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Prometric Practice
Arizona Independent Insurance Adjusters Exam
| Question | Answer |
|---|---|
| To recover for a loss under the Standard Fire Policy, when must an insurable interest exist? | At the time of loss |
| True or False: Explosion is covered under the Liability Coverage of the Business Auto Coverage Form? | True |
| True or False: Monetary damages awarded to an injured party must be based on available insurance. | False |
| True or False: A four-family dwelling is eligible property for a Dwelling Policy? | True |
| Actual cash value is generally accepted to mean: | Cost to replace at the time of loss, less depreciation |
| Under a Business owners Coverage Form, if an insured violates a policy condition, the insurer may: | Deny coverage for loss at the involved locations |
| When an insurer unknowingly accepts two large cash payments from an illegal drug dealer to insure the drug operation and its employees, there is generally: | An unenforceable contract |
| Insurance is an appropriate device to: | Transfer Risk |
| Who would be covered under the medical payments section of the Commercial General Liability Policy, if injured on the insured's premises? | A customer of the named insured |
| True or False: Under the Commercial Package Policy (CPP), the Commercial Inland Marine Declarations Form contains information about the policy period. | True |
| True or False: The conditions section is a major section of a liability insurance policy. | True |
| Changing conditions for an insurance policy currently in force requires: | An endorsement or rider attached to the policy |
| The Business owners Policy covers loss of income: | Within 12 months following direct physical loss |
| An insurer typically will grant its producers or agents the authority to: | Select applicants |
| If Policy A states that it will pay after payment by other applicable policies, Policy A is: | Excess |
| True or False: the other structures coverage of the Broad Form Dwelling Policy does not provide an additional amount of insurance. | False (It does) |
| The policy period of a property policy is based on: | Standard Time |
| True or False: Regarding the limit of insurance in an unendorsed property insurance policy, the insured can expect additional limits automatically upon purchasing a second property. | False |
| Theft is the taking of another's property: | Without the owner's consent |
| A group-owned insurer whose primary activity consists of assuming and spreading the liability risks of its members is the definition of: | Risk retention group |
| Under the Farm Policy, losses which qualify for payment on a replacement cost basis is limited to the actual cash value until: | The actual repairs or replacement are completed |
| True or False: Commercial Umbrella Liability Policies are NOT standardized within the industry. | True |
| A store employee discovers a large shortage while taking product inventory. Under an unendorsed Businessowners Policy, the loss: | Is excluded under the limitations section of the policy |
| A driver of a vehicle failed to stop for a red light and hit a light pole but did not hit a nearby vehicle. Which element of negligence is missing for legal action to be taken by the driver of the nearby vehicle? | Actual damage |
| A Basic Form Dwelling Policy provides: | Coverage on a named peril basis |
| True or False: Under the Homeowners HO-2 Policy, Farm outbuildings are covered. | False |
| True or False: A secondary location used by the insured for a business is covered by a Homeowners policy. | False |
| The Employers Liability Insurance coverage which accompanies a Workers Compensation policy covers: | Damages under the doctrine of dual capacity |
| True or False: Injury occurring to an employee who is permanently assigned to work outside of the State is an exclusion under Part Two of the Workers Compensation and Employers Liability Policy. | True |
| True or False: Lumber on the insured premises to be used to build a porch onto the dwelling is covered by a homeowners policy. | True |
| True or False: The liability section of the Garage Coverage Form includes Contractual liability. | False |
| True or False: If an insured with a Dwelling Policy has other coverage, Losses are payable in the same proportion that this insurance bears to the total amount of fire insurance. | True |
| True or False: A licensed producer or agent may receive commission compensation for acting as a consultant to provide insurance advice | False |
| The Coverage A limit for a dwelling under construction is the: | Actual cash value on the date of completion |
| An insurance contract drafted by the company and offered to the prospective insured for acceptance or rejection without negotiation is called a: | Contract of adhesion |
| An unendorsed liability insurance policy provides coverage for: | Unintentional torts |
| In the Causes of Loss -- Basic Form of the Commercial Property Policy, the explosion coverage includes damage from: | Sonic boom of an aircraft |
| True or False: Strict liability is a common law defense for negligent liability. | False |
| Endorsements to change the terms of a Businessowners Policy must be approved by the: | Insurer |
| True or False: Under a Homeowners Policy, the definition of an insured includes an uncle who resides with the insured. | True |
| The risk of financial loss that an individual faces illustrates the principle of: | Insurable interest |
| True or false: Depreciated market value is NOT used in determining the amount an insured can receive under the Personal Property Replacement Coverage Endorsement to a Homeowners Policy? | True |
| True or False: Causes of loss forms are included in the Liability Section of the Businessowners Policy. | False |
| True or False: An occupied building may be covered by basic builders risk insurance. | False |
| A social organization which is licensed to issue insurance ONLY to its members is an example of which type of insurer? | Fraternal |
| Medical Payments to Others under the Homeowners Policy will cover an accident that injures a: | Residence employee during the course of employment |
| Damages reduced in proportion to the amount of negligence that the injured party contributed to the injury is called: | Comparative negligence |
| The National Flood Insurance Program is an example of a form of insurance regulated by the: | Federal government |
| True or False: The Business Auto Coverage Form covers losses from freezing under comprehensive coverage. | False |
| True or False: A Federal Flood Insurance Policy covers power tools stored in an attached garage. | True |
Created by:
ajramirez1969
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