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Guide for 12-CT-07: Surplus Lines Broker

Quiz 12-CT-07: Surplus Lines Broker

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Quiz

1/10
Casualty Liability and Commercial Insurance
Which commercial policy is designed to protect a business against claims for bodily injury or property damage caused to others by the business’s operations, products, or completed work?
Select the answer
1 correct answer
A.
Commercial General Liability (CGL) policy
B.
Commercial Property policy
C.
Business Auto policy
D.
Workers Compensation policy

Quiz

2/10
Property Insurance Coverages and Exclusions
A standard commercial property policy is primarily designed to cover loss to which of the following?
Select the answer
1 correct answer
A.
The insured’s physical business property
B.
Injuries to customers on the premises
C.
The insured’s legal liability for auto accidents
D.
Employee wage claims

Quiz

3/10
Connecticut Insurance Laws and Regulations
Which Connecticut authority is primarily responsible for regulating insurance companies and producers in the state?
Select the answer
1 correct answer
A.
Connecticut Department of Insurance
B.
Federal Trade Commission
C.
Internal Revenue Service
D.
Securities and Exchange Commission

Quiz

4/10
Risk Management and Underwriting
Suppose an insurer discovers that a driver has multiple recent violations and frequent claims. The underwriter is most likely to respond by:
Select the answer
1 correct answer
A.
Issuing the policy at the standard rate without changes
B.
Declining the risk or charging a higher premium
C.
Automatically transferring the risk to reinsurers
D.
Paying the applicant a dividend

Quiz

5/10
Life Insurance Policies and Provisions
What is "policy surrender"?
Select the answer
1 correct answer
A.
Terminating the policy and receiving accumulated cash value
B.
Giving up beneficiary rights
C.
Surrendering the policy to creditors
D.
Updating beneficiary information

Quiz

6/10
Health Insurance Policies and Provisions
A health policy provision that requires the insured to share a fixed percentage of covered medical expenses after the deductible is met is called:
Select the answer
1 correct answer
A.
Copayment
B.
Coinsurance
C.
Benefit limit
D.
Elimination period

Quiz

7/10
Annuities and Retirement Products
A client wants a retirement product that can provide income for life, and the insurer assumes the investment and longevity risk. This product is best described as a
Select the answer
1 correct answer
A.
deferred compensation plan
B.
annuity
C.
certificate of deposit
D.
savings account

Quiz

8/10
Claims Handling and Consumer Protections
A policyholder reports a covered loss and the insurer opens a claim file. The adjuster should first do which of the following?
Select the answer
1 correct answer
A.
Delay all contact until the insured submits a formal lawsuit
B.
Acknowledge the claim and begin a reasonable investigation
C.
Wait until every possible document is received before responding
D.
Refer the matter to the state before reviewing the facts

Quiz

9/10
Producer Licensing, Appointments, and Ethics
A person who negotiates insurance contracts for a commission on behalf of an insurer is generally called a:
Select the answer
1 correct answer
A.
Adjuster
B.
Producer
C.
Actuary
D.
Underwriter

Quiz

10/10
Insurance Policy Basics and Contract Law
An insurance policy is best described as:
Select the answer
1 correct answer
A.
A unilateral contract in which only the insured makes a legally enforceable promise
B.
A bilateral contract in which both parties exchange enforceable promises
C.
A negotiable instrument that can be transferred without the insurer's consent
D.
A court order requiring payment of claims
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Info quiz:

  • Quiz name:12-CT-07: Surplus Lines Broker
  • Total number of questions:395
  • Number of questions for the test:50
  • Pass score:80%

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