Insurance licensing 4

Which of the following is NOT consideration on the part of an insured?

Promise to submit timely claims

Which of the following is an example of a producer being involved in an unfair trade practice of rebating?

Telling a client that his first premium will be waived if he purchased the insurance policy today

The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks?

The difference in the actual cash value as a pair and as a single

The common policy condition is a modular part combined with other parts to create the contract. The "common policy condition" section contains provisions that are applicable to all lines of coverage that may be included in the policy. Which of the following provisions would be found in the common policy conditions section of the policy?

The first named insured may cancel the policy at any time by giving written notice to the insurer.

Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?

Twisting

A policyholder has an equipment breakdown policy with a $200,000 limit. If a boiler explosion causes $100,000 damage to the boiler itself, $50,000 damage to the insured's building, and $30,000 of expediting expenses, how much will the insured collect under the policy?

$175,000

Under Coverage C of a farm policy, what is the limit payable on business property located away from the premises?

$500

An insured with a homeowners policy has removed property from the insured location to protect it from loss that could be caused by a covered peril. The removal coverage applies for

30 days.

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

5 days

Removal coverage under a standard fire policy remains in effect for

5 days.

Assuming the insurer and the insured agree to the amount payable for a loss covered under a dwelling policy, how soon after the insurer has received proof of loss must it make payment?

60 days

An insured works outside the home. The insured's sister lives with him and cares for his 4 children. When his home is severely damaged by fire, they move into an apartment while repairs are being made. The largest apartment available in the area has 2 bedrooms, so the insured's sister stays at a motel while the repairs are made. How much will the HO-3 pay for their additional living expense?

All of the expense up to the Coverage D limit

Which coverage form would provide coverage for all incoming and outgoing shipments?

Annual transit

First aid costs for others injured on the insured's premises

Are paid in addition to the liability limit.

How are state Insurance Guaranty Associations funded?

By their members - authorized insurers

Idaho regulations require which part of the New York Standard Fire Policy to be modified to conform to Idaho law?

Cancellation notice

Which of the following statements is true concerning the special form dwelling policy?

Coverage A is for all-risk perils, and Coverage C is for the broad form perils.

Which of the following is not a duty of the Director?

Develop insurance rates

Which of the following insurance providers must be nonprofit and sell insurance only to its members?

Fraternal