Insurance exam: Missed questions
additional coverages in a HO policy
-trees, shrubs, and other plants -payment for reasonable repairs and debris removal following a covered loss -fire department service charge
unless additional coverages are added to the BOP, the max amount of coverage on an outdoor sign is
1,000
to cancel a PAP for nonpayment they must give notice of at least
10 days
waiting period for transportation expenses coverage for a loss other than theft of a covered vehicle
24 hours
provides open peril coverage for dwelling and contents
HO 5
emergency flood program goes into effect when
a community applies
risk eligible for coverage under the DP form
a duplex occupied by 2 families, each of which have a bedroom rented to a boarder
certificate of insurance indicates
amounts and types of insurance
replacement cost coverages under the BOP
an 80% insurance-to-value requirement is in place
disagreement on value
appraisal
in order to receive transportation expenses under a PAP following damage by a collision, an insure must have
collision coverage
exaggerates financial condition of one of its competitors and makes it sound worse than it is this is an example of
defamation
loss valuation method is best described as the process of
determining the premium charged and the amount of insurance required on a specific property
the federal act that provided more favorable benefits for interstate railroad workers by allowing the injured worker to sue the employer for negligence is the
federal employers liability act
to have insurable interest, the policy owner must face
financial loss
which of the following liability coverages in a general liability policy is NOT subject to the aggregate limit
fire legal liability
non compliance with workers compensation laws
forced payment of billing for services rendered by any private insurer that "binds" coverage based on an employees request for coverage
insurance to value
found in HO policy and provides replacement cost settlement to policyholders who carry adequate insurance
solicitation, negotiation, effectuation or advising related to an insurance contract
insurance transaction
how does insurance distribute the financial consequences of individual losses
it transfers the risk to all persons insured
debris removal coverage under a BOP
limit of liability is 25% of the sum of the direct loss payment plus the deductible amount
insurers responsibility for payment under a policy
limits of liability
insurers duty to defend a suit or claim ends in a CGL policy when
loss payments equal the applicable limit of insurance
100/300/50. the number 100 means
max limit for bodily injury claims that can be paid for one person
the other major coverage provided by the BOP form
medical payments
symbol 7
newly acquired vehicles if the insurer already covers all autos owned by the insured
policy limits are the maximum amount an insured may collect, or for which an insured is protected under the terms of the
policy
the CGL coverage A- BI and PD provides coverage for
premises
designed to assume risks that are generally unacceptable to the normal insurance market
residual risks
right to take property after paying loss
salvage
self-insured retention
the amount of loss the insured is willing to absorb without insurance protection is known as
a small appliance manufacturer in this state provides products around the globe. a customer in Switzerland is injured using one of its products. if the appliance manufacturer is found liable for the damages, why would its CGL policy cover the customers claim for bodily injury
the appliance was manufactures in the U.S.
a type of injury the could incur additional premiums and/or increased benefits paid by the employer
the employers willful failure to provide required safety goggles
PIP coverage in auto liability policies issued in the state
the insured may reject this coverage in writing
you do not need what in the reports required by the Texas department of insurance based on complaints about unfair settlement practices
the resident state of the claimant
surplus lines insurance can be obtained when
they are unable to procure insurance through an authorized insurer
mortgage clause naming homeland as payee and John and Carol Thomas just purchased. if they suffer a fire to their home
they will be considered co-claimants and receive a loss reimbursement
terrorism risk insurance act
to share the risk of loss from terrorists attacks with the insurance industry