G exam

An insured home catches fire. As a result the insured family mist stay in a motel until the home is repaired. The cost of the motel stay would be considered a

Consequential loss

To determine the actual cash value of an insured property, what must be deducted from the current replacement cost?

Depreciated Value

Which of the following statements is correct regarding business income coverage under the business owners policy (BOP)?

The business income losses are payable for 12 consecutive months following the occurrence

Which of the following is FALSE concerning liability coverage of a business auto policy?

The company will reimburse the insured for all loss of earnings

All of the following are considerations in deterring which state law applies when a worker is required to trace into another state and is injured while working in the other state EXCEPT

The insurers charted location or domicile

The valued policy statue DOES NOT apply in which situation?

Two or more policies provide insurance for the same loss

The commercial crime coverage that would cover losses resulting from the theft of money, securities, and other property by employees is

Employee theft

Which of the following would be required to become licensed as an insurance producer?

A customer service representative who solicits no more than one policy a year.

An insured was backing his car out of the driveway and hit a fire hydrant. The automobile sustained $1300 of damage to the bumper. The insureds auto policy has a $500 deductible. Which of the following is true?

The insured is responsible for the first $500 of any claim that he makes on his policy.

Unless additional coverages are added to the business owner policy, the maximum amount of coverage on an outdoor sign attached to a building is limited to

$1000

Using the pro rata method, if a property is covered for Company A for $20,000 and Company B covers the same property for $40,000 how much will Company A pay on a $24,000 loss?

$8,000

The business owners liability firm will cover medical expenses incurred and reported within that maximum time period after the accident?

1 year

A producer advises a policyholder that he should replace his life insurance policy with another, similar policy.The agent is advising this, however for the sole purpose of earning a commission. What violation has the agent committed?

Churning

Agent McButch uses his big size and implication of his "connections" to intimate applications into purchasing life insurance from him. Which unfair trade practice is this an example of?

Coercion

An insured believes that his insurer is not properly fulfilling its obligations regarding his policy. What section of the policy will give the insured more information about specific duties of the insurer?

Conditions

Which of the following injuries may be covered under Coverage C- medical payments of a commercial general liability policy?

Injuries to a member of the general public that occurs on premises

Which of the following provisions is usually found in HO policies and provides a replacement cost settlement to policyholders who carry adequate insurance?

Insurance to value

An insured is injured while driving his own car. Which of the following coverages will pay for the loss?

Part B medical payment

Which of the following is consideration on the part of an insurer?

Paying a claim

What sublimate in a liability policy sets the maximum amount that will be paid for all claims arising from a single accident?

Per occurrence

A policy contains a consent to settle a loss provision, which requires the insurer to obtain the consent of an insured before the settlement of a claim. With this in mind, what kind of liability policy does the insured most likely have?

Professional liability

According to business property coverage form vacant condition, if a policy is used to the owner of a building. The building will be considered vacant if what portion of the square footage is unused?

65%

Which of the following would be eligible for Homeowners Coverage F- medical payments in the event of injury at the insured premises?

A full time maid

The limited theft endorsement designed for a landlord exclude all of the following EXCEPT

A lawnmower the landlord owns and keeps at rented premises

Premiums collected on behalf of the insurance company by an agent will be held in what capacity?

Fiduciary

All of the following are factors in the determination of ACV EXCEPT

Insurance premium paid

Guaranteeing future dividends is considered to be an unfair or deceptive act known as

Misrepresentation

An insurance policy form that lists specific covered perils provides

Named peril coverage

An insured has extended coverage on her dwelling that includes coverage for vandalism and malicious mischief. One evening, she is sitting in her living room when she hears a crash and the sound of glass breaking. To inform her insurer of a possible claim, she fills out a form detailing the events leading to the loss. What is the name of the form?

Notice of Claim form

How is the premium paid for the businessowners policy?

One individual premium

Which provision defines how the policy will respond if there is other valid insurance written on the same risk?

Other insurance

A corporation is insured under a CGL policy and is named in a lawsuit to recover expenses for bodily injury and property damages from a claim. The insurance company is obligated to provide coverage for all of the following named in the suit EXCEPT

Spouses of officers and stockholders

Under coverage C and at the request of an insured, personal property of a guest or residence employee is covered

White it is in any residence premises occupied by an insured

If a fire erupts in the kitchen and spread to the upstairs bedroom, resulting in the destruction of furniture what type of loss has occurred?

Direct

The second injury fund will pay for benefits In which of the following situations>

An employee with a previous injury suffers a second injury that causes the disability to be more serious

Answers to questions in an insurance application are called representatives and as such they are

Believed ti be true to the best of the applicants knowledge

The requirement breakdown coverage form provides coverage for all of the following EXCEPT

Bodily injury liability