GA P&C Chapter 3

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Representations given by the insured to the insurer are located in the?

Application

Which section of the policy contains the Insured's duties in the event of a loss?

Conditions

Which section of the policy contains the Insured's obligation to give notice of a loss?

Conditions

Which section of the policy contains the Insured's responsibilities?

Conditions

Which section of the policy contains the Insured's right to bring legal action against the Insurer?

Conditions

Which section of the policy contains the Other Insurance provision?

Conditions

Which section of the policy contains the cancellation provisions?

Conditions

Which section of the policy contains the insured's time limits for bringing suit against the Insurer?

Conditions

Which section of the policy contains the provisions permitting the Insurer to inspect the Insured's premises?

Conditions

Which section of the policy may require the Insured to use the claim payment to replace the destroyed property?

Conditions

Which section of the policy specifies the Insured's responsibilities

Conditions

Which section of the policy contains the identity of the Insured and Insurer?

Declaration

Which section of the policy contains the location of the risk (the insured property)?

Declaration

Which section of the policy contains the policy limits?

Declaration

Which section of the policy contains the premium?

Declaration

Which section of the policy specifies which stores owned by an Insured are covered?

Declaration

Which section of the policy contains coverages eliminated?

Exclusions

Which section of the policy contains the perils NOT covered?

Exclusions

Which section of the policy limits the scope of coverage?

Exclusions

Which federal law requires the insurer to notify the Insured in advance of its intent to obtain an investigative consumer report?

Fair Credit Reporting Act

Which federal law encourages the states to adopt uniform licensing standards?

Graham-Leach-Bliley Act

Which of the following is issued by the agent to notify the parties of the date coverage becomes effective?

binder

An insurance policy may be voided if a warranty has been:

breached

In situations involving misrepresentation, the insurer may

cancel the policy.

An applicant intentionally withholds material facts in an application. This is a?

concealment

The insured intentionally did not inform the insurer that the insured owned only 35% of the property. This is an example of:

concealment

Willful failure to disclose material information is a/an?

concealment

A binder is:

confirmation of temporary insurance

To determine the applicant's financial standing, an Insurer may use a:

credit report.

When must the applicant be told that an investigative report will be obtained?

when the application is made.

A promise by the insured that certain future conditions will exist is a?

warranty

A written statement of fact guaranteed to be true is a/an?

warranty

The Insured's promise to maintain a fire sprinkler system is a?

warranty

The insured's promise to maintain a burglar alarm system is a?

warranty

The insured's promise to maintain specified anti-theft devices is a?

warranty

Which section of a property policy requires the Insured to submit a sworn proof of loss form?

Conditions

To collect on a loss, the Insured must comply with the procedures set forth in the?

Conditions

Which insurance policy section contains the Insured's duties in the event of a loss?

Conditions

Insurance covers

All of the above

A warranty:

All of the above.

A binder provides

An agreement that a policy will be issued

The rules of conduct between the Insurer and Insured are set forth in which section of the policy?

Conditions

The named Insured is identified in which section of the policy?

Declaration

Insurable losses will be listed in what section of the policy?

Insuring Agreements

Which policy section should the Insured check to determine if a particular coverage is provided in a named peril policy?

Insuring Agreements

Which section of the policy contains the Insurer's promise to pay?

Insuring Agreements

Which section of the policy contains the company's promise of protection?

Insuring Agreements

Which section of the policy contains the covered perils?

Insuring Agreements

Which section of the policy contains the precise description of covered perils?

Insuring Agreements

Which section of the policy determines the coverage?

Insuring Agreements

Which section of the policy obligates the Insurer to indemnify the Insured?

Insuring Agreements

Which section of the policy requires the Insurer to provide coverage?

Insuring Agreements

Which section of the policy states the reasons for which the Insurer will pay claims?

Insuring Agreements

Which section of the policy contains the Insurer's obligation to repair, replace or pay?

Insuring AgreementsInsuring Agreements

Which section of the policy describes the coverage?

Insuring agreements

The Terrorism Risk Insurance Act (TRIA) was adopted following:

The World Trade Center destruction on 9/11/01

Prior to issuing the policy, the agent may provide evidence of temporary insurance. This is a

binder

Before the policy is issued, the insurance agent may provide a written document to prove that insurance is already in effect. This is:

a binder

Concealment involves intentionally hiding:

a material fact.

An Insuring Agreement is

a promise to pay

The Fair Credit Reporting Act:

allows consumers to insert corrective statements in their consumer reports.

The primary source of insurability information is the:

application

Which of the following is considered to be part of the policy?

application

The Proof of Loss form:

assists in determining the amount of the loss covered by the policy

A proof of loss form:

assists the insurer in settling a loss covered by the policy

The insured is entitled to:

be told the name and address of the consumer reporting company.

Evidence of temporary coverage is a:

binder

Failure to file a Proof of Loss may result in:

denial of the claim

In addition to requiring that Insurers protect clients' privacy rights, the Gramm-Leach-Bliley Act:

encourages the states to adopt uniform licensing requirements to make it easier for Producers to sell insurance across state lines.

Exclusions are designed to do each of the following EXCEPT

indemnify the Insured

The Fair Credit Reporting Act requires the insurer to:

inform the applicant that an investigative report will be made.

Concealment is:

intentional nondisclosure of material facts

Concealment involves:

intentionally failing to disclose a material fact.

The best source of moral character information is the

investigative report

A binder becomes effective when:

made by the agent.

Binders:

may be oral

Even though he owns several boats, the applicant states that he owns no boats. This is an example of

misrepresentation

An application says no fire wood will be stored on the premises. If a later fire is caused by fire wood stored on the premises, the insurer may refuse coverage if the insured:

misrepresented material facts.

Contracts require each of the following EXCEPT

notarization

The creation of a contract requires each of these EXCEPT:

notarization

Consideration is evidenced by:

paying a premium

A sworn statement containing information regarding the claim is

proof of loss

The Insured's sworn statement made to the Insurer regarding the time and cause of the loss is known as:

proof of loss

Which document specifies the probable cause of a loss and estimates the loss?

proof of loss

The purpose of the Fair Credit Reporting Act is to?

provide fair and accurate consumer credit reporting.

A binder:

provides temporary coverage.

An applicant was denied insurance based on a consumer report. The applicant may:

receive the name and address of the reporting agency from the Insurer.

A statement in the proof of loss form is presumed to be a?

representation

The applicant believes the statement to be true with a/an?

representation

Under the Federal Fair Credit Reporting Act, the Insured has NO right to:

require that the insurer supply a copy of the report.

A binder is:

temporary substitute for a permanent policy

The binder is actually issued by the

the agent

Binders must show each of these EXCEPT:

the amount of the premiumthe amount of the premium

The conditions section of the policy contains

the insured's obligations if a loss occurs

The Proof of Loss must contain each of these EXCEPT:

the original sales receipt.

The Proof of Loss includes each of the following except

the policy's limit of liability.

A policy provision that may void the policy if the provision is violated is a:

warranty


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