relationship between
parties. - answer-Agency
What is the term to describe how an insurer appoints
an individual to act on its behalf. - answer-Agency
Contract
, An individual whose position and responsibilities
involve a high degree of trust and confidence
(trustees, guardians, and executors). - answer-
Fiduciary
The name for the fact a producer must sell the kind of
policies that best fit the prospects needs and in
amounts that the prospects can afford. - answer-
Needs Selling
What is given when the applicant pays the initial
premium at the time the application for a policy is
signed. - answer-Conditional Receipt
What is the term for informing the prospect or client
of all facts involving a specific policy or plan so that
an informed decision can be made. - answer-Full
Disclosure
What is the name for the watchdog group whose
member companies agree to adhere to and enforce
