Final Notes

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$5,000

A commercial property special form covers property in transit up to _______.

Auto collision coverage

A personal umbrella policy may act as excess over any insurance coverage except _________.

Morale Hazard

An applicant who stores combustile materials would be considered a _________.

Other-Than-Collision

Damage to a car caused by wind or hail would be covered by ________.

Does Not

Fire Dept. service charge ________ pay in place of the limit of insurance shown in the declarations page.

Riot

For an additional premium, the extended coverages written on the basic form dwelling policy would cover______.

The Standard Fire Policy

GA law requires that every policy of Fire insurance covering property located in the state conform to the provision of _____?

Personal property of roomer's not related to the insured

HO personal property coverage does NOT cover ____________.

Claims-made

How is a professional liability policy written?

5%

If a house with a homeowners was blown off the foundation by a tornado and must be demolished and removed so a replacement house can be built, an additional ________ of the policy limit may be paid for debris removal.

Express Authority

If an agent follows the rules and terms of his agent contract, he is exercising his _______

The underwriters approve the application

If an applicant submits the initial premium with an application, which action constitutes acceptance?

No

If an insurance policy has the additional coverage provision, there is _____ additional premium.

Company A - $16,000 & Company B - $8,000

If company A has $100,000 coverage and company B has $50,000. What would each pay on a $24,000 loss?

Reduced

In a DP-1, if the insured elects to apply Coverage B to a detached garage, Coverage A will be _______ by 10%.

No

Is a written agreement which indemnifies a person for fire damage to the premises rented to the insured considered an insured contract under the commercial general liability policy?

Policy

Policy limits are the maximum amount an insured may collect, or for which an insured is protected under the terms of the ______.

Valued Policy

The ___________ statue does NOT apply when 2 or more policies provide insurance for the same loss.

Description of the property insured

The commercial property declarations page contains the ________.

Principal

The defendant being released on a surety bail bond is the _____.

Replacement cost basis

The equipment breakdown coverage form values loss on an ______.

3 years

The insured must maintain records of each production for _______ after the policy expires under the conditions of a Film Coverage Form.

10% of Coverage C anywhere in the world.

The personal property off-premises extension of dwelling forms provides limits of coverage up to _________.

Countersignature

What is NOT needed for a valid insurance policy?

Elimination

What is a way to NOT handle risk?

Show proof that the insured received the cancellation notice

What is the insurer NOT required to do prior to canceling the policy?

Equipment Breakdown

What policy would a business owner whose business fills scuba tanks most likely need to insure vessels and compressors?

Valued Policy

What would be a proper choice of policy for a company that transports goods that are irreplaceable in nature?

The insurer's charactered location or domicile.

What would not apply if a worker is required to travel into another state and is injured while working?

Court costs assessed against the insured in a suit

What would the supplementary payments section of the commercial general liability policy cover?

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

When would the insured's property damage coverage on a personal auto policy be covered?

Form 5

Which homeowners form provides open peril coverage for dwelling and contents?

Express

Which type of authority is found in the agent's contract?

No

Would a homeowners policy cover a strawberry patch owned by the insured?

HO 5

____ form insures both buildings and personal property on an open peril basis?

Insured Contract

______ are those contracts automatically covered under the exposure of premises in a general liability insurance contract.

Policy Exclusions

_______ is not in the declarations section of a homeowners policy.

Dwelling Coverage

_______ is not included in a commercial package policy.

Insurance to Value

_________ is a provision usually found in homeowners policies and provides a replacement cost settlement to policyholders who carry adequate insurance.

Apportionate Clause

_________ will prevent Anthony from collecting more than the actual amount of the fire damage if it is insured under 2 fire policies.

Contractual liability

_________ would specifically fall under Coverage E.


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