Ohio Insurance FREE Sample Exam — Fixed Set

Underinsured motorist coverage has 100/300 split limits. One insured person has $260,000 in bodily injury damages caused by an underinsured driver, before any offset required by applicable rules. What is the most this coverage can pay toward this one person’s damages, at the limit-application level?

$100,000

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$260,000

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$300,000

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$120,000

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A homeowner owns a small sailboat and a small outboard fishing boat used only for family recreation. Where is liability for these craft commonly found?

Under a personal auto policy, because boats are treated as automobiles on water

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Under a liquor liability policy, because marinas often sell fuel

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Under the homeowners policy, because small recreational watercraft within its size and power boundaries may be covered there

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Under a surety bond posted with the marina

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A night janitor employed by a cleaning firm under contract, not by the store, steals the store’s cash. For the store’s Employee Theft agreement, how is the janitor treated?

As a non-employee as to the store, so the taking is not Employee Theft under the store's policy

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As a custodian, which makes every taking an Employee Theft loss

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As a messenger, because the janitor carried keys

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As the store's employee, because the theft happened inside the store

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A worker’s general health insurer suggests it should pay first for emergency care after a clearly covered work injury. Which statement is most accurate?

Workers compensation is the source of benefits for covered work injuries, not the worker's general health coverage

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General health insurance always pays work injuries before Part One

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The worker must exhaust personal health benefits before filing a claim

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Part One pays only bills the health insurer has already denied twice

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A home’s replacement cost is $500,000, so 80% of replacement cost is $400,000. The owner carries $320,000, and a covered partial loss is $60,000. The actual cash value of the damaged part is $44,000 and the deductible is $1,000. What does the insurer pay under the homeowners greater-of settlement?

$59,000

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$43,000

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$44,000

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$47,000

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A sporting goods store carries a $240,000 business personal property limit and qualifies for the seasonal increase. During peak season, a covered loss totals $275,000, ignoring any deductible. What is the most the insurer will pay for that loss under the increased limit?

$240,000, because the stated limit can never change

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$264,000, because only a 10 percent increase is allowed

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$275,000 plus an added 25 percent bonus on the loss itself

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$275,000, because the effective peak-season limit is $300,000 and the loss is below it

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An additional insured landlord demands that the tenant’s insurer send it all cancellation notices exactly as a mortgagee would receive them, based only on its additional insured endorsement. What is the sound response?

No party except the first named insured ever receives any notice for any reason

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The landlord is right, but only for renewals, not cancellations

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Notice rights for an additional insured depend on what the policy and endorsement provide; the mortgage clause's independent notice promise belongs to mortgagees

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The landlord is right; additional insured and mortgagee notice rights are identical in every respect, so the tenant's insurer must give the landlord every notice promise the mortgage clause gives a lender

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An insured incurs $3,500 in covered identity fraud restoration expenses. The endorsement limit is $15,000 and a $250 deductible applies. How much is reimbursed?

$3,250

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$3,000

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$3,500

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$15,000

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Which of the following is true regarding superintendent must study UM UIM market availability and competition in Ohio?

UM availability is never reviewed by the state

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Insurers may refuse all data requests for the study

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Reports are prepared by the registrar of motor vehicles

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Periodic market studies and reports, backed by insurer data calls

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A producer violates the Ohio rule on plan applications must come through a registered insurance agent. Which of the following is a possible consequence?

The applicant is fined by the superintendent automatically

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The agent's other licenses are revoked by statute

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The plan must accept and backdate the application

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The plan may not accept the application, and the manager may act on the agent's registration status

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If a licensee fails to comply with the Ohio requirements on title escrow funds kept separate and never commingled, which of the following may result?

Refusal to issue or renew the license

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Suspension or revocation of the producer license

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Revocation of the title agent's license for escrow violations

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A civil penalty imposed by the superintendent

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An applicant asks a producer about title escrow records must be kept for ten years and accounts opened to oversight. Which response states the Ohio rule correctly?

Agents may refuse insurer access to escrow accounts

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Only closed accounts are open to oversight

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Records may be destroyed after three years

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Reasonable account access for the superintendent and represented insurers, with records retained at least ten years

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Ohio Insurance FREE Sample Exam — Fixed Set

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