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Limited Lines Practice test 1 - With Answer

Quiz by Zulqarnain

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50 questions
Show answers
  • Q1
    How many hours of continuing education must a LIMITED LINES AGENT complete within 24 months after getting licensed?
    10
    None if licensed for 5 years
    15
    It depends on the agent's birthdate
    30s
  • Q2
    Which of the following would not be considered fraud:
    Agent does not submit premiums into the insurance carrier
    Agent alters an insurance application
    Agent does not mail the policy to the insured
    Insured lies on an insurance policy
    30s
  • Q3
    Texas insurance law stipulates that the maximum percent of controlled business an agent can write is:
    0%
    10%
    75%
    25%
    30s
  • Q4
    What kind of insurance company is an insurance company owned by its policyholders?
    Domestic
    Mutual
    Parent
    Stock
    30s
  • Q5
    In Texas, insurance laws and regulations are enforced by the:
    Legislature
    State Senate Finance Committee
    Commissioner of Insurance
    Governor
    30s
  • Q6
    Which one of the following acts is considered an unfair or deceptive act or practice?
    Encouraging an agent to sell only one type of business owners' policy
    Providing for the payment of part of the agent's commission to the insured
    Representing a binder as evidence of insurance
    Issuing policies at a higher premium rate for higher risk insureds
    30s
  • Q7
    An insurance company that is organized in Texas and solicits insurance in Texas is what kind of company?
    Local
    Domestic Limited Lines Final Exam - Practice Version
    Foreign
    Preferred
    30s
  • Q8
    A limited Lines Agent may sell insurance for:
    New Homes only
    Business insurance
    Growing crop
    Pet coverage
    30s
  • Q9
    Which one of the following is an example of a peril?
    Gasoline stored on the premises
    Earthquake
    Illness
    Indifference
    30s
  • Q10
    Which one of the following acts constitutes an unfair trade practice?
    Hinting that a competing insurer is suffering a financial crisis
    Quoting the high school football coach's statements about his new car in your agency's advertisement
    Accepting an applicant's signed application without collecting an initial premium
    Using statistics about vehicle accidents in an advertisement for car insurance
    30s
  • Q11
    Which would be considered discrimination:
    Charging same premium to people from same risk group
    Charging different premium to some people from different risk groups
    Charging same premium to people from different risk group
    Charging different premium to some people from the same risk group
    30s
  • Q12
    Which person does not have to be licensed?
    A client that refers his friends and family to you for insurance
    An officer manager who only occasionally writes insurance policies
    A receptionist that only takes insurance payments
    The owner of the company that works directly with the customers
    30s
  • Q13
    A claims adjuster that denies an insured's claim must:
    Must advise the insured under what part of the policy the claim was denied
    Is not obligated to explain why a claim was denied
    Must provide a list of attorneys that can represent the claimant
    Will have his license suspended for denying a claim
    30s
  • Q14
    The minimum limits under the Texas Motor Vehicle Safety Responsibility Law are:
    $30,000 per person, $60,000 per accident for Bodily Injury, and $25,000 for Property Damage
    $25,000 per person, $50,000 per accident for Bodily Injury, and $20,000 for Property Damage Limited Lines Final Exam - Practice Version
    $20,000 per person, $40,000 per accident for Bodily Injury, and $25,000 for Property
    $30,000 per person, $60,000 per accident for Bodily Injury, and $15,000 for Property Damage
    30s
  • Q15
    When the insurer and the insured cannot agree on the value of a loss, the matter is submitted to disinterested parties for resolution. Under a standard appraisal clause, how many parties are involved in determining the value of the loss?
    Three
    One
    Five
    Two
    30s

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