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IA&B PC Insurance > Final Quiz > Flashcards

Final Quiz Flashcards

1
Q

How many CE credits are needed in 2 years to renew license

A

24

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2
Q

4 elements of legal contract

A

Offer and Acceptance, Competent Parties, Legal Purpose, Consideration (exchange)

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3
Q

How many days is a temporary license good for?

A

180 days

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4
Q

Who is a non-resident producer?

A

Does not live or have an office in PA

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5
Q

How long do you have to report a misconduct action against you in another jurisdiction?

A

30 days

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6
Q

Making an incomplete comparison

A

Twisting

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7
Q

Claims-made Policy expired 1/1/2019. Claim was made 1/15/2019. The Occurrence happened prior to the retro active date. Is there coverage

A

No, occurrence must be after the retro date

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8
Q

How long after your claims-made policy expires does the insurer have to give you to purchase the SERP

A

60 days

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9
Q

Main difference in Occurrence vs. Claims-made policies

A

Coverage trigger

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10
Q

Provides Seamen with a tort remedy when a work related injury occurs

A

Jones Act

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11
Q

Endorsement that prevents a $10,000 per day penalty for not complying with the Motor Carrier Act of 1980

A

MCS-90

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12
Q

Endorsement that prevents a $10,000 per day penalty for not complying with the Motor Carrier Act of 1980

A

ID Card

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13
Q

Special Causes of Loss (All-Risk) covers

A

All unless excluded

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14
Q

Endorsement needed to cover loss of income from a power outage that is due to a fire at the power company’s switch station

A

Utility Service – Time Element

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15
Q

Four Common Law Defenses

A

Assumption of Risk, Act of God, Intervening Cause, Contributory Negligence

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16
Q

Cause of Loss

A

Peril

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17
Q

Condition that increases the probability or extent of loss

A

Hazard

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18
Q

Hazard Type – Reporting a theft when no theft occurred

A

Moral Hazard

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19
Q

How often must the Do Not Call list be consulted to remain current

A

31 days

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20
Q

Act that requires an annual privacy notice be given to all customers

A

Gramm-Leach-Bliley Act

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21
Q

Circumstances leading to the possibility of a loss

A

Exposure

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22
Q

Group of insureds have a greater than average number of losses is a condition known as

A

Adverse Selection

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23
Q

Policy written to Supplement other coverage to fill in gaps – usually for flood, earthquake or weather conditions.

A

Difference in Conditions

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24
Q

Similar organizations create a group to cover liability losses. Must be licensed as an insurance company

A

Risk Retention Group

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25
Q

Bonded person that is responsible to fulfill the contractual obligation

A

Principal

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26
Q

Difference between bond and insurance

A

Insurance = transfer
Bond = guarantee and is paid back

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27
Q

Insurance = transfer Bond = guarantee and is paid back

A

Indemnify

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28
Q

Contract where each party relies on the other to be honest

A

Utmost Good Faith

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29
Q

Contract drafted by one party of power and the weaker party can take it or leave it

A

Contract of Adhesion

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30
Q

The larger the number of exposures, the closer to the results will be to the expected outcome

A

Law of Large Numbers

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31
Q

Purpose of Underwriting

A

Avoid Adverse Selection

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32
Q

Most favorable construction type for fire rates

A

Fire Resistive

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33
Q

Replacement Cost – Depreciation =

A

ACV

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34
Q

Unendorsed Homeowners Policy – what basis do we settle personal property claims

A

ACV

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35
Q

Non-economic damages including pain and suffering

A

General Damages

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36
Q

Coverage E of the Homeowners Policy

A

Personal Liability

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37
Q

Coverage D of the Farm Policy

A

Loss of use

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38
Q

Coverage B of Commercial General Liability Policy

A

Personal & Advertising Injury

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39
Q

Taking of Property by violence or threat of violence

A

Robbery

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40
Q

Purpose of an Umbrella Policy

A

Higher Limits/ Broader Coverage

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41
Q

Purchases Liability Insurance on a group basis for its members liability exposure

A

Risk Purchasing Group

42
Q

Injured employee can no longer do a portion of the job they did before and will lose income potential because of it – Which type of Disability

A

Permanent Partial

43
Q

Measures employers WC loss experience against the average loss experience of its job classification

A

Experience Modification (Mod)

44
Q

New Fur coat burns up in fire – how much coverage in HO5

A

up to COV C limit

45
Q

State minimum limits for Personal Auto Policy

A

15,000 per person 30,000 per accident 5,000 property damage

46
Q

HO-3 provides how much coverage for Coverage B

A

10% of COV A

47
Q

Resident Producer License fee

A

$55

48
Q

Has sole authority as producer for geographical area for an insurer

A

Exclusive General Agent

49
Q

Rate in which insureds with similar characteristics are charged the same rate

A

Manual or Class Rate

50
Q

Auto Symbol – Specifically Described “Autos” Only

A

7

51
Q

Motor Carrier Act of 1980 – Limit required for hauling radioactive material

A

$5,000,000

52
Q

Hitting a deer is what type of auto property damage claim

A

Comprehensive

53
Q

Which is not Inland Marine type for coverage – Land, Water, Air or Rail

A

Water
*Ocean Marine

54
Q

What is covered by Part B of Commercial General Liability

A

Personal & Advertising Injury

55
Q

Broadest Coverage For Crime

A

Theft

56
Q

Maximum amount that can be charged for a Supplemental Extended Reporting Period

A

200% of Expiring premium

57
Q

Unlawful taking with evidence of forcible entry

A

Burglary

58
Q

Lapse license fee to get it reinstated

A

$165

59
Q

Producer acting honestly and faithfully with premiums is

A

Fiduciary Responsibility

60
Q

Monetary Fine for going without Work Comp

A

$2,500 per day

61
Q

In Work Comp – a short-term total disability

A

Temporary Total

62
Q

Two Aggregate limits of the CGL

A

General Aggregate and Products/Completed Ops Agg

63
Q

Personal Auto Endorsement used to change covered vehicle definition to include motorcycles or ATV’s

A

Miscellaneous Type Vehicle Endorsement

64
Q

Commercial Auto Endorsement that gives Liability, UM/UIM, and Physical Damage Coverage to a named individual while using a non-owned auto for personal use

A

Drive Other Car Coverage

65
Q

Must purchase Work Comp from the state fund

A

Monopolistic State

66
Q

If the umbrella coverage is broader and drops down to cover because the underlying policy excluded coverage, what has to be paid by the insured

A

Self-Insured Retention

67
Q

Will the unendorsed General Liability policy cover liquor liability for a restaurant that serves alcohol?

A

No, not if in the business of selling alcohol

68
Q

Burial Allowance under the Workers’ Compensation Policy

A

$3,000

69
Q

The BOP Protective Safeguard Endorsement can restrict what peril?

A

Fire

70
Q

In crime policy, an employee is considered an employee for up to how long after termination

A

30 days

71
Q

A resident producer must live and work in PA

A

False

72
Q

Method of Handling risk where you assume the risk and pay if there is a loss

A

Retention

73
Q

Method to promote insurance to Value in property insurance

A

Coinsurance

74
Q

Dwelling Policy – household furniture falls under Coverage

A

COV C

75
Q

Homeowners – what form has open perils for Dwelling and Named Perils for personal property

A

HO-3

76
Q

Personal Auto Liability is covered for how long for a replacement vehicle

A

Remainder of Policy Period

77
Q

Overturn of a vehicle is what type of property damage coverage

A

Collision

78
Q

Commercial package that is in force for more 60 days can be cancelled for non-payment of premium with how many days notice

A

15 days

79
Q

Coverage A of the CGL policy

A

Bodily Injury and Property Damage

80
Q

Travelers Checks are considered what in the Crime Policy

A

Money

81
Q

Work comp survivor benefit is paid to the spouse for how long

A

For life or remarriage, then 2 year lump sum

82
Q

Covers for an employee alleging a hostile work environment

A

Employment Practices Liab

82
Q

Who does the insurance department turn issues over to in order to prosecute

A

Attorney General

83
Q

An agency contract gives what type of authority

A

Express Authority

84
Q

Determines how a claim will be paid when more than one insurance policy covers the same claim

A

Other Insurance Clause

85
Q

A fence would be covered under what Dwelling Policy coverage

A

COV B

86
Q

Homeowners Coverage F – Medical Payments provides what basic limit of coverage

A

$1,000

87
Q

Max gross vehicle weight for pickups or vans to be eligible for personal auto policy

A

9,000lb GVW

88
Q

Garagekeepers covers

A

Customer Autos in your Care, Custody, Control

89
Q

What endorsement would be appropriate for a business with predictable fluctuation of inventory certain times of year

A

Peak Season Limit of Insurance

90
Q

A slip and fall on a wet floor is which exposure under the CGL

A

Premises and Operations

91
Q

Employee Theft Coverage covers what types of property

A

Money, Securities and Other Property

92
Q

Three limits under Employers Liability part of Work Comp

A

BI by Accident - each accident
BI by Disease – Policy Limit
BI by Disease – Each Employee

93
Q

Three parties to a surety bond

A

Principal, Obligee and Surety

94
Q

Wheat, barley, oats are small grains. Corn is a

A

Coarse Grain

95
Q

Who certifies an Act of Terrorism

A

Secretary of Treasury in Consultation with Sec of Homeland Security

96
Q

TCPA no calls before when and no calls after when

A

Before 8AM and After 9PM

97
Q

Insurance company owned by its policyholders. Policyholders receive profits as dividends

A

Mutual Company

98
Q

Limit that is the most that will be paid for all claims in one policy period

A

Aggregate Limit

99
Q

Organization that will pay claims for policyholders who’s insurance company went insolvent

A

Pennsylvania Insurance Guaranty Association

IA&B PC Insurance (21 decks)

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