Gurantee Exam

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

10% of coverage c anywhere in the world

Under business personal property limit - seasonal increase, if no percentage is specified in the declarations, seasonal fluctuations will automatically increase the limit for business personal property by

25%

An insurer must notify the consumer in writing that an investigative consumer report has been requested, within how many days of the initial request

3 days

Under which legal defense is there an appointment of damages based upon the degree of fault of each of the plaintiffs and the defendant?

Comparative negligence

How often must organizations consult the National DO Not Call Registry

Every 31 days

Which homeowners form provides open peril coverage for dwelling (coverage A) and contents (coverage C0

Ho-5

When reviewing a standard workers compensation and employers liability policy, the limits of coverage are described in Part One of the policy. The dollar limits provided are stated

In the states workers comp law itself

Section III of the business auto policy provides physical damage coverage. All of the following are physical damages that may be selected coverages EXCEPT

Limited peril coverage

What does HO personal property coverage NOT cover?

Personal property of roomers not related to the insured

Businessowners liability coverage automatically includes all of the following liability coverages EXCEPT

Pollution

the amount of loss the insured is willing to absorb without insurance protection is known as

Self-insured retention

homeowners policies permit all of the following incidental occupancies except

a retail sales operation run by the insured from his garage

Homeowners policies all of the following insured locations except

a strawberry patch owned by the insured

according to the principles of ocean marine insurance, a total loss may occur in which of the following ways

actual

What does not qualify as an insured contract

agreement for demolition near a railroad

A house insured with a homeowners policy has been blown off its foundation by a tornado. It must be demolished and removed so a replacement house can be built. Which of the following is true about debris removal?

an additional 5% of the policy limit may be paid for debris removal

An insured's limit of liability applies to a total of damages for bodily injury and property damage resulting from one accident, which may be used in any combination of amounts, not to exceed the single limit. What type of limit does this insured have?

combined single

which of the following advises people (for a fee) regarding the provisions of their insurance policies

consultants

Employers liability coverage under a workers compensation policy includes

damages claimed by a third party

Which part of the policy clarifies the terms that are used throughout the policy?

definitions

Which of the following statements does not describe endorsements

endorsements may only add coverage to a current policy, not remove

a producers license must be renewed

every 2 years

Under the farm property and livestock coverage forms, which of the following property is covered for loss by the peril of earthquake or flood

farm animals

which of the following is covered under a dwelling policy

fires caused by an earthquake

Which of the following is not a characteristic of a difference in conditions (DIC) policy

it is a standard policy

Insurance rates developed by the underwriter based on his skill and experience instead of actuarial analysis are known as

judgement rating

Which is NOT true of workers comp coverage

medical payments are limited

What sublimit in a liability policy sets the max amount that will be paid for all claims arising from a single accident

per occurrence

the garage coverage form is written to cover the insurance needs of an insured in the business of selling, repairing, servicing or storing automobiles. Which of the following coverages are not included in a garage policy

physical damage on a customer's auto

the commercial general liability coverage a - bodily injury and property damage provides coverage for which of the following

premises

if a loss is covered by both the condominium association coverage form and the condo commercial unit-owners form, which coverage is primary

the condominium association coverage form

what types of injuries could incur additional penalties and/or increased benefits paid by the employer

the employers willful failure to provide safety goggles

although a businessowners policy (BOP) will cover fire damage legal liability, which of the following statements is true?

the general aggregate does not apply to fire damage liability

All of the following are true regarding the cancellation condition of a policy expect

the insurer must provide proof that the insured received the notice

If the premiums collected by an insurer participating in the WYO flood program are insufficient to cover losses, which of the following would be true?

the insurer will be reimbursed for the excess costs by the NFIP

an insured has decided to never drive another vehicle and wants to transfer his auto insurance policy to his wife. What does the insured need to transfer the policy

the written consent of the insurer

An insured has the scheduled personal property endorsement attached to his homeowners policy. If the insured acquires new works of art, when must the insurer be notified for the new works of art to be covered under the endorsement

within 90 days

what is an insured contract

Those contracts that are automatically covered under the exposure of premises coverage in a general liability insurance contract