Casualty Exam Prep

The bullet cleanup and removal coverage in the business owners policy has a limit of

$10,000 in any 12 months.

A trucking company has $1 million umbrella policy in place. The business owner agrees to maintain a 200\500 \100 limit on auto liability, and a personal liability of $400,000. After a car accident the business suit. Injuries are awarded to a single injured party and the amount of $300,000. It turned out that the business actually carried only 100\250\50 auto liability limits. What is the total amount the umbrella policy will pay

$100,000

And I'm sure it has gas for traveling down and icy road and hit a sign, accumulating $1350 damage to their car. They have a $250 deductible. They had already collected on a $1500 claim. How much will they collect on this claim?

$1100

And insured have an automobile policy with limits of 100\300back/50 and a deductible of $1000. He is involved in an auto accident and crashes into another drivers auto. The other driver is awarded $125,000 for his injuries and $25,000 for the damage to his car. Insurance vehicle has damage in the amount of $1200 the total payment made under the insurance policy is

$125,200

And insured has $5000 in medical coverage on a personal auto policy at the time of the cupboard accident. The insured and two passengers are injured. Medical treatment cost $7000 for the insured, $4000 for the first passenger, and $8000 for the second passenger. How much will the policy pay under medical payments coverage?

$14,000

Transportation fences are covered under a personal auto policy for

$15 per day for a maximum of $450

Homeowners policy is one of the amount of property and liability coverage available for builders. How much coverage is provided in the homeowners policy for damage to watercraft, accessories, equipment, and trailers?

$1500

If a liability policy has split limits of 50\100\30 what is the maximum amount that would be payable in the event of injury to a single person?

$50,000

Insurance agent changes his address. How long will the agent be given to notify the department of insurance?

10 days

A business is covered by the Worker's Compensation act if it is an agricultural employer with at least

10 workers

Insurance companies are required to provide proof of loss forms to the claimant within how many days after the receipt of notice of loss

15 days

What is the maximum duration of a temporary license?

180 days

Agent appointments must be reported to the commissioner within

30 days

An insurance agent changes his adress how long will the agent ve given to notify.the department of insurance

30 days

What are the minimum limits for auto coverage in the state

30\60\25

And insured has a dear and precious his car into a tree the total damage to the vehicle is $6000 how this loss be covered

6,000 would be covered u see the other than collision coverage

According to business property coverage from vacancy condition if the policy is issued to the owner of a gilding the building would be considered bacon if what portion of the square footage is unused

70%

A top agent for national ensure is competing in a company contest for grandpas a $25,000. The agent found that prospects like getting rebates from other consumer services companies, so the agent decides to pay the applicants the first months premium as an incentive for bind the policy. This will be considered

A rebate or refund of premium and is a violation of marketing laws

It's cargo is damaged short of destination, Lloyd agent at an intermediate court may agree to sell at that price, with settlement based on the difference between insured value and net proceeds of the sale. This is considered

A salvage loss

What is the material misrepresentation?

A statement by the applicant that, upon discovery, but affect the underwriting decision of the insurance company

If the ocean or in contract ensures the property for an amount agreed to by the insured and insurer at the time of the contract is made, it is considered

A valued contract

The obligation to compensate injured workers without regard to fall or not against is known as

Absolute liability

Crime insurance is usually written on what basis?

All-risk

All the following are correct statements about the law of agency except

An agent maybe authorized to do any apps or the principal might do

Van insurance cover auto is in the repair shop following damage caused by collision, the insured would have coverage for which of the following vehicles under personal auto policy

Any vehicle not owned by the insured but furnished for use while the covered auto is out of normal use because of repair

You are at fault in an auto wreck out of state. How does your company adjust?

At least to the minimum required by the state

Commission reports any violations of insurance laws and regulations to

Attorney general

The garage coverage form is used to ensure

Auto businesses such as auto dealers service stations and auto repair shops

My personal umbrella policy may act as an excess over any of the following insurance coverage policy's except

Auto collision coverage

And insured was involved in an automobile accident for which the insured was at fault. Which of the following coverages would pay for damage to the insureds automobile?

Collision

The supplementary payment section of the commercial general ability policy would cover

Court costs assessed against the insured in a suit

Under a fidelity bond what happens when the employer discovers the employee has committed a dishonest act

Coverage terminated immediately

And insured institution or agent that this causes information in violation of the information privacy and disclosure statuses of North Carolina will be liable for

Damages sustained by the individual to him the information relates

A licensee decides to terminate his residency in the state. Which of the following would be an appropriate action

Delivering the license to the commissioner within 30 days

The American Institute Hull Clause for the return of premium will apply if a vessel has been laid up import not under repair, and not use for storage. The premium will be returned for:

Each 30 day period

Whenever a bureau rate is held to be unfairly discriminatory or just up and no longer affected by the water commissioner? The members of the bureau shall have the option to continue to use such rate for the interim period Pending judicial review of such order which of the following statements is correct?

Each member shall place in escrow account the unfairly discriminatory or excess portion of the premium collected during such interim period

Bonds for administrators and trustees are examples of

Fiduciary bonds

And employee is entitled to weekly benefits equal to 2/3 of his or her average weekly wage if here she remains unable to earn wages after the

First 7 days of disability

The commissioner most of them in every domestic and sure at least once in every

Five years

Which of the following policies does not contain an automatic reinstatement provision

General liability written with an aggregate limit

All the following are general obligations of insurance regarding the North Carolina motor vehicle facility except

If a policyholder canceled his seated policy within 60 days of the effective date of sexy to policy, do you to obtaining insurance there another ensure that aren't in premium shall be calculated on a pro rata basis

In accordance with American Institute Hull clauses, a pro rata return of premium will be given for all the following reasons except

If the policy is canceled by the insured

An insurer may deviate from the right panel located by the bureau if the insured has found the proposed deviation with the bureau and the commissioner

If the proposed aviation is based on sound actuarial principles, and it proposed deviation is approved by the commissioner

What are the following is not true it's ownership changes, voluntary or otherwise?

If the vessel already has sailed from her loading for automatic termination maybe deferred until 15 days after arrival at the final port of discharge

With regards to the personal auto policy, in the event of a claim or laugh, the insured is required to do all the following except

Immediately report to an emergency room for medical examination

Which of the following injuries Maybe covered under cover C - medical payments and the commercial general liability policy?

Injuries to a member of the general public that occurs on premises

Which of the following best describes a misrepresentation?

Issuing sales material with exaggerated statements about policy benefits

Which of the following list all the required elements for establishing a charge of negligence?

Legal duty owed, breach of legal duty owed, proximate cause, damages

Which of the following policy provisions will automatically brought in coverage under the policy without requiring additional premium

Liberalization

Restaurant is out of business for three days after and shirts mobile hits an electric pole. The Paul falls and hits the building knocking out all the electrical power supply. Which of the following is not covered under the insurance drivers auto policy?

Lost revenues from the restaurant

And insurance agent because it's a potential client and explain the various types of policies. The customer displays a lack of interest, so the agent guarantees hired of it and then he knows he'll be possible. Which term describes what the agent has done?

Misrepresentation

All the following statements are true regarding environmental restoration except

Motor vehicle insurance does not include coverage for environmental restoration

Erroroneous publishing copied all the material from "Angela's Inc." book. The only changes made by Erroroneous where to rename the titles and chapters, but a different cover on it, and distribute it as its own. Angela's inc. files a claim against Erroroneous and 60 images. Will a commercial general liability policy cover the claim?

No because the claim results from copyright infringement and is not in an advertisement

To perform work on a customers car, a mechanic is an auto shop had to put the vehicle on a service hoist. The lights collapsed, damaging the vehicle and entering the mechanic. In regard to the garage coverage form, which of the following statements is true?

No coverage is applicable

A boat owners policy does not cover

Nuclear hazards

Worker's Compensation benefits are provided for employee injury or death that arises out of the course of a normal employment and all of the following situations except

On his evening stroll, and employee of an advertising company is injured while watching a competitors billboard sign being removed from an advertising site

And insured has a liability policy that sets them out for all claims that arise from a single accident at $50,000. Which type of limit does the insurance policy have?

Per occurrence

Which of the following terms refers to a persons. Ability to do some work or the need to do I'll try and work

Permanent partial disability

In reference to insurable interest which of the following is not an element of insurable risk?

Personal

What injury is less physical than those covered under bodily injury liability?

Personal injury liability

Who are the parties to a bond?

Principal - obligee - surety

What fundamental principle and property insurance holds that when there is an unbroken connection between an occurrence and damage that grows out of the occurrence and the resultant damage is all a part of the occurrence?

Proximate cause

And Asia over his client free tickets to a sporting event and exchange for the purchase of an insurance policy. The agent is guilty of

Rebating

What type of information will be found in the policies insuring agreement?

Renewal dates

All the following statements regarding a boat owners policy are true except

Replacements for the boat listed in the decorations are automatically covered if the insured headed by the insurer within 60 days and pay the additional premium

The amount of lost the insured is willing to absorb without insurance protection is known as

Self insured retention

And a personal umbrella policy, the amount paid by the insured for certain loss is not covered under the primary coverage is called

Self-insured retention

Which cause of a whole policy says that if the insured does not take immediate steps as soon as possible to minimize the loss and protect the property from prior loss of coverage may be invalidated?

Sue and labor

Which of the following terms refers to a persons total inability to work for a temporary amount of time

Temporary partial disability

If an insured has an umbrella liability policy in addition to his personal auto policy, which would be considered the underlying policy?

The auto policy

All the following statements are true regarding agents obligations of the North Carolina motor vehicle reinsurance facility except

The binding of insurance coverage may not be for a period of less than 12 months

Surety bonds are written for a definite limit called

The bond penalty

What type of injuries could incur additional penalties and or increased benefits paid by the employer

The employees were for failure to provide required safety goggles

Although a business owner's policy will cover a fire damage legal liability, which of the following statements is true

The general aggregate does not apply to fire damage like a liability

With respect to commercial auto policies of the garage coverage form provide liability protection for all the following except

The insurance business income loss due to personal injury

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

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

And insured invite his neighbors out for a day on the water and his boat powered with 150 hp outboard motor. While attempting to Todd about to dark, his neighbors hand is broken one caught between the boat and dock. What coverage would apply to the broken hand?

The insureds boatowners policy

And ocean marine insurance who pays already support Spences if Sue and labor is required to lessen a loss

The insurer

Which of the following is the principal in an insurance contract?

The insurer

What is a primary objective of Worker's Compensation?

The payment of benefits to employees for injuries arising out of the employment

When the licensee is accused of any at, a mission, or misconduct that would subject the licensee to a life and suspension or revocation, with the approval of the commissioner, the license may be surrendered for a period of

Time to be set by the commissioner

What is the business auto coverage territory for?

United States and its territories Canada or worldwide for private passenger hired autos

Settlement payments under the personal auto policy include all the following except

Unlimited cost to build bonds

And a personal auto policy a covered item includes all the following except

Van used in the delivery business

Of the following which is not defined in the business auto policy as an uninsured motor vehicle?

Vehicle owned by a government entity

What are the following would not be eligible for coverage under personal auto policy

Vehicle purchase 90 days ago

Which of the following is not part of section 2 of the boat owners policy

Watercraft damage

When would uninsured motorist coverage apply

When the other party is legally liable but has no insurance

All of the following are included within the insurance commissioners duties except

Writing North Carolina insurance loss

As you leave the dog in your yard you carelessly cut in front of another yard, causing it to her to change course. They run into a buoy damaging their boat. What coverage take care of the damages?

Your P&I