Pa Property & Casualty License Practice Exam Questions And Answers | Verrified

Marine Insurance operates based on... Select one: a. named peril. b. all peril. c. closed peril. d. open peril. {Ans: D}If a building insured under an HO-8 homeowners policy form suffers a total loss from a fire, how much does the insured owner of the building receive from the insurer? Select one: a. An amount equal to the replacement cost of the building b. An amount equal to the building's equity c. An amount equal to the actual cash value of the building d. An amount equal to the building's market value {Ans: D}The potential for an individuals house to light on fire is best classified as what type of risk? {Ans: Pure Risk}Which of the following can not be issued a temp license? {Ans: A person selling insurance for the estate of a deceased producer.}Person in good health cancels health insurance policy...What is risk management {Ans: Retention (retaining the risk)}Why would a business need a business income coverage form with an extra expense section? {Ans: To minimize a suspension of business and allow operations to continue at another location after the business's primary location has been damaged or destroyed}