Insurance #5

The maximum civil penalty that may be assessed to a person for a willful violation of the insurance code of this state is

$5,000

The pro rate liability clause is designe to protect the principle of

Indemnity

An insured has a homewoners policy and is required to be a member of the homewowners association. HOw much of the assessment will her homeowners policy pay?

$1,000

Equipment breakdwon coverage is written with a single limit of insurance per accident. What is the sublminit for hazardous substance cleanup or repair or replacement of contaminated property?

$25,000

Equipment breakdown policy applies to property of the insured, property of others, and expediting expenses. How much for expediting expenses?

$25,000 Cannot Exceed

An insured just suffered a loss. Within how many days should she file a claim with her insurer?

10

Insurance Regulations in this state require prompt initiation and completion of claims invetigations, and delivery of necessary claims forms and assistance to the insured and claimants. What constitutes prompt action?

10 Days

An insurer terminates an agent's appointment. Within how many days of termination must the intermediary be notified?

15

The broad theft coverage endorsement on the dwelling form specifies all of the following limitations Except 1500 on jewerly 1000 on silverware 200 on money 1500 on securities

2500 is the limit for silverware

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

5 days

A shipment is covered under a cargo policy written on a "warehouse to warehouse basis." For how long is this shipment covered after discharge at the destination port?

60 Days

Which of the following special liability coverages will provide protection to managers of a corporation for claims arising from a wrongful act committed by the manager while in an office capacity?

Directors and Officers Liability

Which of the following is an intermediary who acts on behalf of the insurer?

Insurance Agent

Rates that are established based on the similarities of the risk with other risks are known as

Manual Rates

Earthquake coverage form is ____ commonly provided through a federally-funded program

NOT

All of the following coverages are included in the BOP without requesting coverage extensions EXCEPT Newly acquired or constructed property

Newly acquired or constructed property is a coverage extension Person property up to $100,000 and nEwly acquired or constructed buildings up to $250,000

Which of the following homewoenrs endorsements covers liability exposures arising from an incidental business conducted within a building on the residence premises?

Permitted incidental occupancies

How does the mobilehome endorsement affect the other coverage of law or ordinance in a homeowners policy?

Removes the coverage

An insured owns several buildings, each at a different location and insured on a seperate policy. What type of insurance does the insured have?

Specific