Final Notes
$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.
