Insurance Exam Prep (Part One)
Insurance Exam Prep Quiz
Prepare for your insurance examination with our comprehensive quiz designed to test your knowledge and understanding of key concepts in the field.
This quiz includes:
- 25 multiple-choice questions
- Topics covering insurance policies, coverages, and legal guidelines
- Instant feedback on your answers
A tornado would be
A loss
A peril
Physical Hazard
Pure Risk
An insured owns a large dog. The first day he has to leave the dog home alone to go to work, the insured comes back to find his $400 couch torn apart, his $100 coffee table chewed up, his $50 window curtain shredded, and a $200 window pane shattered where his dog jumped through. The insured has personal property coverage under a special form dwelling policy. How much of this loss will the policy cover?
$0
$200
$250
$750
An individual was convicted of vehicular manslaughter. As a result, the Department may not issue her a driver’s license for up to
5 years
6 months
1 year
3 years
When an employee benefit plan pays the premium for a fiduciary liability policy, what provision must be included in that policy?
Surety bond
Designed beneficiary
Subrogation
Waiver of premium
In a personal umbrella policy, the amount payed by the insured for certain losses not covered under the primary coverage is called
Self-insured retention
Coinsurance
Participation requirement
Stop-loss
Agent P has a life license. How many hours of CE must be completed to complete Agent P’s requirement?
8
16
10
12
Once the agent’s appointment with the insurer has been terminated, how soon must the insurer mail a notice of termination to the agent?
10 days
15 calendar days
30 days
5 business days
How long is a waiting period for disability income benefits under the workers compensation insurance
3 days
10 days
7 days
N/A
What is the maximum length of time that a surviving spouse of a deceased worker may receive benefits?
1 year
2 years
Life
500 weeks
The designated symbols used in commercial auto policies can be found in which policy section
Liability coverage
Definitions
Conditions
Covered Auto
What is the minimum amount of coverage provided by the transportation expenses coverage endorsement in personal auto policies?
$600
$200
$250
$550
What is the maximum penalty that could be imposed on an agent for an unintentional violation of Virginia insurance law?
$5,000
$2,500
$1,000
$500
When an insurer cancels a commercial liability policy for non-payment of premium, the insured must be notified within what time period?
30 days in advance
The day of cancellation
The insured doesn't have to
15 days in advance
What is the business auto coverage territory for?
United States and its territories, Canada, or worldwide for private passenger hired auto
United States and its territories, Canada, and Mexico
United States and its territories, and Mexico
Only the United States and its territories
An agent is convicted of a felony in another jurisdiction. Within what period of time must the agent report the felony charge to the Commission?
90 days
30 days
15 days
24 hours
A grave marker was damaged by vandals. It would cost $3,000 to have the damages repaired. Under these circumstances, how much would a homeowners policy pay?
$3,000
$1,000
$0
$500
An insured condominium unit owner wants to purchase fire and extended coverage for personal property and liability coverage for himself and his family members. He should purchase
HO-2
HO--4
HO-6
HO-3
Which of the following coverages in dwelling and homeowners policies is for indirect losses?
Dwelling
Contents
Structures
Loss of use
The insurer must be able to rely on the statements on the application, and the insured must be able to rely on the insurer to pay valid claims. In the forming of an insurance contract, this is referred to as
Reasonable expectations
A warranty
Utmost-good faith
Implied warranty
Where is the policy period stated?
Declarations
Conditions
Definitions
Endorsements attached
The part of the policy that sets forth the rules of conduct, duties, and obligations of the parties is called the
Insuring clause
Exclusions
Declarations
Conditions
A basic dwelling policy automatically provides coverage against fire, lighting, and
Riot
Internal explosion
Windstorm
Smoke
If an insurer makes a change to broaden coverage in a dwelling policy while it is in effect, the changes will apply
Automatically
When the new policy is written
When the policy is up for renewal
Within 60 days
Which loss listed below would be fully covered by a homeowners policy?
$5,000 firearm collection stolen
$2,000 silver tea set stolen
$1,200 pedigreed golden retriever stolen
$24,000 bass boat destroyed in tornado
Which of the following losses would be covered by an unendorsed homeowners policy?
Faulty or defective zoning
Collapse caused by an earthquake
Theft in a structure under construction
Fire or lightning
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