Free Other Types of Property and Casualty Practice Questions
Vermont Property & Casualty exam (series 14-31) — 86 practice questions.
Subtopics: Commercial inland marine, Bailee coverage, Surety parties, Performance bond, Surety reimbursement, Bid bond, Professional liability, Directors and officers, Employment practices, Commercial umbrella, Liquor liability, Surplus lines, Exempt commercial purchasers, Export list, Surplus lines insurers, Surplus lines notice, Surplus lines tax, Surplus lines records, Surplus lines brokers, Premium paid to broker, Umbrella and excess, Surety bonds, Flood insurance, Specialty liability, Ocean marine, Alternative markets, Difference in conditions, Aviation, Employment practices liability, Cyber liability, Boiler and machinery, Fidelity bonds, Inland marine floater, Crop insurance, Title insurance, Yacht coverage, Errors and omissions, Farmowners, Terrorism coverage, Mobile home, Residual markets, Surety bond parties, Payment bonds, License and permit bonds, Judicial bonds, Miller Act bonds, Bid bonds, Inland marine scope, General average, Jettison, Barratry, Perils of the sea, Jeweler's block, Transit coverage, Inland marine conditions, Ocean marine scope, Boat owners package, Aviation insurance, Aircraft liability
Read the Other Types of Property and Casualty study guide
Sample questions & answers
1. Commercial inland marine insurance typically covers:
Movable property and property in transit
Inland marine insurance covers property in transit and movable (floater) property, such as contractors' equipment, plus instrumentalities of transportation and communication like bridges.
2. A dry cleaner that insures customers' garments in its care is using:
Bailee coverage
Bailee customers coverage is inland marine coverage for customers' property in the insured's care for storage, repair, or servicing. Dry cleaners and repair shops are typical buyers.
3. In a surety bond, the party that guarantees the obligation will be performed is the:
Surety
A surety bond has three parties: the principal, who promises to perform; the obligee, who receives the promise; and the surety, who guarantees the principal's performance.
4. What does a contract performance bond guarantee?
A contractor will finish the job per contract
A performance bond guarantees that the contractor (principal) will complete the work according to the contract. If it defaults, the surety arranges completion or pays the obligee.
All Property & Casualty topics
Practice: Other Types of Property and Casualty
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
