MAP CERTIFICATION TEST ACTUAL EXAM VERIFIED QUESTIONS AND DETAILED ANSWERS ALREADY GRADED A+ 2024 LATEST.

MAP CERTIFICATION TEST ACTUAL EXAM VERIFIED QUESTIONS AND DETAILED ANSWERS ALREADY GRADED A+ 2024 LATEST. Which coverage is provided under Part B of the Personal Auto Policy? A) Damage to the insured auto B) Medical Payments C) Uninsured motorist's coverage D) Liability coverage - ANSWER- B) Medical Payments The Personal Articles Floater provides for all of the following, except: A) Insures commercial property B) Coverage is provided for open perils C) Worldwide coverage D) Claims are settled on an actual cash value basis - ANSWER- A) Insures commercial property A reinsurance agreement that allows ceding and reinsurance companies the opportunity to negotiate coverage for individual risks is a: A) Facultative Agreement B) Treaty Agreement C) Risk Sharing Plan D) Breach of Trust - ANSWER- A) Facultative Agreement An insurance company is considered a domestic insurer in Florida if it is: A) Domiciled and organized under the laws of any state B) Admitted to do business in Florida C) Organized under the laws of another country D) Organized and admitted in Florida - ANSWER- D) Organized and admitted in Florida An award to an injured party for compensatory damages of losses that cannot be assigned a specific dollar value are known as: A) Punitive Damages B) General Damages C) Special Damages D) Vicarious Liability - ANSWER- A) Punitive Damages Which concept is designed to eliminate small claims and help in reducing the cost of insurance? A) Franchise B) Coinsurance C) Exclusions D) Deductibles - ANSWER- D) Deductibles What is the definition of a risk? A) Hazard B) The chance of a loss C) The loss itself D) A peril - ANSWER- B) The chance of a loss When must an insurable interest exist in a property policy? A) At the time of a loss B) At the time of the first premium is paid C) At the time of policy delivery D) At the time of application - ANSWER- A) At the time of a loss