Exam Prep 4

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

An insured hits a deer and crashes his car into a tree. The total damage to the vehicle is $6,000. How will this loss be covered?

$6,000 would be paid under other-than-collision coverage.

If a homeowner's policy is being cancelled because of unpaid premiums, how much notice should be provided?

10 days

Which coverage form would provide coverage for all incoming and outgoing shipments?

Annual transit

An installation floater is used to insure

Appliances intended to become a permanent part of the building.

Insurers that write ______ insurance need to belong to the FAIR Plan.

Basic Property only

An insured's house is damaged by a fire and is uninhabitable. As a result, the insured has to rent an apartment until repairs are made. A dwelling insurance policy will pay for the expense of renting the apartment. Which type of broad or special form coverage does the insured have?

Coverage E - Additional Living Expense

Which commercial crime form would provide coverage for a loss that did not necessarily happen during the policy period but was revealed during the policy period?

Discovery form

Which of the following is a legal action?

Discrimination in policy benefits on the basis of life expectancies.

States with monopolistic state workers compensation funds

Do not allow private insurers to be licensed to write workers compensation coverage.

Directors and officers liability insurance defends actions against a corporation or its officers and directors alleging wrongful acts. With regard to the coverage provided, wrongful acts include any of the following EXCEPT

Embezzlement.

If the premium charged for a particular insured is increased or decreased for a future period based on that insured's loss experience for a period in the recent past, the policy uses a/an

Experience rating plan.

An applicant is denied insurance because of information found on a consumer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company?

Fair Credit Reporting Act

Which statement regarding insurable risks is NOT correct?

Insureds cannot be randomly selected.

In a dwelling policy, which of the following is true regarding personal liability coverage?

It must be added as a supplement or written as a separate policy.

All of the following statements are true regarding employee dishonesty optional coverage under the businessowners policy (BOP) EXCEPT

It provides coverage for all employees, even those employees who were terminated in the past 90 days.

Rates that are established based on the similarities of the risk with other risks are known as

Manual rates.

Where is the policy period stated?

On the declarations page of the policy

All of the following statements regarding parts used in the repair of an insured vehicle are true EXCEPT

Parts used in the repair of an insured vehicle by other than the original manufacturer must use replacement parts from the manufacturer only.

Who might receive dividends from a mutual insurer?

Policyholders

Which inland marine coverage condition states that payment of any claim will not reduce the limit of insurance, except in case of a total loss on a scheduled item?

Reinstatement of limit

Peril is most easily defined as

The cause of loss insured against.

Which of the following is NOT a purpose of the FAIR Plan?

To regulate premium rates for property insurance

Which of the following exposures is insured under Coverage I - Personal and Advertising Injury Liability?

Unintentional acts arising from the operation of a farming business

The cost of restoring farm records is an additional coverage offered under a farm policy. How much will the policy pay to restore the records?

Up to $2,000

A type of policy that is used to provide a specific amount of replacement cost for a given risk after an insured property has been destroyed is called a(n)

Valued policy.

Which of the following is NOT one of the available additional coverages in the builders risk form?

Vandalism

A commercial package policy (CPP) allows the insured to select the coverage needed and customize the policy to meet the needs of the insured's business. In a CPP, the business owner may select from all of the following types of coverage EXCEPT

Workers compensation coverage


संबंधित स्टडी सेट्स

Power BI Questions (Intermediate Level)

View Set

NUR 307 - Chapter 42: Nursing Care of the Child With an Alteration in Bowel Elimination/Gastrointestinal Disorder

View Set

BUAD341 - HW/Quiz Questions/Answers

View Set

Business ethics final true/false study set

View Set

Chapter 1-3 plus Plants : gen bio

View Set