PA Property & Casualty Insurance Exam questions with correct answers In a commercial general liability policy medical payment pay for medical expenses CORRECT ANSWER Without regard to fault Which type of insurance protection guarantees protection against legal liability from any risk arising from the ownership, maintenance, or use CORRECT ANSWER Professional liability In PA, what is the minimum amount required for damages for liability to cover motor vehicles accidents? CORRECT ANSWER 15K, 30K, 5K Under an equipment breakdown coverage form, a breakdown would include CORRECT ANSWER Explosion of a pressure vessel Which of the following benefits are not paid under workers comp laws CORRECT ANSWER Pain and suffering What is the effect on a personal automobile policy in PA, if an insured switches from a $250 deductible for a $500 deductible CORRECT ANSWER The physical damage premium is reduced Which of the following is covered under the builders risk form CORRECT ANSWER A contactors tools The coverage that covers beyond the expiration of a liability policy written on a claims made basis is referred to as CORRECT ANSWER Extended reporting periods 1 / 2
The main purpose of the Nationwide Maritime Definition is to CORRECT ANSWER Define the categories of risk for which underwriters can write coverages Which is not an exclusion from a commercial automobile insurance policy CORRECT ANSWER Operating a covered vehicle of a speed deemed reckless by authorities Which is covered by the outside the premise's crime insuring agreement CORRECT ANSWER Securities in the possession of an armored car service In a homogenous policy which of the following would not be contained in the conditions section of the policy CORRECT ANSWER The amount of the premium In the workers compensation policy part 2 provides the employer for CORRECT ANSWER Employee liability An insurance contract is a contract of utmost good faith because the insurer relies on the truthfulness of the applicant and the insured relies on the promise to CORRECT ANSWER Issue a policy Under a dwelling policy, which coverage part insures buildings on the premises that are connected to the dwelling only by a fence? CORRECT ANSWER Coverage B The federal law that requires insurance companies to explain their information sharing practices to their customers is the CORRECT ANSWER Gramm Leach Billey Act
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