casualty

When notice is received and recorded by any insured or the insurer, whichever comes first.

A claim is considered to have been made

nothing

A home is insured under an HO-2 policy. The homeowner decides to replace the roof on the house. He wasn't able to complete the roof in one day and left a portion of it unfinished overnight. A heavy rainstorm caused $20,000 of damage to the interior of the house and some furniture. In this situation, the policy will pay

claims made form

A liability policy that provides coverage for a claim for injury or damage if the claim is first reported or filed against the insured during the policy period is called

appraisal

A policy condition that stipulates how the amount of damaged or lost property will be determined if the insured and the principal do not agree is known as

securities

According to the businessowners policy (BOP) definitions, which of the following does NOT mean valuable papers and records?

insuring agreement

All of the following are conditions commonly found in the insurance policy EXCEPT

explosion of a steam boiler

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

consideration

An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated?

conditions

Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT

Hagar's insurer has grounds to cancel the policy regardless the length of time it has been in effect.

Hagar has leased part of his building to a tenant who makes fireworks. How does this affect the commercial fire policy on Hagar's building, if at all?

45

If an insurer wants to nonrenew a commercial fire policy, it must sent notice of its intent to the insured not less than how many days prior to the expiration date of the policy?

coverage by endorsement

In dwelling policies, automatic increase in insurance is

Coverage that will permit the insured to continue in business without interruption following a property damage loss.

The extra expense coverage form provides

the date when the injury or damage occurs

The occurrence form trigger is based on which of the following?

insuring agreement

The part of the insurance contract that describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured is called the

professional liability

Under the coverage of which of the following liability policies may an insured require the insurer to defend a claim?

he bulldozer being used as part of a business addition under construction that is parked 500 feet from the building

Which item would NOT be covered under building coverage in a building and personal property policy?

declarations

Which of the following is a mandatory part of an insurance policy that varies with each individual policy?

The insured damages a rented garage when he failed to stop in time.

Which of the following losses would be covered under the property damage liability coverage of a personal auto policy?

It provides errors and omissions coverage for an agency.

Which of the following statements is NOT true regarding a personal umbrella liability policy?

Uninsured Motorists coverage must be offered but an insured may reject it.

Which of the following statements regarding Uninsured/Underinsured Motorists coverage in Iowa is TRUE?

The insured would be responsible for the amount required as underlying limits in the event of a claim.

Which of the following statements would be correct if an insured failed to maintain the underlying limits as required by a personal umbrella policy?

agreed value

Which of the following types of valuation works best for property whose value does not fluctuate much?

4 years

commissioners term