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Prometric Practice

Arizona Independent Insurance Adjusters Exam

QuestionAnswer
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