Wisconsin Insurance Exam (P&C) \| \| \| \|
questions with answers \| \|
Insurance companies can use certain policy forms as long as they
\| \| \| \| \| \| \| \| \| \| \|
are filed with the Commissioner 30 days prior to use. For this
\| \| \| \| \| \| \| \| \| \| \| \|
reason, Wisconsin is known as a - CORRECT ANSWERS ✔✔file and
\| \| \| \| \| \| \| \| \| \| \|
use state \|
Which of the following businesses would be eligible for a
\| \| \| \| \| \| \| \| \| \|
businessowners policy? - CORRECT ANSWERS ✔✔Business with \| \| \| \| \| \| \|
revenue of $6 million or less \| \| \| \| \|
A group of individuals who agree to share each other's losses is
\| \| \| \| \| \| \| \| \| \| \| \|
known as a - CORRECT ANSWERS ✔✔reciprocal company
\| \| \| \| \| \| \|
Dustin accidentally locked his keys in his car, so his neighbor Alana
\| \| \| \| \| \| \| \| \| \| \|
allows him to borrow her car to run an errand. Under the physical
\| \| \| \| \| \| \| \| \| \| \| \| \| \|
damage section of Dustin's personal auto policy, Alana's vehicle
\| \| \| \| \| \| \| \| \|
would be defined as - CORRECT ANSWERS ✔✔a nonowned auto
\| \| \| \| \| \| \| \| \|
What is the term for an individual who occupies a position of trust
\| \| \| \| \| \| \| \| \| \| \| \| \|
when handling the financial affairs of another? - CORRECT
\| \| \| \| \| \| \| \| \|
ANSWERS ✔✔Fiduciary \|
Insurers and rate service organizations are required to file all
\| \| \| \| \| \| \| \| \| \|
rates, supplementary rate information, and changes to rates
\| \| \| \| \| \| \| \|
,within - CORRECT ANSWERS ✔✔30 days after they become
\| \| \| \| \| \| \| \| \|
effective.
Which type of authority does an insurer give to its agents by
\| \| \| \| \| \| \| \| \| \| \| \|
means of the agent's contract? - CORRECT ANSWERS ✔✔Express
\| \| \| \| \| \| \| \|
An errors and omissions policy could be issued to cover the
\| \| \| \| \| \| \| \| \| \| \|
following occupations EXCEPT - CORRECT ANSWERS
\| \| \| \| \| \|
✔✔veterinarians
Which one of the following homeowners forms is used to cover
\| \| \| \| \| \| \| \| \| \| \|
tenants or renters? - CORRECT ANSWERS ✔✔HO-4
\| \| \| \| \| \|
Aviation insurance provides coverage for liability arising from the
\| \| \| \| \| \| \| \| \|
operation of an aircraft. All the following statements are true
\| \| \| \| \| \| \| \| \| \|
EXCEPT - CORRECT ANSWERS ✔✔coverage is provided only for
\| \| \| \| \| \| \| \| \|
the owner
\|
The limit of liability under the dwelling under construction
\| \| \| \| \| \| \| \| \|
endorsement is provisional. If a loss occurs, the amount paid will \| \| \| \| \| \| \| \| \| \| \|
be based on the - CORRECT ANSWERS ✔✔value of the partially
\| \| \| \| \| \| \| \| \| \| \|
completed home \|
Coverage for workers' compensation may be obtained from all of
\| \| \| \| \| \| \| \| \| \|
the following EXCEPT - CORRECT ANSWERS ✔✔a commercial
\| \| \| \| \| \| \| \|
general liability policy \| \|
,WIP provides all of the following coverages EXCEPT: - CORRECT
\| \| \| \| \| \| \| \| \| \|
ANSWERS ✔✔flood. \|
If the policy limits of the Building and Personal Property Coverage
\| \| \| \| \| \| \| \| \| \| \|
Form have been exhausted, how much additional coverage is
\| \| \| \| \| \| \| \| \|
available for debris removal? - CORRECT ANSWERS ✔✔$25,000
\| \| \| \| \| \| \|
Jane's sister, Maggie, who lives with Jane and just sold her car,
\| \| \| \| \| \| \| \| \| \| \| \|
drives Jane's sports car to a party. On the way home, Maggie loses
\| \| \| \| \| \| \| \| \| \| \| \| \|
control of the car, hits a parked car, and rolls the car. Maggie dies
\| \| \| \| \| \| \| \| \| \| \| \| \| \|
as a result of her injuries. What coverage will reimburse Jane for
\| \| \| \| \| \| \| \| \| \| \| \|
Maggie's funeral expenses? - CORRECT ANSWERS ✔✔Medical
\| \| \| \| \| \| \|
payments coverage \|
Towing and labor coverage covers all the following EXCEPT -
\| \| \| \| \| \| \| \| \| \|
CORRECT ANSWERS ✔✔the cost of a fan belt replaced at the scene
\| \| \| \| \| \| \| \| \| \| \|
of a breakdown
\| \| \|
Greg is a truck driver with Home Furnishings, Inc., and delivers
\| \| \| \| \| \| \| \| \| \| \|
furniture to customers. Jeff is a salesman with Home Furnishings
\| \| \| \| \| \| \| \| \| \|
and accompanies Greg on a delivery run to an important
\| \| \| \| \| \| \| \| \| \|
customer. On the way, Greg runs a red light, hits a bus, and rolls
\| \| \| \| \| \| \| \| \| \| \| \| \| \|
the delivery truck. Jeff is seriously injured. Which coverage under
\| \| \| \| \| \| \| \| \| \|
the unendorsed commercial auto policy will pay for Jeff's
\| \| \| \| \| \| \| \| \|
injuries? - CORRECT ANSWERS ✔✔No coverage available under the
\| \| \| \| \| \| \| \|
commercial auto policy for this loss
\| \| \| \| \| \|
Tammy was struck by a hit-and-run driver and suffered injuries to
\| \| \| \| \| \| \| \| \| \| \|
her neck. Which part of her personal auto policy, if any, will cover
\| \| \| \| \| \| \| \| \| \| \| \| \|
, this loss? - CORRECT ANSWERS ✔✔Her uninsured motorists
\| \| \| \| \| \| \| \|
coverage pays her medical bills. \| \| \| \|
In legal terms, voluntary relinquishment of a known right is called
\| \| \| \| \| \| \| \| \| \| \|
a - CORRECT ANSWERS ✔✔waiver
\| \| \| \|
Which of the following coverages in the homeowners policy is used
\| \| \| \| \| \| \| \| \| \|
to protect Sam when a friend files suit after falling down basement
\| \| \| \| \| \| \| \| \| \| \| \|
stairs that Sam is repairing? - CORRECT ANSWERS ✔✔Coverage E
\| \| \| \| \| \| \| \| \| \|
—Personal Liability \|
When the insurer and the insured cannot agree on the value of a
\| \| \| \| \| \| \| \| \| \| \| \| \|
loss, the matter is submitted to disinterested parties for resolution.
\| \| \| \| \| \| \| \| \|
Under a standard appraisal clause, how many parties are
\| \| \| \| \| \| \| \| \| \|
involved in determining the value of the loss? - CORRECT
\| \| \| \| \| \| \| \| \| \|
ANSWERS ✔✔3 \|
Which of the following occurrences would be included under the
\| \| \| \| \| \| \| \| \| \|
definition of a personal injury? - CORRECT ANSWERS ✔✔A tenant
\| \| \| \| \| \| \| \| \| \|
is evicted by his landlord and sues the landlord for invasion of
\| \| \| \| \| \| \| \| \| \| \| \|
privacy and wrongful eviction. \| \| \|
An insurance binder is best described as - CORRECT ANSWERS
\| \| \| \| \| \| \| \| \| \|
✔✔temporary, short-term evidence of coverage \| \| \| \|
The difference between Coverage E and Coverage F in the farm
\| \| \| \| \| \| \| \| \| \| \|
personal property coverage form is - CORRECT ANSWERS\| \| \| \| \| \| \| \|
✔✔insurance is scheduled under Coverage E but a blanket limit \| \| \| \| \| \| \| \| \| \|
applies to Coverage F \| \| \|
questions with answers \| \|
Insurance companies can use certain policy forms as long as they
\| \| \| \| \| \| \| \| \| \| \|
are filed with the Commissioner 30 days prior to use. For this
\| \| \| \| \| \| \| \| \| \| \| \|
reason, Wisconsin is known as a - CORRECT ANSWERS ✔✔file and
\| \| \| \| \| \| \| \| \| \| \|
use state \|
Which of the following businesses would be eligible for a
\| \| \| \| \| \| \| \| \| \|
businessowners policy? - CORRECT ANSWERS ✔✔Business with \| \| \| \| \| \| \|
revenue of $6 million or less \| \| \| \| \|
A group of individuals who agree to share each other's losses is
\| \| \| \| \| \| \| \| \| \| \| \|
known as a - CORRECT ANSWERS ✔✔reciprocal company
\| \| \| \| \| \| \|
Dustin accidentally locked his keys in his car, so his neighbor Alana
\| \| \| \| \| \| \| \| \| \| \|
allows him to borrow her car to run an errand. Under the physical
\| \| \| \| \| \| \| \| \| \| \| \| \| \|
damage section of Dustin's personal auto policy, Alana's vehicle
\| \| \| \| \| \| \| \| \|
would be defined as - CORRECT ANSWERS ✔✔a nonowned auto
\| \| \| \| \| \| \| \| \|
What is the term for an individual who occupies a position of trust
\| \| \| \| \| \| \| \| \| \| \| \| \|
when handling the financial affairs of another? - CORRECT
\| \| \| \| \| \| \| \| \|
ANSWERS ✔✔Fiduciary \|
Insurers and rate service organizations are required to file all
\| \| \| \| \| \| \| \| \| \|
rates, supplementary rate information, and changes to rates
\| \| \| \| \| \| \| \|
,within - CORRECT ANSWERS ✔✔30 days after they become
\| \| \| \| \| \| \| \| \|
effective.
Which type of authority does an insurer give to its agents by
\| \| \| \| \| \| \| \| \| \| \| \|
means of the agent's contract? - CORRECT ANSWERS ✔✔Express
\| \| \| \| \| \| \| \|
An errors and omissions policy could be issued to cover the
\| \| \| \| \| \| \| \| \| \| \|
following occupations EXCEPT - CORRECT ANSWERS
\| \| \| \| \| \|
✔✔veterinarians
Which one of the following homeowners forms is used to cover
\| \| \| \| \| \| \| \| \| \| \|
tenants or renters? - CORRECT ANSWERS ✔✔HO-4
\| \| \| \| \| \|
Aviation insurance provides coverage for liability arising from the
\| \| \| \| \| \| \| \| \|
operation of an aircraft. All the following statements are true
\| \| \| \| \| \| \| \| \| \|
EXCEPT - CORRECT ANSWERS ✔✔coverage is provided only for
\| \| \| \| \| \| \| \| \|
the owner
\|
The limit of liability under the dwelling under construction
\| \| \| \| \| \| \| \| \|
endorsement is provisional. If a loss occurs, the amount paid will \| \| \| \| \| \| \| \| \| \| \|
be based on the - CORRECT ANSWERS ✔✔value of the partially
\| \| \| \| \| \| \| \| \| \| \|
completed home \|
Coverage for workers' compensation may be obtained from all of
\| \| \| \| \| \| \| \| \| \|
the following EXCEPT - CORRECT ANSWERS ✔✔a commercial
\| \| \| \| \| \| \| \|
general liability policy \| \|
,WIP provides all of the following coverages EXCEPT: - CORRECT
\| \| \| \| \| \| \| \| \| \|
ANSWERS ✔✔flood. \|
If the policy limits of the Building and Personal Property Coverage
\| \| \| \| \| \| \| \| \| \| \|
Form have been exhausted, how much additional coverage is
\| \| \| \| \| \| \| \| \|
available for debris removal? - CORRECT ANSWERS ✔✔$25,000
\| \| \| \| \| \| \|
Jane's sister, Maggie, who lives with Jane and just sold her car,
\| \| \| \| \| \| \| \| \| \| \| \|
drives Jane's sports car to a party. On the way home, Maggie loses
\| \| \| \| \| \| \| \| \| \| \| \| \|
control of the car, hits a parked car, and rolls the car. Maggie dies
\| \| \| \| \| \| \| \| \| \| \| \| \| \|
as a result of her injuries. What coverage will reimburse Jane for
\| \| \| \| \| \| \| \| \| \| \| \|
Maggie's funeral expenses? - CORRECT ANSWERS ✔✔Medical
\| \| \| \| \| \| \|
payments coverage \|
Towing and labor coverage covers all the following EXCEPT -
\| \| \| \| \| \| \| \| \| \|
CORRECT ANSWERS ✔✔the cost of a fan belt replaced at the scene
\| \| \| \| \| \| \| \| \| \| \|
of a breakdown
\| \| \|
Greg is a truck driver with Home Furnishings, Inc., and delivers
\| \| \| \| \| \| \| \| \| \| \|
furniture to customers. Jeff is a salesman with Home Furnishings
\| \| \| \| \| \| \| \| \| \|
and accompanies Greg on a delivery run to an important
\| \| \| \| \| \| \| \| \| \|
customer. On the way, Greg runs a red light, hits a bus, and rolls
\| \| \| \| \| \| \| \| \| \| \| \| \| \|
the delivery truck. Jeff is seriously injured. Which coverage under
\| \| \| \| \| \| \| \| \| \|
the unendorsed commercial auto policy will pay for Jeff's
\| \| \| \| \| \| \| \| \|
injuries? - CORRECT ANSWERS ✔✔No coverage available under the
\| \| \| \| \| \| \| \|
commercial auto policy for this loss
\| \| \| \| \| \|
Tammy was struck by a hit-and-run driver and suffered injuries to
\| \| \| \| \| \| \| \| \| \| \|
her neck. Which part of her personal auto policy, if any, will cover
\| \| \| \| \| \| \| \| \| \| \| \| \|
, this loss? - CORRECT ANSWERS ✔✔Her uninsured motorists
\| \| \| \| \| \| \| \|
coverage pays her medical bills. \| \| \| \|
In legal terms, voluntary relinquishment of a known right is called
\| \| \| \| \| \| \| \| \| \| \|
a - CORRECT ANSWERS ✔✔waiver
\| \| \| \|
Which of the following coverages in the homeowners policy is used
\| \| \| \| \| \| \| \| \| \|
to protect Sam when a friend files suit after falling down basement
\| \| \| \| \| \| \| \| \| \| \| \|
stairs that Sam is repairing? - CORRECT ANSWERS ✔✔Coverage E
\| \| \| \| \| \| \| \| \| \|
—Personal Liability \|
When the insurer and the insured cannot agree on the value of a
\| \| \| \| \| \| \| \| \| \| \| \| \|
loss, the matter is submitted to disinterested parties for resolution.
\| \| \| \| \| \| \| \| \|
Under a standard appraisal clause, how many parties are
\| \| \| \| \| \| \| \| \| \|
involved in determining the value of the loss? - CORRECT
\| \| \| \| \| \| \| \| \| \|
ANSWERS ✔✔3 \|
Which of the following occurrences would be included under the
\| \| \| \| \| \| \| \| \| \|
definition of a personal injury? - CORRECT ANSWERS ✔✔A tenant
\| \| \| \| \| \| \| \| \| \|
is evicted by his landlord and sues the landlord for invasion of
\| \| \| \| \| \| \| \| \| \| \| \|
privacy and wrongful eviction. \| \| \|
An insurance binder is best described as - CORRECT ANSWERS
\| \| \| \| \| \| \| \| \| \|
✔✔temporary, short-term evidence of coverage \| \| \| \|
The difference between Coverage E and Coverage F in the farm
\| \| \| \| \| \| \| \| \| \| \|
personal property coverage form is - CORRECT ANSWERS\| \| \| \| \| \| \| \|
✔✔insurance is scheduled under Coverage E but a blanket limit \| \| \| \| \| \| \| \| \| \|
applies to Coverage F \| \| \|
