exam answers- emilys study guide

what does reinsurance protect against

catastrophic losses

all of the following are included in the DO NOT CALL list except

charities

retro date 01/01/05, effective date 01/01/06, expiration date 01/01/07...

claims made date matches retro date (01/01/05), answer in the middle of effective date and expiration date usually very last option on exam

what is the difference between calims-made and occurrence

claims trigger occurrence

a personal has a personal auto policy (PA) with a $50,000 limit for bodily injury (BI) and a $25,000 limit for property damage (PD). what limit is this considered

combined single

which of the following WOULDN'T be covered under worker's compensations

compensatory damages: general, pain and suffering, noneconomic

what would cover roof leaks and damage to inventory after operations was completed

completed operations

an insurance policy is which type of contract

contract of adhesion

which of the following is the most similar to a commercial contractor floater

contractor's equipment floater

what are farm fences covered under

coverage G- farm other structures

property being used to repair the premises is covered under

dwelling

which of the following types of insurance is commonly found in a commercial package policy

equipment breakdown insurance

girl is out for pizza delivery using her own car

extended non-owned coverage

what extends coverage beyond claim-made basis

extended reporting form

what is excluded in both dwelling and homeowner's policy

flood

which of the following covers mobile equipment

forklift

under garage form... garage keeper?

franchise auto

what type of compensatory damages will pay for pain and suffering

general

covered under misc. automobiles

golf cart

girl trips on grape in a grocery store. what is the peril

grape

which does commercial crime form k cover

guest property and safe deposit box coverage for loss resulting from actions of employee dishonesty

what would a newspaper by a fire be considered

hazard

which of the following would personal liability cover

hitting a mailbox

an owner who uses company auto for personal use and does not have their own vehicle loss

individual named

rebate is a type of

inducement

what coverage would apply if a man walked into a jewelry store and demanded loose diamonds

inside the premises- theft of monies and securities

what is the difference between insurance and surety bonds

insurance has two parties and a surety bond has three parties

producers can do all but

issue policies/underwriting

auto owned by a nontraditional household/not husband and wife

joint ownership

commercial auto policy (CAP) covers

lawn mowers

what happens if a building is vacant or unoccupied beyond a period of 120 days

limits of insurance are reduced by 50%

loss ratio

loss incurred to earned premium

girl slips in grocery store. the store business liability will not cover

loss of wages

what is covered under commercial crime coverage K

loss resulting from employee dishonesty

what is covered under builder's risk

lumber on premises

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

manual rates

leah goes to lunch with coworker, worker slams hand in car door

medical payments

rob's jewelry store is covered under

money and securities

owned by policyholders

mutual

claims-mad is

on or after retroactive date made during the policy period

what type of peril would a personal yacht be covered under

open peril

optional coverage for a business owner's policy

outdoor signs

what covers money stolen from a messenger/computer fraud

outside the premises- theft

who approves continuing education

pa insurance commissioner

toys R us increase inventory

peak season

when a store has more inventory during the peak season, which coverage should they use

peak season coverage

coverage E in HO policy

personal liability

what is covered if a customer slips and falls in a grocery store

premises

grocer car collides with customer's legs

premises and operations

the FCRA does what

protects consumers against the circulation of inaccurate or obsolete personal or financial information

what is an endorsement added to a business owner's policy that provides coverage for direct damage caused by utility service disruption stemming from a covered peril

utility services- direct damage

when is a claim considered to be made

when notice is received and recorded by an insurer, whoever comes first

the business owner's liability coverage form will cover medical expenses incurred and reported within how many years of the date of an accident

1 year

the personal BOP extension coverage for personal liability of the premises is limited to

10,000

when does the policy period begin

12:01 AM

what is minimum units of liability in PA

15,000/30,000/5,000

when has the terrorism act been extended to

2020

accidental death benefits cover death resulting from an injury in a motor vehicle accident for how long after an accident

24 months

how long does a licensee have to report admin action taken against them in another jurisdiction

30 days

within how many days must a producer respond to an inquiry from the commissioner

30 days

how many years must an insurance company hold advertisements

4

how long are insurers required to hold records for

5 YEARS

losses must be paid within how many days of the insurer receiving proof of loss

60

notice of nonrenewal

60 days

not insured under personal auto policy

6500 lb capacity truck

motor carrier act of 1980

750,000 for trucks

licensee changes state... how long do they have to notify the commissioner

90 days

the main difference between HO-4 and HO-6

HO-6 provides limited dwelling coverage as well as contents covered

what is covered under livestock coverage form

accidental shooting

how much will the HO-3 form pay for additional living expenses

all expenses up to coverage D limit

which bond is required by a court before allowing one to take the assets of another

attachment bond

business auto policy (BOP) covers all EXCEPT

autos held for sale

what is included in farm coverage G

barns and other structures

what insures builders under construction

builder's risk

what does jewelers block cover

damage in mail

first party medical benefits does not cover

death

in homeowner's policy, regarding coverage B (other structures) all of the following are covered EXCEPT

decks attached to house

if a plumber drops a sink...

defense cost

states with monopolisitic state workers compensations funds

do not allow private insurers to be licenses to write workers compensation coverage

what would an appropriate sign be for a wall at a business for worker's compensation

remember it is important to tell your employer about your injury

what should a business owner purchase if their inventory frequently changes

reporting form

what is the consequence for acting as a manager or exclusive general agent without a license

results in 3rd degree misdemeanor and up to $1000 a day

what individual would be covered under a commercial auto policy

riding a lawn mower

what happens when an owner dies

rights are transferred to the legal representative

which of the following would be excluded under Homeowner's policy

running over your neighbors fence in a fit of rage

inland marine covers everything EXCEPT

sea

what is not covered under ocean marine's coverage

securities

commissioners can do all of the following EXCEPT

set rates

which of the following is NOT a duty of the department of insurance

setting premium rates

everything is covered under an ocean marine coverage EXCEPT

shipping costs

in HO policy, what NOT covered under personal liability

slander/libel

what does a directors and official's coverage not cover

stockholders

what is an example of self-insurance

surety bonds

cant remember but something about purchasing group liability reinsurance

surplus lines group

to renew a license you must do all but

take the renewal test

in a hospital for four weeks

temporary, total

the occurrence form trigger is based on which of the following

the date when the injury or damage occurs

all are included in both broad and special form under dwelling policy EXCEPT

theft and personal property

which of the following is excluded under first party benefits

transportation expenses

aviation does not cover

wear and tear