Mixed Exam Questions
Umbrella liability insurance policies do all of the following except a provide coverage above the limits of underlying policies. B provide higher limits of liability. C cover slander and libel D provide coverage only to individuals
"D. Provide coverage only to individuals" is not accurate.
The hired auto and non-owned auto liability endorsement provides coverage for all of the following except a least autos B, borrowed autos, C owned autos or D rented autos.
However, it does not provide coverage for: C. Owned autos
Physical damage coverage under the business auto coverage form includes collision, comprehensive coverage and specified cause of loss. If it covered auto accidentally collides with a deer, this will be covered under a collision coverage B comprehensive perils coverage. C. specified perils coverage, or D comprehensive coverage.
If a covered auto accidentally collides with a deer, this would typically be covered under: B. Comprehensive Perils Coverage
While in NHL playoff game, a spectator is injured when a hockey puck hits his face. He filed suit against the team, which defense against negligence might the team's attorney use a comparative negligence b intervening cause C assumption of risk D contributory negligence.
In a situation where a spectator is injured at an NHL playoff game when a hockey puck hits their face and they file a lawsuit against the team, one of the defenses against negligence that the team's attorney might use is: C. Assumption of Risk
In property insurance, an insurable interest is a not necessarily at the time the policy is written or when the loss occurs. B must be present at the time the policy is written, but is not necessarily at the time of loss. See must be present at the time the policy is written, and also at the time of loss. D is not necessary at the time the policy is written, but is necessary at the time of the loss
In property insurance, an insurable interest must be present at the time the policy is written, and also at the time of loss. So, the correct option is: C. Must be present at the time the policy is written, and also at the time of loss.
Which of the following is not included in the nationwide marine definition? A personal floaters, B commercial floaters, C exports, d personal shipments.
Marine insurance covers the transportation of goods and property over water, including imports, exports, commercial floaters (covering various types of commercial property), and personal shipments. "Personal floaters" is not a standard term in marine insurance but might refer to a different type of insurance or coverage for personal property, such as scheduled personal property floaters or endorsements in homeowners or renters insurance policies.
When would misrepresentation in an application be a basis for voiding an insurance policy? A only if they were unintentional. B, never misrepresentations in the application cannot be the basis for voiding a policy. See only if they were fraudulent. D only if they were material misrepresentations
Misrepresentation in an insurance application can be a basis for voiding an insurance policy under the following condition: D. Only if they were material misrepresentations
What is the purpose of the ordinance or law coverage A, this coverage provides workers compensation coverage to domestic employees B, this coverage covers the insured in the event the city assesses the insured for sidewalk repairs. C. this additional coverage provides an additional amount of insurance for the increased costs of repair due to zoning laws. D. this additional coverage provides legal defense cost in the event of a lawsuit.
Option B is correct: "This coverage covers the insured in the event the city assesses the insured for sidewalk repairs." Ordinance or Law Coverage is designed to cover the insured when a city or municipality assesses them for repairs or upgrades to their property, including sidewalks, due to changes in local ordinances or laws. This is a common purpose for this type of coverage
A difference in conditions contract is a modification of the duties of the insured condition in inland marine insurance B, an endorsement used to modify the covered perils in a surety bond. See an exclusion that applies when there has been an increase in hazard that is under the insured control. D a policy issue to cover what is normally excluded in other property insurance
A Difference in Conditions (DIC) contract is: D. A policy issued to cover what is normally excluded in other property insurance.
Which is a characteristics of the business owners policy a. It may be written monoline or part of a commercial package policy B. It may be written monoline only C it includes property and liability coverages similar to a commercial package policy D it is often written as part of a commercial package policy.
A characteristic of the Business Owners Policy (BOP) is: A. It may be written monoline or part of a commercial package policy.
Which of the following coverages is included in the homeowner's policy, but is not included in the unendorsed dwelling policy? A liability B personal property C dwelling D other structures
A coverage that is typically included in a homeowner's policy but not in the unendorsed dwelling policy is: B. Personal Property
Which of the following bonds protects an employer from the actions of dishonest employees? A fidelity B, surety C corporate de performance.
A fidelity B, surety C corporate de performance.
Commercial umbrella policies can be written over all of the following primary liability coverages except a workers compensation B commercial general liability C business auto employer. liability
A. Workers Compensation
And errors and omissions policy could be issued to cover the following occupations, except a architects B veterinarians see accountants D insurance agents
An errors and omissions (E&O) policy can be issued to cover various occupations to protect against claims of professional negligence or mistakes in providing services. However, the one occupation from your list that is typically not covered by an E&O policy is "B. Veterinarians."
Which of the following is a defense against negligence? A vicarious negligence B absolute liability C.
B. Absolute Liability
An insurance broker has contacted an insurance agent, an attempt to place a large homeowner's policy when an insurance broker is involved. Who does the agent legally represent?
So, in this scenario: The insurance agent represents the insurance company. The insurance broker represents the homeowner or client.
Which of the following would not be considered a personal injury loss under the commercial general liability policy a false arrest, B fraud, sea level, D slander
So, the option that would not be considered a personal injury loss under a CGL policy is "B. Fraud."
Temporary short term evidence of coverage is provided by a an endorsement B, a certificate of authority, C and appointment, or D a binder
Temporary short-term evidence of coverage is typically provided by: D. A binder
Condominium association coverage forms ensure all of the following against direct physical loss or damage except a personal property of others on the premises in the care, custody or control of the association. Be personal property owned, used or controlled by the condo unit owner. D. outdoor fixtures. C. personal property owned, used or controlled by the association
The Condominium Association coverage forms typically ensure the following against direct physical loss or damage: C. Personal property owned, used, or controlled by the association.
The attempt to restore an insurer to his pre-loss condition is known as a subrogation B and dimification C ratification de liberalization.
The attempt to restore an insurer to their pre-loss condition is known as: A. Subrogation
The chief officer of an insurance department may issue all of the following penalties to licensees who engage in unfair or deceptive practices, except a suspend willful violators licenses B order imprisonment for willful violators C. older payment of a fine for each non willful violation D order violators to cease and desist from the prohibited practice.
The chief officer of an insurance department may issue various penalties to licensees who engage in unfair or deceptive practices. Among the options you provided: B. Order imprisonment for willful violators
The commercial package policy interline endorsements provide. interstate coverage B provide coverage for interline handlers See are those endorsements that apply to more than one coverage form D provide interstate coverage
The commercial package policy interline endorsements are: C. Those endorsements that apply to more than one coverage form.
Which of the following statements regarding workers' compensation laws is correct? A workers compensation is governed at the federal level. B benefits are paid to workers injured on the job, regardless of who is at fault. See workers' compensation pays the first party. D, an injured worker must prove negligence on the part of the employer.
The correct statement regarding workers' compensation laws is: B. Benefits are paid to workers injured on the job, regardless of who is at fault.
Once an injured employee has received benefits provided under workers' compensation, that employee may not file a suit against her employer to gain additional benefits. This is definition of a the fellow servant rule B contributory negligence C assumption of risk. D exclusive remedy
The definition provided corresponds to: D. Exclusive Remedy
The insured has an auto policy with liability limits of 30 thousand, 60,000 and 10,000 He magically runs off the road and causes 70,000 damage to an apartment building. How much will the policy pay?
The insured caused 70,000 dollars in property damage to an apartment building. Since the property damage liability limit on the policy is 10 thousand dollars, the policy will pay up to the limit for property damage, which is 10 thousand dollars. 10,000 is that the insurere owes
Who are the owners of a mutual insurance company a directors B, stockholders, C policy owners or D investors?
The owners of a mutual insurance company are: C. Policy Owners
Which part of the insurance contract contains information about the location of the insurance property? A declarations page B definitions C conditions or D ensuring agreement?
The part of the insurance contract that typically contains information about the location of the insurance property is: A. Declarations Page
A restaurant has employees use company vehicles to make deliveries. If a driver has an at fault accident, which causes injuries, the employer may be responsible because of a vicarious liability B comparative negligence C strict liability d. contributory negligence
The situation described, where an employer may be held responsible for the actions of their employee who caused an accident while using a company vehicle to make deliveries, typically falls under: A. Vicarious Liability
What type of insurance policy insurers against all risks of loss that are not specifically included by the policy value? policy B named peril policy C Open parallel policy or D specified parallel policy?
The type of insurance policy that covers against all risks of loss that are not specifically included by the policy is an "Open Peril Policy." So, the correct answer is: C. Open Peril Policy
What type of policy would cover lost revenue for a business that is forced to close during a period of restoration after a covered physical damage loss? A additional living expense? B, spoilage, C, extra expense or d. Business income?
The type of policy that would cover lost revenue for a business that is forced to close during a period of restoration after a covered physical damage loss is: D. Business Income Policy
If an HO 3 policy has a coverage limit of 100,000 on the dwelling, how much coverage would automatically apply to cover the insured's personal property under coverage C? Is it a 100,000 B 50,000? C 25,000 or D 20,000.
Under an HO-3 policy, the coverage limit for personal property (Coverage C) is typically a percentage of the coverage limit for the dwelling (Coverage A). It's common for Coverage C to be set at 50% of the Coverage A limit. So, if the HO-3 policy has a dwelling (Coverage A) limit of $100,000, then the automatically applied coverage for personal property (Coverage C) would be: 50% of $100,000 = $50,000 Therefore, the correct answer is: B. $50,000
Which of the following property policies forums should be used when it is difficult to provide the insurance company with an accurate statement of values because of fluctuations in inventory from month to month A schedule form B peak season form C reporting form D non reporting form.
When it is difficult to provide the insurance company with an accurate statement of values due to fluctuations in inventory from month to month, the most suitable property insurance policy form to use is the "Reporting Form." So, the correct answer is: C. Reporting Form
