Wisconsin Property Practice Exam \| \| \| \|
questions with answers \| \|
Examination requirements may be waived for nonresident agents
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if - CORRECT ANSWERS ✔✔their home state imposes
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requirements that are similar to Wisconsin's requirements \| \| \| \| \| \|
In comparison to consumer reports, which of the following
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describes an unique characteristic of investigative consumer
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reports? - CORRECT ANSWERS ✔✔the customer's associates,
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friends, and neighbors provide the report's data
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What is the maximum dollar amount an insurer will pay for the
\| \| \| \| \| \| \| \| \| \| \| \|
increased cost of construction additional coverage under a
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businessowner policy? - CORRECT ANSWERS ✔✔$10,000 \| \| \| \| \|
a lender may not required a borrower to insure the property
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against risks to improvements in an amount that - CORRECT
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ANSWERS ✔✔exceeds the replacement value or the market value
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of the improvements, whichever is greater
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a resident agent must pay a biennial regulation fee of - CORRECT
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ANSWERS ✔✔$35 \|
when the commissioner examines an insurer, who pays the
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examination costs? - CORRECT ANSWERS ✔✔examinees \| \| \| \| \|
, professional photographers and musicians may insure their \| \| \| \| \| \| \|
equipment with - CORRECT ANSWERS ✔✔a commercial articles \| \| \| \| \| \| \| \|
floater
How much is the premium for the dwelling under construction
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endorsement under the dwelling policy? - CORRECT ANSWERS \| \| \| \| \| \| \| \|
✔✔the average amount of insurance during construction
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What is the purpose of the coinsurance clause found in property
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insurance policies? - CORRECT ANSWERS ✔✔encourage the \| \| \| \| \| \| \|
insured to insure the property closer to its full value
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The Commissioner issues an order without holding a hearing. The
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person aggrieved by this order demands a hearing shortly after
\| \| \| \| \| \| \| \| \| \|
receiving the order. The hearing must be held within a maximum
\| \| \| \| \| \| \| \| \| \| \|
of how many days - CORRECT ANSWERS ✔✔60
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The policy conditions define - CORRECT ANSWERS ✔✔how parties
\| \| \| \| \| \| \| \| \|
to the contract must act following a loss
\| \| \| \| \| \| \|
T/F the insurer will pay covered losses or damage to each
\| \| \| \| \| \| \| \| \| \| \|
mortgageholder - CORRECT ANSWERS ✔✔true \| \| \| \|
T/F the mortgage holder has the right to receive loss payment -
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CORRECT ANSWERS ✔✔true \| \|
T/F if the insurer denies a claim because of the insured's act or
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because the insured failed to comply with the terms of the policy,
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questions with answers \| \|
Examination requirements may be waived for nonresident agents
\| \| \| \| \| \| \| \|
if - CORRECT ANSWERS ✔✔their home state imposes
\| \| \| \| \| \| \| \|
requirements that are similar to Wisconsin's requirements \| \| \| \| \| \|
In comparison to consumer reports, which of the following
\| \| \| \| \| \| \| \| \|
describes an unique characteristic of investigative consumer
\| \| \| \| \| \| \|
reports? - CORRECT ANSWERS ✔✔the customer's associates,
\| \| \| \| \| \| \|
friends, and neighbors provide the report's data
\| \| \| \| \| \|
What is the maximum dollar amount an insurer will pay for the
\| \| \| \| \| \| \| \| \| \| \| \|
increased cost of construction additional coverage under a
\| \| \| \| \| \| \| \|
businessowner policy? - CORRECT ANSWERS ✔✔$10,000 \| \| \| \| \|
a lender may not required a borrower to insure the property
\| \| \| \| \| \| \| \| \| \| \|
against risks to improvements in an amount that - CORRECT
\| \| \| \| \| \| \| \| \| \|
ANSWERS ✔✔exceeds the replacement value or the market value
\| \| \| \| \| \| \| \| \|
of the improvements, whichever is greater
\| \| \| \| \|
a resident agent must pay a biennial regulation fee of - CORRECT
\| \| \| \| \| \| \| \| \| \| \| \|
ANSWERS ✔✔$35 \|
when the commissioner examines an insurer, who pays the
\| \| \| \| \| \| \| \| \|
examination costs? - CORRECT ANSWERS ✔✔examinees \| \| \| \| \|
, professional photographers and musicians may insure their \| \| \| \| \| \| \|
equipment with - CORRECT ANSWERS ✔✔a commercial articles \| \| \| \| \| \| \| \|
floater
How much is the premium for the dwelling under construction
\| \| \| \| \| \| \| \| \| \|
endorsement under the dwelling policy? - CORRECT ANSWERS \| \| \| \| \| \| \| \|
✔✔the average amount of insurance during construction
\| \| \| \| \| \|
What is the purpose of the coinsurance clause found in property
\| \| \| \| \| \| \| \| \| \| \|
insurance policies? - CORRECT ANSWERS ✔✔encourage the \| \| \| \| \| \| \|
insured to insure the property closer to its full value
\| \| \| \| \| \| \| \| \|
The Commissioner issues an order without holding a hearing. The
\| \| \| \| \| \| \| \| \| \|
person aggrieved by this order demands a hearing shortly after
\| \| \| \| \| \| \| \| \| \|
receiving the order. The hearing must be held within a maximum
\| \| \| \| \| \| \| \| \| \| \|
of how many days - CORRECT ANSWERS ✔✔60
\| \| \| \| \| \| \|
The policy conditions define - CORRECT ANSWERS ✔✔how parties
\| \| \| \| \| \| \| \| \|
to the contract must act following a loss
\| \| \| \| \| \| \|
T/F the insurer will pay covered losses or damage to each
\| \| \| \| \| \| \| \| \| \| \|
mortgageholder - CORRECT ANSWERS ✔✔true \| \| \| \|
T/F the mortgage holder has the right to receive loss payment -
\| \| \| \| \| \| \| \| \| \| \| \|
CORRECT ANSWERS ✔✔true \| \|
T/F if the insurer denies a claim because of the insured's act or
\| \| \| \| \| \| \| \| \| \| \| \| \|
because the insured failed to comply with the terms of the policy,
\| \| \| \| \| \| \| \| \| \| \| \|
