Property and Casualty #3
HO8
Elaborate homes and those with detailed designs or decorative architecture with replacements costs greater than ACV or market value are insured on?
A statement by the applicant that upon discovery, would affect the underwriting decision of the insurance company
What is material misrepresentation
A statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company.
What is material misrepresentation?
Symbol 5
Which of the following symbols is available to an insured with vehicles subject to no-fault coverage?
Insurance Producer
Which of the following types of licenses is most suitable for an individual who transacts insurance on behalf of an insurance company admitted to do business in Indiana?
Mobile equipment during transportation to and from the job site
Which of the following will be covered by the contractors equipment floater in an unfiled marine insurance?
Coverage B
Which of the following would provide coverage to a garage not attached to the primary insured dwelling
Additional coverage
Which part of an insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss, or defense expenses?
Applicants who are unable to purchase workers compensation through regular means
The Workers Compensation Rating Bureau of Indiana provides insurance coverage for?
Time element
The business income coverage form covers consequential loss of business income that occurs when a business must suspend operations because of a direct loss. Which of the following terms best describes the nature of this type of coverage?
The date the claim is first made
The claims-made trigger is based on which of the following
Felony
A person who knowingly and with intent to defraud an insurer files a statement of claim containing any false, incomplete or misleading information can be found guilty of committing a?
Robbery
For insurance purposes, when an insured loses property to another because the person used violence or threat of violence to gain the property, this is defined as?
The uncertainty or chance of loss
For the purpose of insurance, risk is defined as
30 days
How long is the waiting period after the application has been accepted before flood coverage goes into effect?
7 days
How many days after receiving a report about a workplace injury must an insurance carrier deliver the report to the Workers Compensation Board?
20 days
How much notice must an insurer give to an insured prior to the nonrenewal of a personal property insurance policy?
Every 2 years
How often must insurance producers in this state complete continuing education requirements
Limited to 25% of a producer's annual commission income
In Indiana, controlled business is?
Coverage by endorsement
In dwelling policies, automatic increase in insurance is
Be fair in underwriting and pay covered losses.
In return for premium, an insurance company must?
Covered auto
The designation symbols used in commercial auto policies can be found in which policy section?
Risk
Insurance is the transfer of?
Coverage that will permit the insured to continue in business without interruption following a property damage loss.
The extra expense coverage form provides?
Federal employees compensation act
Which federal act provides benefits to injured civilians who are employed by the federal government?
The insured is injured while driving his motorcycle on his resident premises.
Which of the following circumstances would be EXCLUDED under medical payments coverage of a personal auto policy?
Passing the proper examination
Which of the following conditions is NOT necessary for becoming a nonresident producer in Indiana
Within 63 days after the notice of denial is mailed
Within what timeframe should an applicant or a producer request a hearing before the Commissioner regarding the notice of denial or nonrenewal of a license?
Covered Auto
The designation symbols used in commercial auto policies can be found in which policy section?
Auto businesses, such as auto dealers, service stations, and auto repair shops
The garage coverage form is used to insure?
Licensed in this state as insurance producers for the lines of insurance to be written
Surplus lines producers must be?
Up to $100 for the cost to secure the release of a vehicle from an impoundment lot following a covered accident.
All of the following are supplemental payments included in the liability section of a personal auto policy EXCEPT?
Loss Valuation
A factor in determining the premium charged and the amount of insurance required.
30 days
A licensed producer must inform the Commissioner of a change of name within?
$175,000
A policy holder has an equipment breakdown policy with a $200,000 limit. If a boiler explosion causes $100,000 damage to the boiler itself, $50,000 damage to the insured's building and $30,000 of expediting expenses, how much will the insured collect under the policy?
60 days
According to the Insured Duties after a Loss provision in a homeowners policy, If the insurer requires a signed, sworn proof of loss, the insured must provide within how many days?
Securities
According to the business owners policy(BOP) definitions, which of the following does not mean valuable papers and records?
Damage to a third party property for which the insured is legally liable
Additional coverages in the liability section of a homeowners policy cover all of the following EXCEPT?
Reconstruct for the insurer a timeline of activities leading up to the loss for use in an investigation
After a loss, an insured covered by a business property coverage is NOT required to?
Fire or lightning
All of the following are exclusions that apply in all three types of Dwelling Policies EXCEPT
The limit of liability is the greater of the actual cash value of the vehicle at the time of the loss or the amount necessary to repair or replace the vehicle
All of the following are true regarding physical damage coverage EXCEPT?
They pay defense costs even after the aggregate limit has been reached
All of the following are true statements regarding the supplementary payments of a commercial general liability policy EXCEPT?
The policy holder can sue the insurer whether or not all conditions and provisions of the policy have been met
All of the following statements concerning liability coverage are true EXCEPT?
Arbitration
An insured insists that the insurer owes him $10,000 for liability damages, while the insurer asserts that they owe no more than $7000. Which of the following would most likely describe the type of claim settlement that the insured and the insurer might pursue?
Combined single
An insured is driving her car through a residential area when she loses control and crashes into a neighbor's front porch. The neighbor, who was sitting on the porch, is injured. The insured's liability policy has a limit of $500,000. This amount applies to the total of damages for any bodily injury and property damage resulting from one accident. Which type of limit of liability does the insured have?
Higher limits
An insured is involved in an auto accident in another state. The state has a financial responsibility law that specifies limits of liability higher than the limits shown in the declarations. What amount will the insured's policy pay?
Collision
An insured was involved in an automobile accident for which the insured was at fault. Which of the following coverages would pay for damage to the insured's automobile?
All of the expense up to the Coverage D limit
An insured works outside the home. A fire and his family and sister has to move to an apartment. Sister has to live in hotel. How much will the HO3 form pay for these additional living expenses?
Watercraft
Both the broad theft and limited theft endorsements on the dwelling program exclude all of the following types of property EXCEPT
Location schedule
Employee fidelity may be written in all the following ways EXCEPT?
$25,000
Equipment breakdown coverage is written with a single limit of insurance per accident. What is the sublimit for hazardous substance cleanup or repair or replacement of contaminated property?
Agreed Value
In which of the following types of property valuation will the policy pay the full value as specified on the policy schedule, regardless of the insured property's appreciation or depreciation
Misrepresentation
On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. The government is guilty of?
Within 45 days
The insured with a claims-made CGL may request in writing claim and occurrence information from the insurer at any time up to 60 days after the policy ends. The insurer must provide information within ?
Within 45 days
The insured with a claims-made commercial general liability (CGL) policy may request in writing claim and occurrence information from the insurer at any time up to 60 days after the policy period ends. The insurer must provide the information
For inspections and examinations
The major portion of the premium for an equipment breakdown policy pays
Subrogation
The policy provision found in property insurance policies that prevents the insured from collecting twice for the same loss?
Reinsure providers of mine subsidence coverage
The purpose of the Mine Subsidence Fund is to?
Exclusions
The section of an insurance policy that details what perils are not insured against and what persons are not insured is known as the?
At any time by mailing a written notice of cancellation
Under a business owner's policy an insured can cancel the policy anytime
Professional liability
Under the coverage of which of the following liability policies may an insured require the insurer to defend a claim?
Provided by the insured's policy on an excess basis.
Under the personal auto policy, liability for bodily injury resulting from the insured's use of a nonowned automobile is?
Provided by the insured's policy on an excess basis.
Under the personal auto policy, liability for bodily injury resulting from the insured's use of nonowned automobile is?
The insured knowingly lied about the year the property was constructed
Under which of the following circumstances would an insurer be allowed to cancel a dwelling policy midterm?
Material Misrepresentation
Untrue statements on the application unintentionally made by insureds that, if discovered, would alter the underwriting decision of the insurance company are called
$1000
What is the maximum dollar amount an insurer will pay for loss to sound equipment permanently installed in a vehicle insured under a business auto policy?
The company's license may be suspended or revoke
What may happen if the Commissioner determines that the insurance company knew about the producer's violation of the licensing law and did not report it?
DP-1
Which of the following dwelling policy forms primarily insures a structure on an actual cash value basis?
Damage to the dwelling caused by ash or dust from a volcanic eruption
Which of the following examples of losses paid under an HO3 also would be paid under an HO2 homeowners policy?
Worker's compensation
Which of the following is NOT an optional coverage available in a business owners policy?
Only written statements can be considered fraud.
Which of the following is NOT correct regarding false statements by a person engaged in the business of insurance?
Valuable papers and records
Which of the following is NOT settled on actual cash value basis while covered under the business property coverage form
Business entity does not need an insurance license
Which of the following is NOT true regarding a business entity
A coin collection valued at $500 lost in a fire
Which of the following losses would not be covered by a homeowners policy?
Liability coverage
Which of the following personal auto coverages would pay for the insured's travel expenses and loss of earnings while involved in the settlement process of a covered loss?
Condominium
Which of the following risks is eligible for coverage under a business owners policy?