Wy P&c Lincence Exam - Real Examfx Questions And Answers -Passguaranteed

An agents suspects that his insurer is committing insurance fraud. Within how many days of that discovery must the agent the fraud to the Department of Insurance? {Ans: 60 days}An insured owns an automobile liability policy with bodily injury limits of $200,000 and an umbrella liability policy with a limit of $1,000,000. The insured is involved in an automobile accident and is found liable for injuries totaling $900,000. Which of the following examples best describes how the benefits will be paid? {Ans: Auto liability policy = $200,000; umbrella liability policy = $700,000}Which type of damages is intended as a form of punishment for negligent, willful, or outrageous intent? {Ans: Punitive}What part of the insurance contract describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured? {Ans: Insuring agreement}What is the main distinction between a hired auto and a nonowned auto? {Ans: Who owns the auto}What is the purpose of the ordinance or law coverage endorsement? {Ans: To remove the exclusion of losses resulting from ordinances or laws}Which of the following perils will be EXCLUDED from coverage under HO-4 Tenant Broad Form of a homeowners policy?