insur6

Coverage A of a Farm Property policy provides coverage for any one tree, shrub, or plant of:

$0.

The "triggering event threshold" for the Terrorism Risk Insurance Act of 2002 was:

$5 million.

Which of the following statements best describes "the law of agency"?

A relationship in which someone is authorized by contract to represent another party.

Which of the following flood zones show a "flood depth" instead of a "base flood elevation" on a FIRM?

AO

In situations where the insured and the insurer could disagree on the value of an item, it would be best to insure that item on a(n) __________ basis.

Agreed Value

Under the Personal Articles Floater, a loss is covered when it occurs:

Anywhere in the world, except for fine arts.

Which of the following is NOT an exclusion of Coverage B under a Commercial General Liability policy?

Being sued when another company accuses the insured company of stealing their slogan and using it in their advertising. When an insured is sued when another company accuses the insured company of stealing their slogan and using it in their advertising, it is not excluded by the CGL policy, unless the insured KNOWINGLY steals a slogan. However, the other company would need to prove this.

Farmer Bill has his owned farm covered by a Farm Property policy with the special causes of loss. Which of the following would be covered under Coverage A of Bill's policy?

Bill's satellite dish installed on the roof of the farm dwelling.

The Part B - Medical Payments coverage under a standard Personal Auto policy will cover the insured if he/she is injured while a passenger on a:

Bus.

Which of the following Commercial Inland Marine coverage forms is not likely to be found by searching the ISO database of standardized forms?

Contractor's equipment coverage form.

Coverages A, B, C, and D of Section I of a Homeowners policy are (in order):

Dwelling; Other Structures; Personal Property (Contents); Loss of Use.

Coverage B - Personal & Advertising Injury of the Commercial General Liability policy provides coverage for all of the following, EXCEPT:

Failure of product to meet advertising standards.

Which of the following is an "other coverage" provided on a DP-1 form?

Fire Department Service Charge.

Part D of the personal auto policy does NOT cover:

Freezing.

All of the following statements are true regarding the HO-1 form, EXCEPT:

It settles losses on an actual cash value basis unless endorsed.

All of the following are EXCLUDED under an Owners & Contractors Protective Liability policy, EXCEPT:

Liquor liability.

What coverage under the BOP automatically applies if a customer slips and falls on the named insured's premises, regardless of legal liability?

Medical expense coverage

The standard personal auto policy provides coverage for damage caused to the insured's automobile caused by an uninsured motorist under which of the following insuring agreements?

Part C. Part C provides coverage for uninsured/underinsured motorists.

Which of the following functions must the insured carry out in order for the freezing of her pipes in her unoccupied vacation home to be covered under her DP-2 form?

Shut off the water supply and drain the pipes before vacating the premises.

Which of the following is NOT covered under the basic cause of loss form of a Commercial Property policy?

Smoke from industrial operations.

The policy territory of a Commercial General Liability includes:

The United States and Canada.

All of the following statements regarding eligibility of self-storage facilities for a standard BOP policy are true, EXCEPT:

The facility cannot exceed more than 500 individual self-storage units.

Which of the following endorsements must be attached to a standard Businessowners policy for coverage to apply to a businesses freezer that was damaged by the interruption of a power source?

Utility Services - Direct Damage endorsement.

An insured business is sued for bodily injury covered by their Commercial General Liability policy up to $200,000. The legal costs are $30,000, prejudgment interest is $10,000 and the damages awarded to the claimant against the insured are $200,000. How much will the policy pay on the claim?

$240,000. The damages are paid under Coverage A at $200,000 because that is the limit. The legal costs and prejudgment interest are also paid in full because they are "supplementary payments" that are paid IN ADDITION TO the policy limits. Neither of these supplementary payments has a coverage limit.

Test All of the following are duties of the insured after they cause a liability loss, EXCEPT:

Notifying the insurance company of the injured third party.

What type of liability is imposed by law without regard to fault on those participating in certain activities or owning certain things that are considered especially hazardous?

Strict/Absolute

All of the following statements regarding the Motor Carrier Act of 1980 are correct, EXCEPT:

The Act requires truckers to certify that they are able to meet financial obligations arising from physical damage to nonowned trailers being used under a written Trailer Interchange agreement.

Carol is covered under a Commercial Property policy with an Earthquake & Volcanic Eruption -- Sprinkler Leakage Only Endorsement attached. Which of the following statements is correct regarding Carol's deductible under the endorsement?

The flat dollar deductible for fire applies.

In the absence of any declared disaster or emergency in Louisiana, insurers of residential or commercial property must respond to all inquiries or requests from the insured within:

14 days.