Page 1 of 55
1
CALIFORNIA PROPERTY AND CASUALTY EXAM
ACTUAL EXAM 2024 REAL QUESTIONS AND
CORRECT ANSWERS AGRADE
A self-insured retention acts as a deductible and applies to claims covered by an umbrella policy, but excluded by an underlying policy in a personal umbrella. The S.I.R. ranges from $250
to:
$1,500
$1,000
$500
$750 - ANSWER-$1,000
A fiduciary is:
a person who has no financial responsibility whatsoever.a person who is in a position of financial trust.buys and sells used autos for a nominal fee.a person that handles cash in excess of $10,000 every month without any oversight. - ANSWER- a person who is in a position of financial trust.
All of the following are listed on the Boiler and Machinery Declaration page EXCEPT:
Boiler and Machinery Exclusions 1 / 4
Page 2 of 55
2 Mailing Address of named insured Loss payee and address Mortgage holders and address - ANSWER-Boiler and Machinery Exclusions
All of the following are listed on the Boiler and Machinery Declaration page EXCEPT:
Boiler and Machinery Exclusions Mailing Address of named insured Mortgage holders and address Loss payee and address - ANSWER-Boiler and Machinery Exclusions
Which of the following would be considered covered property under a commercial property coverage form?
Outdoor sign Building foundation below ground level Satellite dish Stock - ANSWER-Stock
All of the following would be eligible for coverage under a BOP except:
Self Storage Facility Office Building with 4 stories 2 / 4
Page 3 of 55
3 Bank Motel - ANSWER-Bank
A newly acquired auto is to replace a covered auto that has liability coverage only. How long
will the insured have to request collision coverage on the new auto:
20 days 30 days 14 days
- days - ANSWER-4 days
Which of the following types of personal property would NOT be covered under a homeowners policy?
Pets Money Watercraft Jewelry - ANSWER-Pets
In a surety bond the party that pays the premium would be:
Bondsman Obligee Surety 3 / 4
Page 4 of 55
4 Principal - ANSWER-Principal
Things that increase the likelihood of a loss or the seriousness of a loss are called:
perils hazards risks open perils - ANSWER-hazards
In Boiler and Machinery Insurance a substantial portion of the premium is used for:
Inspection Agents Commission Advertising Claims Purposes - ANSWER-Inspection
A building that does not contain enough business property for conducting business is
considered vacant after:
60 days 30 days 45 days 90 days - ANSWER-60 days
- / 4