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