AK Insurance Property Exam Prep Course- Exam Questions and Answers (Solved Papers) For how long after a transaction has been completed must a licensee keep documents used to execute the advance of a premium?Two years Three years Five years Ten years - Correct Answers ✅5 or 10 years for re- assurance Jill is an insurance agent who represents XYZ Ins company.With what authority does Jill's agency agreement with XYZ explicitly Permit her to perform certain functions? - Correct Answers ✅Express authority An incorporated insurer owned by stockholders, who hold shares of stock as evidence of ownership is called an? - Correct Answers ✅Stock Insurer With a named perils policy, which of the following statements correctly describes the burden of proof with respect to covering a loss?To deny coverage, the insurer has the burden of proof to show the loss was caused by an excluded peril.To cover the loss, the policyholder has the burden of proof to show the loss was caused by a covered peril. 1 / 4
AK Insurance Property Exam Prep Course- Exam Questions and Answers (Solved Papers) To deny coverage, the insurer has the burden of proof to show the loss was not caused by a covered peril.To cover the loss, the policyholder has the burden of proof to show the loss was not caused by an excluded peril. - Correct Answers ✅To cover the loss the policy owner has the burden of proof to show the loss was caused by a covered peril.When determining whether a commercial property policy covers a particular peril, the insured should first look at the declarations page to see which form applies to the property
and then look at the:
-commercial property conditions form -common policy conditions form -causes of loss form interline endorsement - Correct Answers ✅cause of loss form Because Celina had three auto accidents during the past nine months, ABC Insurance Company does not want to provide coverage after the current policy expires. What will ABC send Celina to notify her of its decision?a cancellation notice a bill for the next year's premium a nonrenewal notice 2 / 4
AK Insurance Property Exam Prep Course- Exam Questions and Answers (Solved Papers) an expiration notice - Correct Answers ✅a non renewal notice Abby lives in Washington, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Alaska. Which of the following conditions must she satisfy?She must be sponsored by a producer licensed in Alaska.She must move to Alaska.She must surrender her Washington license.She must show that her Washington license is in good standing. - Correct Answers ✅She must be in good standing with Washington.John let his 17-year-old daughter Ashley use his motorboat, knowing she was normally a responsible operator. On this evening, while fooling around, she collided with another boat causing injuries and property damage. Though John was not in the boat, he was found to be responsible for damages
based on the doctrine of:
comparative negligence strict (absolute) liability assumption of risk vicarious liability - Correct Answers ✅Vicarious Liability 3 / 4
AK Insurance Property Exam Prep Course- Exam Questions and Answers (Solved Papers) Ivy's personal auto policy provides primary liability coverage with a $100,000 limit, while her personal umbrella policy provides excess coverage with a $1 million limit. If Ivy must pay $55,000 in damages because she is responsible for an
auto accident:
her personal auto policy and her umbrella policy will both pay
$27,500
her personal umbrella policy will pay $55,000 her personal auto policy will pay $55,000 her personal auto policy will pay $5,000 and her personal umbrella policy will pay $50,000 - Correct Answers ✅Her personal will pay $55K
All the following are characteristics of a mobile home EXCEPT:
It can be towed behind a family vehicle.It has water, sewer, electricity, and gas hookups.It is at least 12 feet wide and 30 feet long.It has wheels, axles, and brakes. - Correct Answers ✅It can be towed behind a vehicle Making sure a recommended insurance product matches a customer's needs and circumstances means determining the
product's:
credibility suitability
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