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pre assessment test

Professional Development

32 Qs

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pre assessment test

pre assessment test

Assessment

Quiz

Professional Development

Professional Development

Hard

Created by

Karen Kidder

Used 10+ times

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32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An insured purchased new furniture for $6000.00. At the time of a fire loss, it had depreciated $2000.00. The same furniture will cost $7000.00 to replace. What is the actual cash value of the destroyed furniture?

$4,000

$7,000

$6,000

$5,000

Answer explanation

ACV= Replacement cost - depreciation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An insured purchased a new car as a graduation present for her daughter. Within how many days must she notify her insurance agent?

15 days

10 days

14 days

30 days

Answer explanation

You must already have an existing insurance policy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Dwelling policies may be used to insure all the following EXCEPT

rental property

farm dwellings

four-unit dwellings

vacation homes

Answer explanation

Farm dwellings would be coved under a farm policy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An act of terrorism

Must be certified by the secretary of the Treasury, the Secretary of Homeland Security, and US Attorney General

Is defined as any act causing property damage and loss of lives in a foreign country

Triggers the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) when losses by insurers are $50 million

In which TRIPRA responds, places a cap on federal liability not to exceed $100 million

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Commingling refers to

Violating the insurance company’s privacy protection rules

Improperly mixing funds in the insurer’s general and separate accounts

Violating state rules on transacting controlled business

Improperly mixing personal funds with insurer or insured’s funds

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An insurer incorporated in Canada but doing business in California would be

An alien insurer

A foreign insurer

A non-admitted insurer

A domestic insurer

Answer explanation

Alien- Out of country

Foreign- out of state

Non-admitted - an insurance carrier has not been approved by the state’s insurance department

Domestic- within your state

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT covered under Part D of the personal auto policy?

Personal property in the vehicle

Theft of the covered auto

Collision damage to a covered auto as a result of hitting a light pole

Upset or overturn of a covered auto

Answer explanation

Listed in the exclusions

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