property
which of the following statements about policy cancellation or nonrenewable is true
any action by the insured that increases the risk of the insured peril is grounds for cancellation
under coverage b - other structures, a homeowners policy providers coverage for other structures on the residence premises; which of the following statements is not true of this coverage
any loss paid under coverage B reduced the coverage A limite of liability
in order to get a nonresident license, a producer must
apply and pay a fee to nonresident state that reciprocates
which of the following is not true regarding the automatic increase in insurance endorsement in dwelling policies
it does not require additional premuim
what provision in the policies will prevent from collecting more than the actual amount of the fire damage
apportionment clause
BOP max coverage on an outdoor sign is
1,000
the personal property off-premises extension of dwelling forms provides limits of coverage up to
10% of coverage anywhere in the world
the BOP extension coverage form for personal property off premises is limited to
10,000
commercial policies are entitled to how many days of notice of intent to not renew
45 days
if a producer knowing violates the insurance code the maximum aggregate penalty cannot exceed
50,000 in a 6 month period
if a producer knowingly violates an insurance law, the producer may be fined up to
5000 per violation
how soon does the period of restoration for business income coverage bein after the direct loss
72 hours
which form insures both buildings and personal property on an open peril basis
HO5
all of the following are optional endorsements that may be added to the standard equipment breakdown coverage form except
debris removal
wihich of the following is a peril
fire
which would be covered by the standard fire policy
fumes from chemical ignite and explode causing a fire that demolishes the building
loss of income
indirect loss
after a hearing who issues the written order resolving the factual issues presented in a hearing and stating what remedial action is necessary
insurance division
how does insurance distribute the financial consequences of individual losses
it transfers the risk to all persons insured
which of the following describes an insurers responsibility for payment under a policy as stated in the common policy provisions
limits of liability
with respect to the commercial package policy, an interline endorsement is one that
may apply to more than one line that is included in the package
an example of an alien insurer doing business sin this state is one formed in
mexico
which of the following is consideration on the party of an insurer
paying a claim
policy limits are the maximum amount an insured may collect, or for which an insured is protected under the terms of the
policy
the authority to transact insurance
producer
the exact, direct, uninterrupted cause of loss is the
proximate cause
when an insurer acquires the insureds rights against a third party for the puerposes of receiving indemnification for loss, this is called
subrogtation
personal lines are entitled to how many days of notice of intent to not renew
30 days
for there to be negligent liability, all of the following must exist except
a reasonable expectation that the act may cause injury or damage
the equipment breakdown coverage form values loss on
a replacement cost basis
after a covered loss on a homeowners policy, the insure must do all of the following except
abandon the property involved to the insurer
which of the following would be added for coverage under a property policy by an endorsement
additional insureds
under the garment contractor floater of an inland marine policy, coverage while the property is in transit between the insure and the subcontractor is usually written on which basis
all-risk
equipment breakdown coverage form providers coverage for all of the following except
bodily injury liability
which would be covered by business owners property coverage form
buildings and business personal property
what is not regulated in the insurance industry
commisions
which of the following exclusions would specifically fall under coverage E
contractual liability
coverage c in homeowners policy forms offers all of the following except
coverage for loss of use
who must an insurer notify if it believes it has received a fraudulent claim
insurance fraud bureau
what part of the insurance contract describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured
insuring agreement
if an applicant submits the initial premium with an application, which action constitutes acceptance
the underwriters approve the application
the broad cause of loss form in the commercial property policy contains three perils in addition to the basic form perils. which one is not on of those three perils
utility services (water damage weight of snow and ice and falling objects are)
under coverage c, at the request of an insured, peersonal property of a guest or residence employee is covered
while it is in any residence premises occupied by an insured