exam answers- emilys study guide
what does reinsurance protect against
catastrophic losses
all of the following are included in the DO NOT CALL list except
charities
retro date 01/01/05, effective date 01/01/06, expiration date 01/01/07...
claims made date matches retro date (01/01/05), answer in the middle of effective date and expiration date usually very last option on exam
what is the difference between calims-made and occurrence
claims trigger occurrence
a personal has a personal auto policy (PA) with a $50,000 limit for bodily injury (BI) and a $25,000 limit for property damage (PD). what limit is this considered
combined single
which of the following WOULDN'T be covered under worker's compensations
compensatory damages: general, pain and suffering, noneconomic
what would cover roof leaks and damage to inventory after operations was completed
completed operations
an insurance policy is which type of contract
contract of adhesion
which of the following is the most similar to a commercial contractor floater
contractor's equipment floater
what are farm fences covered under
coverage G- farm other structures
property being used to repair the premises is covered under
dwelling
which of the following types of insurance is commonly found in a commercial package policy
equipment breakdown insurance
girl is out for pizza delivery using her own car
extended non-owned coverage
what extends coverage beyond claim-made basis
extended reporting form
what is excluded in both dwelling and homeowner's policy
flood
which of the following covers mobile equipment
forklift
under garage form... garage keeper?
franchise auto
what type of compensatory damages will pay for pain and suffering
general
covered under misc. automobiles
golf cart
girl trips on grape in a grocery store. what is the peril
grape
which does commercial crime form k cover
guest property and safe deposit box coverage for loss resulting from actions of employee dishonesty
what would a newspaper by a fire be considered
hazard
which of the following would personal liability cover
hitting a mailbox
an owner who uses company auto for personal use and does not have their own vehicle loss
individual named
rebate is a type of
inducement
what coverage would apply if a man walked into a jewelry store and demanded loose diamonds
inside the premises- theft of monies and securities
what is the difference between insurance and surety bonds
insurance has two parties and a surety bond has three parties
producers can do all but
issue policies/underwriting
auto owned by a nontraditional household/not husband and wife
joint ownership
commercial auto policy (CAP) covers
lawn mowers
what happens if a building is vacant or unoccupied beyond a period of 120 days
limits of insurance are reduced by 50%
loss ratio
loss incurred to earned premium
girl slips in grocery store. the store business liability will not cover
loss of wages
what is covered under commercial crime coverage K
loss resulting from employee dishonesty
what is covered under builder's risk
lumber on premises
that are established based on similarities of the risk with other risks
manual rates
leah goes to lunch with coworker, worker slams hand in car door
medical payments
rob's jewelry store is covered under
money and securities
owned by policyholders
mutual
claims-mad is
on or after retroactive date made during the policy period
what type of peril would a personal yacht be covered under
open peril
optional coverage for a business owner's policy
outdoor signs
what covers money stolen from a messenger/computer fraud
outside the premises- theft
who approves continuing education
pa insurance commissioner
toys R us increase inventory
peak season
when a store has more inventory during the peak season, which coverage should they use
peak season coverage
coverage E in HO policy
personal liability
what is covered if a customer slips and falls in a grocery store
premises
grocer car collides with customer's legs
premises and operations
the FCRA does what
protects consumers against the circulation of inaccurate or obsolete personal or financial information
what is an endorsement added to a business owner's policy that provides coverage for direct damage caused by utility service disruption stemming from a covered peril
utility services- direct damage
when is a claim considered to be made
when notice is received and recorded by an insurer, whoever comes first
the business owner's liability coverage form will cover medical expenses incurred and reported within how many years of the date of an accident
1 year
the personal BOP extension coverage for personal liability of the premises is limited to
10,000
when does the policy period begin
12:01 AM
what is minimum units of liability in PA
15,000/30,000/5,000
when has the terrorism act been extended to
2020
accidental death benefits cover death resulting from an injury in a motor vehicle accident for how long after an accident
24 months
how long does a licensee have to report admin action taken against them in another jurisdiction
30 days
within how many days must a producer respond to an inquiry from the commissioner
30 days
how many years must an insurance company hold advertisements
4
how long are insurers required to hold records for
5 YEARS
losses must be paid within how many days of the insurer receiving proof of loss
60
notice of nonrenewal
60 days
not insured under personal auto policy
6500 lb capacity truck
motor carrier act of 1980
750,000 for trucks
licensee changes state... how long do they have to notify the commissioner
90 days
the main difference between HO-4 and HO-6
HO-6 provides limited dwelling coverage as well as contents covered
what is covered under livestock coverage form
accidental shooting
how much will the HO-3 form pay for additional living expenses
all expenses up to coverage D limit
which bond is required by a court before allowing one to take the assets of another
attachment bond
business auto policy (BOP) covers all EXCEPT
autos held for sale
what is included in farm coverage G
barns and other structures
what insures builders under construction
builder's risk
what does jewelers block cover
damage in mail
first party medical benefits does not cover
death
in homeowner's policy, regarding coverage B (other structures) all of the following are covered EXCEPT
decks attached to house
if a plumber drops a sink...
defense cost
states with monopolisitic state workers compensations funds
do not allow private insurers to be licenses to write workers compensation coverage
what would an appropriate sign be for a wall at a business for worker's compensation
remember it is important to tell your employer about your injury
what should a business owner purchase if their inventory frequently changes
reporting form
what is the consequence for acting as a manager or exclusive general agent without a license
results in 3rd degree misdemeanor and up to $1000 a day
what individual would be covered under a commercial auto policy
riding a lawn mower
what happens when an owner dies
rights are transferred to the legal representative
which of the following would be excluded under Homeowner's policy
running over your neighbors fence in a fit of rage
inland marine covers everything EXCEPT
sea
what is not covered under ocean marine's coverage
securities
commissioners can do all of the following EXCEPT
set rates
which of the following is NOT a duty of the department of insurance
setting premium rates
everything is covered under an ocean marine coverage EXCEPT
shipping costs
in HO policy, what NOT covered under personal liability
slander/libel
what does a directors and official's coverage not cover
stockholders
what is an example of self-insurance
surety bonds
cant remember but something about purchasing group liability reinsurance
surplus lines group
to renew a license you must do all but
take the renewal test
in a hospital for four weeks
temporary, total
the occurrence form trigger is based on which of the following
the date when the injury or damage occurs
all are included in both broad and special form under dwelling policy EXCEPT
theft and personal property
which of the following is excluded under first party benefits
transportation expenses
aviation does not cover
wear and tear
