Arkansas P&C Exam (Insurance Adjuster Licensing) || Questions & Answers (100% Correct)

Arkansas P&C Exam (Insurance Adjuster Licensing) || Questions & Answers (100% Correct) Arkansas P&C Exam (Insurance Adjuster Licensing) || Questions & Answers (100% Correct) The major portion of the premium for an equipment breakdown policy pays -For repairs after a loss. -For coverage for bodily injury and property damage of others. -For replacement parts. -For inspections and examinations. - ANSWER - For inspections and examinations. #3. The party to a surety or fidelity bond who promises to fulfill the obligation is the a) Principal. b) Custodian. c) Surety. d) Obligee. - ANSWER - Principal #4. An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? a) Adhesion b) Consideration c) Good faith d) Representation - ANSWER - Consideration #10. A commercial property special form covers property in transit up to a) Full replacement cost. b) $5,000. c) ACV. d) $500. - ANSWER - $5,000.