Wi Property Insurance Exam Questions
And Answers
Part bof bthe binsured's bconsideration bin ba bproperty binsurance bcontract bis bthe...
a) bpayment bof ba bloss bby bthe bcompany
b) bpayment bof bthe bpremium bby bthe binsured
c) bprovision bof ba bgrace bperiod
d) boffer ba bpreferred bcontract bto bthe bcustomer b- bcorrect banswers✔✔b) bpayment bof
bthe bpremium bby bthe binsured
The bportion bor bthe bpolicy bthat bspecifies bexactly bwhat bitems bwill bbe bcovered band
bthe bdollar bamounts bof bcoverage bis bcalled bthe...
a) binsuring bclause
b) bexclusions
c) bdeclarations
d) bconditions b- bcorrect banswers✔✔c) bdeclarations
All bof bthe bfollowing bare bessentials bof ba bcontract bEXCEPT ba...
a) bacceptance
b) bconsideration
c) boffer
d) bwritten binstrument b- bcorrect banswers✔✔d) bwritten binstrument
Which bof bthe bfollowing bwould bbe bconsidered bincompetent bunder binsurance blaw?
a) ba bfourteen-year-old bhonor bstudent
b) ba bman bunder bthe binfluence bof balcohol
c) ba bcustomer bwho bbuys ba bpolicy bunder bduress
d) ball bof bthe babove b- bcorrect banswers✔✔d) ball bof bthe babove
Which bof bthe bfollowing bgrants bexpress bauthority bto ban bagent?
a) bfiduciary bcontract
b) bstate bprovisions
c) bagent bcontract bwith bthe binsurance bcompany
,d) bagents binsurance blicense b- bcorrect banswers✔✔c) bagents bcontract bwith bthe
binsurance bcompany
What bis bthe bterm bfor bthe bentity bthat ban bagent brepresents bregarding bcontractual
bagreements bwith bthird bparties?
a) bdesignee
b) binsured
c) bprincipal
d) bclient b- bcorrect banswers✔✔c) bprincipal
In binsurance, ban boffer bis busually bmade bwhen...
a) bthe bagent bdelivers bthe bpolicy bto bthe bpolicyholder
b) bthe bagent bexplains bpolicy bprovisions bto ba bpotential bapplicant
c) bthe bapplicant bsubmits ban bapplication bfor binsurance
d) bthe binsurer bapproves bthe bapplication band breceives bthe binitial bpremium b- bcorrect
banswers✔✔c) bthe bapplicant bsubmits ban bapplication bfor binsurance
A bsituation bin bwhich ba bperson bcan bonly blose bor bhave bno bchange brepresents...
a) bpure brisk
b) bspeculative brisk
c) badverse bselection
d) bhazard b- bcorrect banswers✔✔a) bpure brisk
An binsured bintentionally bdid bnot bdisclose ba bmaterial bfact bon ban bapplication bfor
binsurance. bThis bwould bbe bconsidered...
a) bconcealment
b) blying
c) bcoercion
d) bmisrepresentation b- bcorrect banswers✔✔a) bconcealment
An binsurance bcompany bis bdomiciled bin bMontana band btransacts binsurance bin
bWyoming. bWhich bterm bbest bdescribes bthe binsurer's bclassification bin bWyoming?
a) bdomestic
b) bunauthorized
c) bforeign
d) balien b- bcorrect banswers✔✔c) bforeign
For bthe bpurpose bof binsurance, brisk bis bdefined bas...
a) bthe bguaranty bof bloss
b) bthe bcause bof bloss
c) ban bevent bthat bincreases bthe bchance bof bloss
d) bthe buncertainty bor bchance bof bloss b- bcorrect banswers✔✔d) bthe buncertainty bor
bchance bof bloss
Which bof bthe bfollowing bwould bbe bconsidered ba brisk bsharing barrangement?
a) bstock
, b) bmutual b
c) bsurplus blines
d) breciprocal b- bcorrect banswers✔✔d) breciprocal
At bthe btime bof bloss, bthe binsured bin ba bproperty band bcasualty bpolicy, bthe binsurer's
bclaim bsettlement boptions binclude ball bof bthe bfollowing bEXCEPT...
a) bpaying bthe bvalue bof bthe blost bor bdamaged bproperty
b) breplacing bthe bproperty bwith bother bproperty bof ba blesser bkind bof bquality
c) bpaying bthe bcost bof brepairing bor breplacing bthe blost bor bdamaged bproperty
d) btaking ball bor bpart bof bthe bproperty bat ban bagreed bor bappraised bvalue b- bcorrect
banswers✔✔b) breplacing bthe bproperty bwith bother bproperty bof ba blesser bkind bor
bquality
The bpart bof bthe bpolicy bwhich bsets bforth bthe brules bof bconduct, bduties, band
bobligations bof bthe bparties bis bcalled bthe...
a) bexclusions
b) bdeclarations
c) binsuring bclause
d) bconditions b- bcorrect banswers✔✔d) bconditions
Claims brelated bexpenses, breasonable bexpenses bincurred bby ban binsured bto bprotect
bdamaged bproperty bfrom bfurther bloss, bor bdefense bexpenses bare bcovered bby bwhich
bpart bof ba bpolicy?
a) bexclusions
b) bdeclarations
c) binsuring bagreement
d) badditional bcoverages b- bcorrect banswers✔✔d) badditional bcoverages
Three byears bago, ban binsured bmoved bto ban bunfurnished bapartment. bShe bbought
bnew bfurniture bthat bcost b$9,000. bLast bweek bthere bwas ba bfire bin bthe bapartment
bthat bdestroyed bthe bfurniture. bReplacement bcost bis b$10,500. bThe badjuster btold bthe
binsured bthat bher bfurniture bdepreciated b$2,500. bIf binsurance bis bwritten bon ban
bActual bCash bValue bbasis, bhow bmuch bwill bit bpay bfor bthe bloss?
a) b$10,500
b) b$6,500
c) b$8,000
d) b$9,000 b- bcorrect banswers✔✔c) b$8,000
Which bof bthe bfollowing bis bnot bnamed bas ban binsured bon bthe bdeclaration bpage bof ba
bpolicy bbut bare bprotected bby bthe bpolicy, busually bin bregards bto ba bspecific binterest
bis bknown bas...
a) bpolicy bowner
b) bnamed binsured
c) bfirst bnamed binsured
b) badditional binsured b- bcorrect banswers✔✔d) badditional binsured
And Answers
Part bof bthe binsured's bconsideration bin ba bproperty binsurance bcontract bis bthe...
a) bpayment bof ba bloss bby bthe bcompany
b) bpayment bof bthe bpremium bby bthe binsured
c) bprovision bof ba bgrace bperiod
d) boffer ba bpreferred bcontract bto bthe bcustomer b- bcorrect banswers✔✔b) bpayment bof
bthe bpremium bby bthe binsured
The bportion bor bthe bpolicy bthat bspecifies bexactly bwhat bitems bwill bbe bcovered band
bthe bdollar bamounts bof bcoverage bis bcalled bthe...
a) binsuring bclause
b) bexclusions
c) bdeclarations
d) bconditions b- bcorrect banswers✔✔c) bdeclarations
All bof bthe bfollowing bare bessentials bof ba bcontract bEXCEPT ba...
a) bacceptance
b) bconsideration
c) boffer
d) bwritten binstrument b- bcorrect banswers✔✔d) bwritten binstrument
Which bof bthe bfollowing bwould bbe bconsidered bincompetent bunder binsurance blaw?
a) ba bfourteen-year-old bhonor bstudent
b) ba bman bunder bthe binfluence bof balcohol
c) ba bcustomer bwho bbuys ba bpolicy bunder bduress
d) ball bof bthe babove b- bcorrect banswers✔✔d) ball bof bthe babove
Which bof bthe bfollowing bgrants bexpress bauthority bto ban bagent?
a) bfiduciary bcontract
b) bstate bprovisions
c) bagent bcontract bwith bthe binsurance bcompany
,d) bagents binsurance blicense b- bcorrect banswers✔✔c) bagents bcontract bwith bthe
binsurance bcompany
What bis bthe bterm bfor bthe bentity bthat ban bagent brepresents bregarding bcontractual
bagreements bwith bthird bparties?
a) bdesignee
b) binsured
c) bprincipal
d) bclient b- bcorrect banswers✔✔c) bprincipal
In binsurance, ban boffer bis busually bmade bwhen...
a) bthe bagent bdelivers bthe bpolicy bto bthe bpolicyholder
b) bthe bagent bexplains bpolicy bprovisions bto ba bpotential bapplicant
c) bthe bapplicant bsubmits ban bapplication bfor binsurance
d) bthe binsurer bapproves bthe bapplication band breceives bthe binitial bpremium b- bcorrect
banswers✔✔c) bthe bapplicant bsubmits ban bapplication bfor binsurance
A bsituation bin bwhich ba bperson bcan bonly blose bor bhave bno bchange brepresents...
a) bpure brisk
b) bspeculative brisk
c) badverse bselection
d) bhazard b- bcorrect banswers✔✔a) bpure brisk
An binsured bintentionally bdid bnot bdisclose ba bmaterial bfact bon ban bapplication bfor
binsurance. bThis bwould bbe bconsidered...
a) bconcealment
b) blying
c) bcoercion
d) bmisrepresentation b- bcorrect banswers✔✔a) bconcealment
An binsurance bcompany bis bdomiciled bin bMontana band btransacts binsurance bin
bWyoming. bWhich bterm bbest bdescribes bthe binsurer's bclassification bin bWyoming?
a) bdomestic
b) bunauthorized
c) bforeign
d) balien b- bcorrect banswers✔✔c) bforeign
For bthe bpurpose bof binsurance, brisk bis bdefined bas...
a) bthe bguaranty bof bloss
b) bthe bcause bof bloss
c) ban bevent bthat bincreases bthe bchance bof bloss
d) bthe buncertainty bor bchance bof bloss b- bcorrect banswers✔✔d) bthe buncertainty bor
bchance bof bloss
Which bof bthe bfollowing bwould bbe bconsidered ba brisk bsharing barrangement?
a) bstock
, b) bmutual b
c) bsurplus blines
d) breciprocal b- bcorrect banswers✔✔d) breciprocal
At bthe btime bof bloss, bthe binsured bin ba bproperty band bcasualty bpolicy, bthe binsurer's
bclaim bsettlement boptions binclude ball bof bthe bfollowing bEXCEPT...
a) bpaying bthe bvalue bof bthe blost bor bdamaged bproperty
b) breplacing bthe bproperty bwith bother bproperty bof ba blesser bkind bof bquality
c) bpaying bthe bcost bof brepairing bor breplacing bthe blost bor bdamaged bproperty
d) btaking ball bor bpart bof bthe bproperty bat ban bagreed bor bappraised bvalue b- bcorrect
banswers✔✔b) breplacing bthe bproperty bwith bother bproperty bof ba blesser bkind bor
bquality
The bpart bof bthe bpolicy bwhich bsets bforth bthe brules bof bconduct, bduties, band
bobligations bof bthe bparties bis bcalled bthe...
a) bexclusions
b) bdeclarations
c) binsuring bclause
d) bconditions b- bcorrect banswers✔✔d) bconditions
Claims brelated bexpenses, breasonable bexpenses bincurred bby ban binsured bto bprotect
bdamaged bproperty bfrom bfurther bloss, bor bdefense bexpenses bare bcovered bby bwhich
bpart bof ba bpolicy?
a) bexclusions
b) bdeclarations
c) binsuring bagreement
d) badditional bcoverages b- bcorrect banswers✔✔d) badditional bcoverages
Three byears bago, ban binsured bmoved bto ban bunfurnished bapartment. bShe bbought
bnew bfurniture bthat bcost b$9,000. bLast bweek bthere bwas ba bfire bin bthe bapartment
bthat bdestroyed bthe bfurniture. bReplacement bcost bis b$10,500. bThe badjuster btold bthe
binsured bthat bher bfurniture bdepreciated b$2,500. bIf binsurance bis bwritten bon ban
bActual bCash bValue bbasis, bhow bmuch bwill bit bpay bfor bthe bloss?
a) b$10,500
b) b$6,500
c) b$8,000
d) b$9,000 b- bcorrect banswers✔✔c) b$8,000
Which bof bthe bfollowing bis bnot bnamed bas ban binsured bon bthe bdeclaration bpage bof ba
bpolicy bbut bare bprotected bby bthe bpolicy, busually bin bregards bto ba bspecific binterest
bis bknown bas...
a) bpolicy bowner
b) bnamed binsured
c) bfirst bnamed binsured
b) badditional binsured b- bcorrect banswers✔✔d) badditional binsured
