OR Insurance 3

What is the basic limit for costs incurred at the place a vehicle is disabled provided by the towing and labor costs endorsement?

$25

The transfer of money from inside a banking premises to a person other than a messenger outside those premises or to a place outside those premises is covered under which commercial crime coverage?

Computer Fraud

What type of insurance can be obtained through a surplus lines insurer?

Coverage that is unavailable through authorized insurers

Rita drops off her wedding gown at Vicky's Dry Cleaners for a final pressing. The store's press breaks, so Vicky takes Rita's dress to her other store across town. On the way to the other store, Vicky is held at gunpoint until she gives the man the wedding dress. What crime coverage form would pay for the loss of the gown in this situation?

Extortion - Commercial Entities

The part of the insurance contract that describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured is called the

Insuring agreement

What is the deductible of a personal liability umbrella policy called?

The SIR

Which of the following is NOT a purpose of the FAIR Plan?

To regulate premium rates for property insurance

An insured has a standard HO-4 policy with a $30,000 limit of coverage for personal property. While he was traveling, a fire in his hotel destroys clothes and luggage with a replacement value of $10,000 and jewelry with a replacement value of $10,000. Disregarding any deductible, and assuming a depreciation of 20% has occurred in both properties, what amount is the insurer obligated to pay?

16,000 because of ACV

If the insured decides to file a lawsuit against the insurer of a fire insurance policy, the lawsuit must be filed within how many months of the applicable loss?

24

An insured has just received notice that his policy will be cancelled. In the state of Oregon, he has only a few days to request a hearing with the Director. How many days?

30 days

The employee theft crime policy includes a coverage extension that applies to employees temporarily outside the coverage territory for up to

90 days

Concerning insurance, the definition of a fiduciary is

A producer who handles insurer funds in a trust capacity.

An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe?

Aleatory

Which of the following would be considered an illegal inducement to purchase insurance

Bodily injury is caused by the insured's negligence while driving a three-wheel all-terrain vehicle.

Which of the following is true regarding payment of claims by an insurer?

Claims must be either paid or acknowledged within 30 days of notification.

Which of the following is NOT covered under the Utility Services - Time Element endorsement?

Damage to the insured's property caused by utility service disruption

If a worker returns to work after a permanent partial disability, which of the following benefits will be paid?

Impairment

After a storm dumps several inches of snow, an insured spends several hours clearing his sidewalk and driveway. Later that night it begins to sleet. Before the insured can clear his walks again, his neighbor slips and falls while walking past the insured's house, breaking his arm. Which defense will reduce recovery for the neighbor's injury?

Intervening cause

If an employer in a state with elective workers compensation laws chooses not to be subject to those laws, what does the employer lose?

Its common law defenses against liability suits

If a producer changes locations, what must be done?

Notify the DOI within 30 days