Property Insurance

¡Supera tus tareas y exámenes ahora con Quizwiz!

The insured purchased a $200,000 extra expense policy. If the percentages applying to the limit of insurance are 40%, 80%, and 100%, what would be the maximum payable for a 47-day loss?

$160,000

An insured's building has an actual cash value of $200,000 and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

$30,000

The businessowners policy liability coverage will pay for necessary medical expenses of others incurred within what maximum time period?

1 year

If a producer's license lapses,, how much time does the producer have to apply for reinstatement without having to take an exam?

12 months

How long must insurers keep records related to advertisement of insurance policies?

3 years

How long is the waiting period after the application has been accepted before flood coverage goes into effect?

30 days

Under Coverage C of a homeowners policy, the amount of insurance provided to cover personal property of the insured is

50% of the amount provided as Coverage A

A contract for the transport of goods between the shipper and the carrier is called

A bill of lading

Which of these is defined as the maximum limit of coverage available under a liability policy during a policy year, regardless of the number of claims that may be made or the number of accidents that may occur?

Aggregate limit of liability

When coverage is provided under a Homeowners policy for day care operation, it must be evidenced by

An endorsement

Marlene is a self-employed adjuster who adjusts claims for various insurers under contract. She is

An independent adjuster

Which of the following endorsements under an Equipment Breakdown policy is used for calculating the amount to be paid on a lost business claim after a direct loss?

Business Income - Report of Values

Which of the following would provide coverage for loss of income when an insured rental dwelling is rendered uninhabitable because of a covered loss?

Coverage D

What is the purpose of the coinsurance clause found in property insurance policies?

Encourage the insured to insure the property closer to its full value

All of the following are excluded in the equipment breakdown basic policy EXCEPT

Explosion of steam boilers

An insurance company is domiciled in Montana and transacts insurance in Wyoming. Which term best describes the insurer's classification in Wyoming?

Foreign

Replacement cost is defined as

Full replacement of property at its current cost, new and without reduction for depreciation

An insured has a personal property replacement cost endorsement under her homeowners policy. If an expensive painting and an antique chair are stolen from the insured's home, what will the insured receive on the claim under that endorsement?

Nothing

Regarding a commercial general liability policy, which of the following types of hazards applies to injuries or damages that occur after the insured has completed a job and left the site, relinquished control of a product he or she manufactured, or sold or performed services?

Products and Completed Operations

A sworn written statement that must be furnished by the insured to the insurer before any loss under a policy can be paid is called

Proof of loss

Which of the following is NOT the consideration in a policy?

The application given to a prospective insured

Which of the following items is NOT a requirement for establishing a Township Mutual?

There must be at least $250,000

All of the following are purposes of the FAIR Plan EXCEPT

To provide competition for the normal market in Minnesota

All of the following are essential elements of a commercial package policy (CPP) EXCEPT

Valuations and/or settlement provisions

When applying for an individual life insurance policy, an applicant states that he went to the doctor for nausea, but fails to mention that he was also having severe chest pains. This is an example of

Conealment

Which of the following homeowners coverage forms applies to condominium unit owners?

HO-6

Events or conditions that increase the chances of an insured loss occurring are referred to as

Hazards

A Mobile Homeowners Policy is structured the same as a

Homeowners Policy

An additional loss that results from a direct loss of property is called a/an

Indirect loss

What do individuals use to transfer their risk of loss to a larger group?

Insurance

Which of the following would be covered under the Broad Form (DP-2) policy's falling object peril?

Interior building damage if the exterior was damaged first

Which of the following individuals would be eligible for coverage under the FAIR Plan?

Joe has been rejected for property insurance by multiple insurers in the Minnesota Market

A house insured under a dwelling policy has been vacant for 70 consecutive days. Which of the following statements is true?

Loss by vandalism and malicious mischief is excluded

All of the following are major coverages included in the homeowners policy EXCEPT

Loss of income

Which policy consists of the declarations and conditions, endorsements, and other attachments applicable to a single line of insurance?

Monoline

Which section of the policy explains the rights and characteristics of the contract?

Provisions

The Federal Fair Credit Reporting Act

Regulates consumer reports

In property insurance, actual cash value is defined as which of the following?

Replacement cost at the time of the loss, less depreciation

Which situation would NOT be covered by the basic Causes of Loss form under a commercial property policy?

The Surf Side Club Waterfront Restaurant is damaged when flood waters rise and seep into the restaurant

A small restaurant was forced to close for 10 days in August when the power company's transformer was destroyed by lightning, and the restaurant was without electricity. Which of the following endorsements could be added to the businessowners policy that would provide protection against loss of income for from such events?

Utility services - time element endorsement


Conjuntos de estudio relacionados

SAS Base Programming Review - Numeric Answers Only

View Set

Review Sheet Drugs and Diagnosis

View Set

BUS LAW Ch. 8-Internet Law, Social Media, and Privacy

View Set

Micro Economics Study Guide Test 2

View Set

Cell Membrane Structure and Function

View Set