QUIZ 8

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

Which one of the following is not true with regards to the CEA policy provisions: $0 in coverage for fences $10,000 in building code upgrade $5,000 in personal property coverage $10,000 in additional living expense

$10,000 in additional living expense

Which of the following is NOT a provision provided by the California Earthquake Authority? Optional coverage: $10000 building code upgrades. Dwelling coverage with a deductible equal to 15% of the dwelling limit. $5000 Personal Property coverage. $2500 coverage on pools, fences, driveways, landscaping, and other structures.

$2500 coverage on pools, fences, driveways, landscaping, and other structures.

The Earthquake stand alone policy typically has a deductible of ______. $10,000 $15,000 15% 5%

15%

Agents may bind flood insurance coverage after receiving what? Agents do NOT have binding authority The application and payment 30 days after the signature date of the application The application, payment and NFIP acceptance of the policy

Agents do NOT have binding authority

Which licensee can sell flood and earthquake coverage? Any Agent None of these Any broker-agent Certified broker-agents

Any broker-agent

Uninsured loss exposures on HO forms are due to: susceptibility to loss items difficult to value uniqueness Any one of these

Any one of these

In regard to personal watercraft, to receive coverage for physical damage payments the insured would need which of the following policies? Ocean Marine Hull Yacht Boat owners

Boat owners

"Mobile in nature" or "goods in transit" refer to which type of policies? Inland Marine Both Ocean Marine and Inland Marine Ocean Marine Transportation

Both Ocean Marine and Inland Marine

Which organization was created to help create earthquake coverage? NFIP CEA FEMA ISO

CEA

With regard to the Unscheduled Personal Property endorsement, each of the following items has only a limited amount of coverage and requires an endorsement to have full coverage EXCEPT: Coins Cameras DVD collection Golf equipment

DVD collection

The following coverages are provide under the Yacht policy except: Medical Payment Hull P & I E & O

E & O

Broker fees can be charged for which type of policy or policies? Earthquake insurance None of these HO's or DP's Flood insurance

HO's or DP's

In a boat owner`s policy, which of the following is NOT considered typical coverage? Physical damage coverage Hull Liability Medical Payments

Hull

Which of the following is not covered under a yacht policy? Hull Liability Incorrect AnswerP and I (protection and indemnity) Incorrect AnswerTrailer

Liability

Why is mobility a common characteristic of many types of property insured under Inland Marine contracts? Mobility covers the expense of transporting goods from one location to another. Mobility covers the vehicles used to transport property from one location to another. Mobility covers property while it is in transit from one location to another. Mobility covers moveable property, whether or not it is actually moved.

Mobility covers moveable property, whether or not it is actually moved.

Which of the following provides coverage for injured crewmembers? This coverage is also known as Jones Act coverage. Workers Compensation Personal Articles Floater Longshoreman and Harbor Workers P & I (protection and indemnity)

P & I (protection and indemnity)

The inland marine form known as Personal Articles is similar to: SPP endorsement in HO's Ocean marine policy HO-15 endorsement Personal Effects Floater

SPP endorsement in HO's

Which of the following statements with regards to the NFIP is incorrect? The NFIP makes flood available for both commercial and personal property risks. Flood Insurance is available on residential and commercial properties. Flood Insurance provides coverage to buildings and an insureds contents when damage. Standard Homeowners policies cover losses as a result of flooding.

Standard Homeowners policies cover losses as a result of flooding.

What is the difference between the NFIP Emergency Program limits and the NFIP Regular Program limits? The Emergency Program limits and the Regular Program limits cover the same amount for building and contents. The Emergency Program limits cover less for building and contents than the Regular Program limits. The amount of coverage for contents is greater than coverage for the building in the Emergency Program limits. The Emergency Program limits cover more for building and contents than the Regular Program limits.

The Emergency Program limits cover less for building and contents than the Regular Program limits.

In an Inland Marine policy, what is the difference between the Personal Articles Floater (PAF) and the Homeowners Scheduled Personal Property Endorsement? The PAF must have an appraisal and the Scheduled may not. The PAF provides more coverage than the Homeowners Scheduled Personal Property Endorsement. The Homeowners Scheduled Personal Property Endorsement provides more coverage than the PAF. The PAF provides coverage for all perils and the Homeowners Scheduled Personal Property Endorsement provides coverage for perils included in the policy.

The PAF must have an appraisal and the Scheduled may not.

All of the following are disadvantages of using the earthquake endorsement, EXCEPT: The deductible, typically 15% of the dwelling limit, applies to each coverage separately. The deductible applies only once on a separate policy. The coverage usually costs more than a separate policy. The deductible may be lower

The deductible may be lower

In an Inland Marine policy, which of the following is NOT an advantage to filed lines? They include Electronic Data Processing and Contractors Equipment floaters. The ability to be included in a Commercial Package policy. The simplified rating (discounts). There have standardized forms.

They include Electronic Data Processing and Contractors Equipment floaters.

Insures watercraft over 50 horsepower that can be towed behind a car: any watercraft policy yacht policy endorsed HO policy boatowner policy

boatowner policy

Type of policy or policies that do not normally exclude catastrophic losses: personal auto policy both personal auto and marine policies neither personal auto or marine policies marine policies

both personal auto and marine policies

Inland Marine policies are generally written on an open peril basis. All of the following are the most common exclusions EXCEPT: government action collision indirect loss nuclear hazard

collision

Must be offered with every residential property policy in California: flood insurance earthquake insurance Incorrect Answerneither Incorrect Answerboth

earthquake insurance

The Watercraft endorsement provides __________ coverage for Liability and Medical Payments to Others for scheduled boats. extended very limited moderate limits of full

moderate limits of

Marine policies that are not regulated are known as: Both filed form and controlled non-filed forms filed forms controlled

non-filed forms

In an Inland Marine policy, an annual transit policy is usually provided: on an open peril basis with a few exceptions. on a named peril basis. on a special form. on an open peril basis.

on a named peril basis.

A yacht policy provides this protection but the boatowner policy does not: none of these hull coverage medical payments workers' compensation

workers' compensation


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