Xcel Solutions Property & Casualty Test | 120 Questions with 100% Correct Answers | Verified | Latest Update
Question : Under a DP-2 Broad form, which of the following
is not a Broad peril?
- Vandalism
Correct answer: Vandalism
Question : An earned premium resulting from the cancellation
of a policy is calculated on:
Correct answer: On a pro rata basis, based on the previous
year's rate
Question : M owns a parking garage & has coverage that
states: "We will cover losses regardless if you are legally
liable for the loss." This no-fault ideology will be found
under:
Correct answer: Excess Direct Coverage
Question : An insurance company writing business in a state
other than the one in which it is domiciled is called:
Correct answer: a Foreign
Question : Y is running a home daycare out of their home &
has just earned $50,000 in her first year of business. Under an
HO policy, Y's daycare is defined as:
Correct answer: Not a business
Question : Underwriting guards against
Correct answer: Adverse Selection
Question : A licensee whose name or address changes must
notify the Dept of Insurance within _____ days:
Correct answer: 30 Days
Question : Assumption of risk:
Correct answer: States that a party will not collect damages
because they should have known what they were doing was risky
Question : Which of the following incidents would not be
excluded under a DP-3 policy?
Correct answer: Burglary of a property that was vacant for 30
consecutive days
Question : Which of the following are losses excluded under
Coverage F?
Correct answer: An individual who is eligible to receive
disability insurance
Question : Which of the following will not provide a premium
discount from standard market workers comp insurance?
Correct answer: Assigned Risk Plan
Question : The face amount of a Surety bond is called the:
Correct answer: Penalty
Question : M has opened up his business, Tractors & Semis
Sales, LLC. His stock will be covered while it is being
transported, if he:
Correct answer: Adds the equipment dealers floater
Question : All of the following are correct about the
Commercial Endorsement regarding Spoilage EXCEPT:
Correct answer: Coverage extends to stock off premises
Question : What is a certificate of authority?
Correct answer: The license required for an insurer to conduct
business in the state