PA Property & Casualty License Practice Exam Questions and Answers 2024

PA Property & Casualty License Practice Exam Questions and Answers 2024

An exclusion that states that an insurer will not pay any claim in which an individuals property is dam- aged as a result of an earthquake, mudslide, land- slide, or sinkhole. an Earth move- ment exclusion 2. An exclusion that states that an insurer will not pay any claim in which an individuals property is dam- aged as a result of the fact that the individual did not maintain the property. Neglect exclusion 3. Which Home Owner'sform covers damage to a condo HO-6 Unit Ownowner's PROPERTY that occurs as the result of any event that is not specifically excluded in the policy. er's Form 4. Which Home Owner's form covers damage to aTEN- ANT'S property that occurs as a result of an air- craft, civil commotion, explosion, fire, nail, lightning, smoke, theft, vandalism, vehicles and/or wind. HO-4 Content's Broad Form 5. Which HO form covers damage to the DWELLING that occurs as the result of any event that is not specifically excluded in the policy and damage to the property inside the dwelling that results of an air- craft, civil commotion, explosion, fire, hail, lightning, smoke, theft, vandalism, vehicles, and/or wind. HO-3 Special Form 6. Which HO Form covers damage to the DWELLING & PROPERTY inside the dwelling that occurs as an result of any event that is not specifically excluded in the policy. HO - 5 Comprehensive Form 7. What means conducting businessin accordance with Compliance current rules and laws set by government regulatory agencies and the courts. 8. Standards of conduct and moral judgement. Ethics 9. Legal term that describes the relationship between parties. Agency 10. What is the term to describe how an insurer appoints Agency Contract an individual to act on its behalf. 11. An individual whose position and responsibilities in- volve a high degree of trust and confidence (trustees, guardians, and executors). Fiduciary 12. The name for the fact a producer must sell the kind of policies that best fit the prospects needs and in amounts that the prospects can afford. Needs Selling 13. What is given when the applicant pays the initial pre- Conditional Remium atthe time the application for a policy issigned. ceipt 14. What is the term for informing the prospect or client of all facts involving a specific policy or plan so that an informed decision can be made. Full Disclosure 15. What is the name for the watchdog group whose member companies agree to adhere to and enforce ethical principles. Insurance Stan- dards Association (IMSA) 16. What Act deals with the inappropriate use of adver- tising. Unfair Trade Prac- tices Act 17. Any written or oralstatementthat does not accurately Misrepresentation describe a policy's features, benefits, or coverage. 18. Any false, maliciously, critical or derogatory commu- nication that injures another's reputation, fame, or character. Defamation 19. What is the term if the buyer of an insurance policy receives any part of the producers commission or anything else of significant values as an inducement to purchase a policy. Rebating 20. The unethical act of persuading a policy owner to drop a policy solely for the purpose ofselling another