Nevada Property and Casualty
Questions & Answers 2025 Latest
Update
A unique feature in a bailee form is that it covers
A. A loss that has no exclusions
B. The building occupied by the insured whether it is owned or leased
C. Customers property whether or not the insured has been negligent
D. Fire and theft losses to the insured stock held for sale without any deductibles. -
ANSWER C
What is a certificate of insurance
A. Written document allowing the insured to inspect the insured's books
B. A written document showing to types and amounts of insurance that have been
issued to the insured
C. A written document obligating the insured to the person to the witch the insurance
was issued
D. Written document naming the insurance beneficiary - ANSWER B
An insured intentionally did not disclose material fact on the application for insurance
this would be considered
A. Coercion
B. Avoidance
C. Misrepresentation
D. Concealment - ANSWER D
In a personal auto policy the term you refers to
A. Any person reading the policy
B. The insurer
C. The name insured
D. Any person injured in a covered accident - ANSWER C
Terrorism risk insurance program reauthorization act of 2015 has extended the TRIA to
the year
A. 2015
B. 2017
C. 2020
D. 2030 - ANSWER C
With respect to commercial auto policies the garage coverage form provide liability
protection for all the following except
A. The insurance business income loss is due to personal injury
B. The insurance business premises
,C. The insured's business autos
D. The insurance business products in work performed - ANSWER A
If an insured is in the process of moving to a new location his personal property
coverage under the dwelling policy will apply on a pro rata basis on both locations for
A. 90 days
B. 5 days
C. 30 days
D. 60 days - ANSWER C
Which of the following closet establishes the procedure for determining the amount of a
loss when the insurer and the insured cannot agree on the value of property or amount
of loss
A. Valuation clause
B. Loss Settlement clause
C. Appraisal clause
D. Loss payment clause - ANSWER C
What type of damages may be awarded by the court to create disincentives that
discourage behavior that is deemed a highly undesirable by society
A. General
B. Compensatory
C. Specific
D. Punitive - ANSWER D
Professional liability coverage protects against liability resulting from
A. misrepresentation
B. unethical conduct
C. Errors and omissions
D. warranties - ANSWER C
What term best describes the act of withholding material information that could be
crucial to an underwriting decision
A. leading
B. breach of warranty
C. concealment
D. withholding - ANSWER C
Which of the following liability exposures is most likely for a small specialty clothing
retail boutique
A. completed operations liability exposure
B. premises liability exposure
C. operations liability exposure
D. product liability exposure - ANSWER B
, Franks steaks furnishes meat to steakhouses. An accident on the premises cause the
building to lose refrigeration for 32 hours. The state inspectors will not allow the meat in
the refrigerating units to be sold for human consumption and Frank loses $18,500 in
disposing of the meat. What coverage under Frank's BOP policy will cover the loss?
A. Utility service - time element
B. extra expense
C. protective safeguards
D. utility service - direct image - ANSWER D
In forming an insurance contract when does except Ince usually occur
A. When an insurer delivers the policy
B. when an insurer receives an application
C. when an insurer submits an application
D. when insurers underwriting approved coverage - ANSWER D
An insured's building has an actual cash value of $200,000 and he has insured the
property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How
much were the policy pay?
A. $0
B. $30,000
C. $32,000
D. $40,000 - ANSWER B
Which of the following is not an element of negligence
A. Lible
B. duty
C. breach
D. unbroken chain - ANSWER A
Valuable papers and records form provides coverage for the reconstruction of all the
following types of records except
A. Historical records
B. prepackage software
C. blueprints
D. deeds - ANSWER B
Which of the following is used in the formula for calculating the actual cash value of a
property?
A. Stated value
B. fair market value
C. agreed value
D. replacement cost - ANSWER D
The pro rata liability clause is designed to protect of the principle of
A. Insurable interest
B. Waiver and estoppel
Questions & Answers 2025 Latest
Update
A unique feature in a bailee form is that it covers
A. A loss that has no exclusions
B. The building occupied by the insured whether it is owned or leased
C. Customers property whether or not the insured has been negligent
D. Fire and theft losses to the insured stock held for sale without any deductibles. -
ANSWER C
What is a certificate of insurance
A. Written document allowing the insured to inspect the insured's books
B. A written document showing to types and amounts of insurance that have been
issued to the insured
C. A written document obligating the insured to the person to the witch the insurance
was issued
D. Written document naming the insurance beneficiary - ANSWER B
An insured intentionally did not disclose material fact on the application for insurance
this would be considered
A. Coercion
B. Avoidance
C. Misrepresentation
D. Concealment - ANSWER D
In a personal auto policy the term you refers to
A. Any person reading the policy
B. The insurer
C. The name insured
D. Any person injured in a covered accident - ANSWER C
Terrorism risk insurance program reauthorization act of 2015 has extended the TRIA to
the year
A. 2015
B. 2017
C. 2020
D. 2030 - ANSWER C
With respect to commercial auto policies the garage coverage form provide liability
protection for all the following except
A. The insurance business income loss is due to personal injury
B. The insurance business premises
,C. The insured's business autos
D. The insurance business products in work performed - ANSWER A
If an insured is in the process of moving to a new location his personal property
coverage under the dwelling policy will apply on a pro rata basis on both locations for
A. 90 days
B. 5 days
C. 30 days
D. 60 days - ANSWER C
Which of the following closet establishes the procedure for determining the amount of a
loss when the insurer and the insured cannot agree on the value of property or amount
of loss
A. Valuation clause
B. Loss Settlement clause
C. Appraisal clause
D. Loss payment clause - ANSWER C
What type of damages may be awarded by the court to create disincentives that
discourage behavior that is deemed a highly undesirable by society
A. General
B. Compensatory
C. Specific
D. Punitive - ANSWER D
Professional liability coverage protects against liability resulting from
A. misrepresentation
B. unethical conduct
C. Errors and omissions
D. warranties - ANSWER C
What term best describes the act of withholding material information that could be
crucial to an underwriting decision
A. leading
B. breach of warranty
C. concealment
D. withholding - ANSWER C
Which of the following liability exposures is most likely for a small specialty clothing
retail boutique
A. completed operations liability exposure
B. premises liability exposure
C. operations liability exposure
D. product liability exposure - ANSWER B
, Franks steaks furnishes meat to steakhouses. An accident on the premises cause the
building to lose refrigeration for 32 hours. The state inspectors will not allow the meat in
the refrigerating units to be sold for human consumption and Frank loses $18,500 in
disposing of the meat. What coverage under Frank's BOP policy will cover the loss?
A. Utility service - time element
B. extra expense
C. protective safeguards
D. utility service - direct image - ANSWER D
In forming an insurance contract when does except Ince usually occur
A. When an insurer delivers the policy
B. when an insurer receives an application
C. when an insurer submits an application
D. when insurers underwriting approved coverage - ANSWER D
An insured's building has an actual cash value of $200,000 and he has insured the
property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How
much were the policy pay?
A. $0
B. $30,000
C. $32,000
D. $40,000 - ANSWER B
Which of the following is not an element of negligence
A. Lible
B. duty
C. breach
D. unbroken chain - ANSWER A
Valuable papers and records form provides coverage for the reconstruction of all the
following types of records except
A. Historical records
B. prepackage software
C. blueprints
D. deeds - ANSWER B
Which of the following is used in the formula for calculating the actual cash value of a
property?
A. Stated value
B. fair market value
C. agreed value
D. replacement cost - ANSWER D
The pro rata liability clause is designed to protect of the principle of
A. Insurable interest
B. Waiver and estoppel
