EXAMFX SIMULATION EXAM WITH 100%
CORRECT ANSWERS { GRADED A+}
$50,000 -✔✔ If a liability policy had a split limits of 50/100/30, what is
the maximum amount that would be payable in the event of injury to a
single person?
Auto businesses such as auto dealers, service station, and auto repair
shops -✔✔ The garage coverage form is used to insure
A pick up or van title to the used in the named insured business -✔✔
With respect to auto insurance the term owned autos includes all of the
following except
Only written statements can be considered fraud. -✔✔ Which of the
following is not correct regarding false statements by a person engaged
in a business of insurance
,Indemnity -✔✔ which insurance principle states that if a policy allows
for greater compensation then the financial loss incurred the insured may
only receive benefits for the amounts
A misdemeanor -✔✔ Any person who knowingly attempts to obtain
money, goods, or any other thing of value with the intent to cheat and
defraud is guilty of
The agency loses commission income from policies that were not issued
by the insurer -✔✔ An insurance agency could purchase an error's of
omission insurance policy which would provide protection in the event
of any of the following events except
An insurer with a home office in another state -✔✔ What is a foreign
Insurer
80% of the properties replacement cost or more -✔✔ An insured owns
a building that is valued at $400,000. To comply with the 80%
coinsurance provision of his insurance policy how much should he
ensure the property for?
,Anyone while using, with permission, a covered auto owned by the
named insured -✔✔ Which of the following would be considered an
insured under a business auto coverage form
Warranty -✔✔ Which of the following is a statement that is guaranteed
to be true and if untrue may breach an insurance contract
Loss valuation -✔✔ The process of determining the premium charge of
how much insurance is required for a particular loss is called
The date the claim is first made -✔✔ The claims may trigger is based
on which of the following
Replacement cost at the time of loss, less depreciation -✔✔ In property
insurance actual cash value is defined as which of the following
Once every five years -✔✔ The commissioner mat examine any
company or person engaged in the insurance business as often as it is
deemed appropriate but is required to examine each foreign insurer at
least
, Indemnity -✔✔ The pro rata liability clause is designed to protect the
principle of
Restores an insured person to the same financial state as before the loss -
✔✔ In case of a loss the indemnity provision in insurance policy
Additional coverage -✔✔ Which part of the insurance policy covers
claims related expenses reasonable expenses incurred by an insured to
protect damaged property from further loss or defense expenses
The drivers policy would be primary -✔✔ A passenger in a friends car
is injured while getting into the car which of the following statements
would apply if both of the passengers of the car had made payments
coverage under a personal auto policy
Other than collision coverage -✔✔ Rental reimbursement is only
available if the policy includes which coverage
Insurance policy owner -✔✔ Insurance contracts or agreements
between which two parties
CORRECT ANSWERS { GRADED A+}
$50,000 -✔✔ If a liability policy had a split limits of 50/100/30, what is
the maximum amount that would be payable in the event of injury to a
single person?
Auto businesses such as auto dealers, service station, and auto repair
shops -✔✔ The garage coverage form is used to insure
A pick up or van title to the used in the named insured business -✔✔
With respect to auto insurance the term owned autos includes all of the
following except
Only written statements can be considered fraud. -✔✔ Which of the
following is not correct regarding false statements by a person engaged
in a business of insurance
,Indemnity -✔✔ which insurance principle states that if a policy allows
for greater compensation then the financial loss incurred the insured may
only receive benefits for the amounts
A misdemeanor -✔✔ Any person who knowingly attempts to obtain
money, goods, or any other thing of value with the intent to cheat and
defraud is guilty of
The agency loses commission income from policies that were not issued
by the insurer -✔✔ An insurance agency could purchase an error's of
omission insurance policy which would provide protection in the event
of any of the following events except
An insurer with a home office in another state -✔✔ What is a foreign
Insurer
80% of the properties replacement cost or more -✔✔ An insured owns
a building that is valued at $400,000. To comply with the 80%
coinsurance provision of his insurance policy how much should he
ensure the property for?
,Anyone while using, with permission, a covered auto owned by the
named insured -✔✔ Which of the following would be considered an
insured under a business auto coverage form
Warranty -✔✔ Which of the following is a statement that is guaranteed
to be true and if untrue may breach an insurance contract
Loss valuation -✔✔ The process of determining the premium charge of
how much insurance is required for a particular loss is called
The date the claim is first made -✔✔ The claims may trigger is based
on which of the following
Replacement cost at the time of loss, less depreciation -✔✔ In property
insurance actual cash value is defined as which of the following
Once every five years -✔✔ The commissioner mat examine any
company or person engaged in the insurance business as often as it is
deemed appropriate but is required to examine each foreign insurer at
least
, Indemnity -✔✔ The pro rata liability clause is designed to protect the
principle of
Restores an insured person to the same financial state as before the loss -
✔✔ In case of a loss the indemnity provision in insurance policy
Additional coverage -✔✔ Which part of the insurance policy covers
claims related expenses reasonable expenses incurred by an insured to
protect damaged property from further loss or defense expenses
The drivers policy would be primary -✔✔ A passenger in a friends car
is injured while getting into the car which of the following statements
would apply if both of the passengers of the car had made payments
coverage under a personal auto policy
Other than collision coverage -✔✔ Rental reimbursement is only
available if the policy includes which coverage
Insurance policy owner -✔✔ Insurance contracts or agreements
between which two parties
