P & C Unit 9 Checkpoint

All of the following items are excluded from the open peril personal inland marine for EXCEPT

property damaged while being transported inland

Under the regular program. what are the maximum limits for flood insurance coverage on a residential building?

$250,000

An insurance has $300,000 of primary insurance and excess liability coverage of $1,000,000. If the insured has a $350,000 claims, how much will the excess liability policy pay?

$50,000

The personal articles floater provides coverage for all newly acquired property, except fine art, for up to

30 days

Which of the following statements regarding the National Flood Insurance Program (NFIP) in INCORRECT?

Flood insurance policies provide coverage for personal property, real property, and personal autos.

Which of the following is NOT covered under flood insurance?

Personal property in a basement

Samuel and his wife retired and bought a 40-foot boat for $200,000. Which of the following policies are they most likely to purchase in order to insure this boat?

Personal yacht policy

Which of the following statements does NOT accurately describe a personal umbrella policy?

Umbrella policies provide additional property and liability insurance coverage limits.

Self-insured retention limits work like

a deductible

All of the following statements about mobile home insurance are correct EXCEPT

the HO-4 from can be used to cover the mobile home and the contents in the mobile home

All of the following statements about flood insurance coverage are correct EXCEPT

water damage from captured water is covered