PA Property and Casualty License Practice Exam (Latest 2023 – 2024) 100% Satisfied
An exclusion that states that an insurer will not pay any claim in
... [Show More] which an individuals property is damaged as a result of an earthquake, mudslide, landslide, or sinkhole. - an Earth movement exclusion
An exclusion that states that an insurer will not pay any claim in which an individuals property is damaged as a result of the fact that the individual did not maintain the property. - Neglect exclusion
Which Home Owner's form covers damage to a condo owner's PROPERTY that occurs as the result of any event that is not specifically excluded in the policy. - HO-6 Unit Owner's Form
Which Home Owner's form covers damage to a TENANT'S property that occurs as a result of an aircraft, civil commotion, explosion, fire, nail, lightning, smoke, theft, vandalism, vehicles and/or wind. - HO-4 Content's Broad Form
Which HO form covers damage to the DWELLING that occurs as the result of any event that is not specifically excluded in the policy and damage to the property inside the dwelling that results of an aircraft, civil commotion, explosion, fire, hail, lightning, smoke, theft, vandalism, vehicles, and/or wind. - HO-3 Special Form
Which HO Form covers damage to the DWELLING & PROPERTY inside the dwelling that occurs as an result of any event that is not specifically excluded in the policy. - HO - 5 Comprehensive Form
What means conducting business in accordance with current rules and laws set by government regulatory agencies and the courts. - Compliance
Standards of conduct and moral judgement. - Ethics
Legal term that describes the relationship between parties. - Agency
What is the term to describe how an insurer appoints an individual to act on its behalf. - Agency Contract
An individual whose position and responsibilities involve a high degree of trust and confidence (trustees, guardians, and executors). - Fiduciary
The name for the fact a producer must sell the kind of policies that best fit the prospects needs and in amounts that the prospects can afford. - Needs Selling
What is given when the applicant pays the initial premium at the time the application for a policy is signed. - Conditional Receipt
What is the term for informing the prospect or client of all facts involving a specific policy or plan so that an informed decision can be made. - Full Disclosure
What is the name for the watchdog group whose member companies agree to adhere to and enforce ethical principles. - Insurance Standards Association (IMSA)
What Act deals with the inappropriate use of advertising. - Unfair Trade Practices Act
Any written or oral statement that does not accurately describe a policy's features, benefits, or coverage. - Misrepresentation
Any false, maliciously, critical or derogatory communication that injures another's reputation, fame, or character. - Defamation
What is the term if the buyer of an insurance policy receives any part of the producers commission or anything else of significant values as an inducement to purchase a policy. - Rebating
The unethical act of persuading a policy owner to drop a policy solely for the purpose of selling another policy without regard to the possible disadvantages to the policy owner. - Twisting.
A resident producers license must meet what 2 requirements? [Show Less]