4-40 quizzes

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Which of the following would NOT be covered under the Comprehensive section of a PAP?

A. Rollover

The BOP provides loss of income on an "actual loss" sustained basis for up to:

12 Months

When it comes to insuring office buildings, most BOP policies require a building to be _____ or fewer stories in height.

Which of the following statements about a Personal Articles Floater (PAF) policy is FALSE?

A PAF always pays actual cash value for damaged property.

Lemon Insurance Co. decides not to renew Hugh's Personal Auto policy, which is set to expire on May 31. Which of the following statements is TRUE?

D. Lemon Insurance must notify Hugh at least 45 days before the policy expires.

Which of the following is NOT an Unfair Claims Settlement Practice in the state of Florida?

Denying a claim when the insured has violated a policy condition

All of the following are examples of court bonds, EXCEPT:

Financial Guarantee Bond

A government crime policy:

can provide primary or excess coverage.

Citizens Insurance:

is available to certain people who are not residents of Florida.

A storm travels through town, partially destroying Wilma's business, which is covered by a commercial property policy. Wilma maintains Business Income Coverage with a $100,000 limit, and the Maximum Period of Indemnity coverage option. Wilma's business incurred the following losses: Monthly losses 1$19,000Month 2$16,000Month 3$14,000Month 4$11,000Month 5$6,000 How much would her policy pay for lost income?

$60,000

All of the following would fall under the definition of a "personal injury" in a Commercial General Liability policy, EXCEPT:

A man is justly fired and files for unemployment benefits from his previous employer.

Celina's business is growing and she needs more space for her inventory. A week ago, a crew started work on constructing a new building on Celina's business premises. Last night, a bolt of lightning set fire to the still-unfinished new building and burned it to the ground. Celina's property is fully insured under a commercial property policy. Which coverage extension in her policy would cover this loss?

D. Newly Acquired Property

After a heavy hailstorm cut the power to Julia's bakery, she had to rent generators to keep her business going for a few days. Which of the following coverages in her commercial property policy would protect Julia the MOST in this situation?

Extra Expense Coverage

While working on a customer's industrial copier in the repair facility, an employee at RZJ Electronics Repair accidentally destroys the copier, causing $3,000 in damage. What commercial property coverage might apply?

Legal Liability coverage

When a gas line explodes close to Georgia's business, it destroys most of her landscaping, leveling trees and uprooting shrubs. Which coverage extension could help cover the cost of replacing these plants?

Outdoor Property

Lance slips and falls in the icy parking lot of XYZ Consulting. Under which part of Coverage A in XYZ Consulting's CGL policy would this claim be covered?

Premises Liability

ABC Motors produces luxury cars, but lately some of their automobiles have been shipped out with faulty accelerators that stick. One such car was sold to an elderly man who was pulling into a parking space when his car engine suddenly revved to 4,000 RPMs, crashing into a parked car. The resulting damage would fall under what coverage in ABC Motors' Commercial General Liability policy?

Product Liability

Which of the following coverage options does NOT waive the coinsurance requirement in a commercial property policy?

Replacement Cost

Rise & Shine Light Bulb Co. has a claims-made & reported policy that is about to expire, but a customer just filed a liability claim against the company. If Rise & Shine wants to have insurance pay for the damages, it must do which of the following?

Rise & Shine must report the claim before its policy expires.

James owns a metal machining shop where he does contract work for local mechanics, manufacturing hard-to-find parts or custom fittings. Being a cautious man, James wants commercial property insurance that provides coverage on an open-peril basis. Which Causes of Loss Form would best suit James' needs?

Special Form

Which commercial property Causes of Loss form offers open-peril (also called "all-risks") coverage?

Special Form

In a Commercial General Liability policy, the basic extended reporting period is also known as a(n):

Tail

Which one of the following statements about freight insurance is TRUE?

Freight insurance protects the vessel owner in the event the freight costs are not paid.

When Jane rear-ends Frank, she causes minor damage to Frank's car, but Frank is not hurt. However, when Jane's insurer asks him about the accident, Frank claims that his back and neck have been hurting a lot because of the collision, even though he is actually fine. Frank is guilty of:

Soft Fraud

Which of the following is FALSE about Workers' Compensation insurance?

The employee pays for this insurance.

A fidelity bond provides a guarantee that an employee will NOT perform certain acts, such as theft or fraud. Who is the obligee in a fidelity bond?

The employer

In a CGL policy, the basic extended reporting period provides extended coverage for an "occurrence" transpiring within _____ days of the end of the policy period.

60 days

In the Business and Personal Property Form of a commercial property policy, Coverage A - Buildings and Structures coverage would apply to which of the following features of a commercial enterprise?

A 40-ton printing machine affixed to a factory floor

In Florida, once an insurer has received all pertinent information about a claim, it must accept or deny the claim within 90 days. If the insurer needs more time to come to a decision, it must:

B. notify the claimant as to why it needs more time.

In a BOP, all of the following losses are excluded from liability coverage, EXCEPT:

B. property damage to premises rented by the insured.

The main purpose of an Insurance Guaranty Association is:

B. to make sure that insurers are able to pay claims, even in the event of insolvency.

Which of the following lines of coverage could be found in a Commercial Package Policy?

Business Auto insurance

In the Business and Personal Property Form of a commercial property policy, Coverage B - Business Personal Property coverage applies to all of the following EXCEPT:

C. Commercial flooring

Which coverage in a BAP would indemnify the insured for damage caused by a tree branch falling onto a company car?

Comprehensive Coverage

While attending a free-sample tasting of Craig's Famous Rock Candy, Claire bites into a sample containing an actual rock and breaks a tooth. Which coverage section of Craig's CGL would cover Claire's tooth?

Coverage C

All of the following are coverages in a Commercial General Liability policy, EXCEPT:

Coverage C- Prohibited Substances Liability.

Which of the following is NOT covered by Coverage A of a Commercial General Liability policy without an endorsement?

Damage caused by pollutants

Stan owns ABC Mattress Supply. During a storm, lightning strikes a large tree, causing it to fall through the front of his building, resulting in $23,000 in damages. Which coverage in a BOP would pay for the extraction of the tree from Stan's store?

Debris removal coverage

Which statement BEST describes a stand alone excess liability policy?

Excess liability insurance that "follows" the base policy, but includes its own set of limitations and exclusions

Christine was looking quickly at her cell phone when she crashed into her garage, smashing the door. Since her auto liability won't cover the damage because it doesn't extend to property she owns, she hopes her excess liability policy will cover the damage to the garage door. Why is this NOT possible?

Excess liability policies cover only what is also covered by the base policy.

Which endorsement to a garage-keepers policy would cover the theft of a vehicle by someone who was pretending to take it for a test-drive?

False Pretense Coverage

Oversea Industries transports multiple shipments of goods every year, to and from ports all over the world. What type of cargo coverage would Oversea Industries purchase to protect its cargo?

Floating, Open or Long Term

The set of patient privacy rules that all health care providers, insurance companies, physicians offices, hospitals, and pharmacies must follow is called the _____________.

HIPAA - Health Insurance Portability and Accountability Act

Residual market insurance programs are primarily designed to meet the needs of which type of consumer?

High-risk consumers

Maria was in the hospital for five days, recovering from a stroke. The bill she received for her hospital stay broke down the charges for room, lab fees, meals, and nursing care. However, her insurer paid a flat daily rate and she was left responsible for paying the remaining charges. What type of insurance does Maria have?

Hospital Indemnity insurance

Which of the following insurance packages will indemnify a policyholder for a variety of hospital-related expenses such as nursing care, supplies, and rooming charges?

Hospitalization Expense insurance

Why are there implied warranties in an Ocean Marine insurance contract?

It is difficult for underwriters to fully investigate the risks involved in Ocean Marine insurance.

Which of the following statements about the Standard Flood Insurance Policy is FALSE?

It is subject to state courts.

A(n) _____ allows an insurer to specifically exclude insurance coverage from a claims-made CGL policy for a product with a spotty safety record.

Laser Beam endorsement

Tom needs some extra hands to help him lay a concrete foundation. He contacts XYZ Labor to hire some experienced concrete workers who can help him complete the job. Tom will pay XYZ Labor directly and let them handle payroll, taxes, etc. Once they finish with the foundation, Tom won't need their services any longer and XYZ will move on to the next client. Under Tom's CGL policy, which of the following best describes the type of worker Tom is looking for?

Leased Workers

J. Darby's Local Bar is being sued for selling alcohol to minors who then vandalized several houses. Fortunately for J. Darby's, it has __________________ to help cover the costs of the lawsuit.

Liquor Liability Insurance

Which type of commercial auto insurance is designed for anyone who transports goods or passengers as part of a commercial enterprise?

Motor Carrier Policy

Smith Shipping Co. owns two cargo ships. The first ship is covered by a hull policy with a $50,000 average deductible. The second ship is covered by a hull policy with a $75,000 franchise deductible. One very unlucky month, both ships catch fire, each ship sustaining $100,000 in damages. Smith Shipping Co. will be indemnified ______ (total) for their losses.

B. $150,000

Kelly took her eyes off the road and ended up smashing into the back of a passenger van. All five passengers were injured, and each one ended up with $25,000 in medical costs. Assuming Kelly has liability coverage with limits of 50/100/50, how much will she have to pay out of pocket?

B. $25,000

Dr. Smith has a claims-made malpractice insurance policy with a policy period from June 30, 2006 to June 30, 2007. Which claim would trigger this policy?

B. A claim filed on January 13, 2007 for surgery performed on June 28, 2005.

The DP-3 is known as the:

B. Special Form.

In dwelling policies, Coverage D pays for:

B. lost rental income.

Jim's health insurance policy states that he is responsible for 10% of the total cost of his medical bills. This percentage might be referred to as a:

coinsurance payment.

A stand alone excess liability policy:

follows a base policy, but may have different exclusions and limitations.

Risk retention groups do NOT:

have the support of state Guaranty Funds.

Residual market insurance programs are funded by:

insurers and their policyholders.

An equipment breakdown endorsement would indemnify the insured for losses related to:

malfunctioning refrigeration systems.

States that have special legislation that requires workers' compensation coverage to be provided exclusively by the state's workers' comp program are:

monopolistic.

In a surety bond, the maximum amount a surety is required to pay is known as a:

penal sum.

The National Flood Insurance Program:

provides flood insurance for individuals in communities complying with NFIP standards.

Josephine has purchased a Business Owners Policy. She insures both the real and personal property at 80% under the policy. Assuming no endorsements apply, the losses will be adjusted on a(n) _______________ basis.

replacement cost

The Write Your Own program allows private insurers to:

sell standardized NFIP policies.

Cost, Insurance, and Freight (CIF) coverage would be purchased by the __________ of goods.

seller

The retroactive date in the claims-made version of the CGL policy is:

the earliest date an injury can occur for coverage to apply.

In a CGL policy, the Premises Liability hazard applies to claims arising from an occurrence on:

the premises owned or rented by the insured.

Individuals CANNOT purchase comprehensive health or catastrophic health insurance plans:

through an Out-of-Pocket (OOP) plan.

The primary purpose behind garagekeepers insurance is:

to provide insurance protection against damages to customers' autos while in the care and custody of the insured party.

At the very LEAST, a Commercial Package Policy will contain _______ coverage sections.

two

For occurrences transpiring during the supplemental extended reporting period, what is the time limit in which a claim must be made in order to be covered by a claims-made CGL policy?

None

What is an insurer required to do when it needs further information to process a claim?

Notify the claimant that additional information is needed

Which of these claims would NOT be covered by Personal and Advertising Injury coverage in a Commercial General Liability policy?

Physical impairment

An insured may only add Utility Interruption coverage to her Equipment Breakdown policy if at least one of three other coverages are also present. Which of the following is NOT one of these other coverages?

Property Damage

Robert, a customer representative at ABC Insurance, always takes the time to learn about his clients' needs and review the policies to ensure that those needs are being met. He tailors his counsel to what is appropriate for each individual client, instead of trying to get people to buy products that they don't need. Which ethical duty would best describe Robert's actions?

Respecting the client's interest

What is the primary difference between the Pollution Liability Coverage-Broad Form and the Pollution Liability Limited Coverage Form?

The Broad Form pays for pollution clean-up costs, while the Limited Form does not.

In order for a statement to qualify as libel or slander, which of the following conditions must be met?

The statement must be made about a third party.

Greg, an agent for ABC Insurance Brokers, is trying to sell a new policy to Sally. Sally, however, is perfectly happy with her current policy and has no intention of cancelling it. Greg tells Sally that upcoming legislation is set to increase the minimum requirements for insurance, and that her current policy will not be available once the bill passes. He fails to tell her that if her policy is already in effect, this legislation won't affect her insurance. Which unlawful or unfair practice is Greg guilty of?

Twisting

Which of the following types of insurance will sometimes cover losses that the base (underlying) policy will not?

Umbrella

Coverage B of the BOP would provide indemnification for damages to all of the following, EXCEPT:

Windows

After an insurance claim has been filed in Florida, how soon must the insurer respond to the claim?

Within 14 days

When a company acquires a new vehicle under Symbol 7, Specifically Described Autos, when must the company report the new vehicle to the insurer?

Within 30 days

A typical workers' compensation policy combines two basic forms of coverage. They are:

Workers' Compensation and Employers Liability

XYZ Autos sells 20 cars to a buyer across the country. As part of the deal, XYZ Auto ships the cars "FOB Tallahassee." Which of the following statements accurately explains what this phrase means?

XYZ Autos assumes responsibility for the autos until they reach Tallahassee.

Bill works for an alien insurer operating in Florida. His company began business overseas and follows all applicable Florida laws. In order to operate his business in Florida, in addition to following all the state's insurance laws, Bill's company must also possess:

a certificate of authority.

According to the Other Insurance provision in Commercial General Liability policies:

a claims-made form will always pay the excess after an occurrence form.

The "Consent to Settle" clause in the Professional Liability policy is best described as:

a clause that requires the insurance company to get approval from the insured before settling a claim.

According to the Employee Retirement Income Security Act (ERISA), an individual or corporation who exercises discretionary authority or control over the management of an employee benefit plan is called:

a fiduciary.

Under a BAP, a total loss is settled according to:

actual cash value.

Participation in the Florida Automobile Joint Underwriting Association is mandatory for:

all insurers who can sell auto insurance in Florida.

When Shawn purposefully set fire to Jim's restaurant, Jim was covered under his commercial property policy. Which condition allows Jim's insurer to attempt to reclaim those damages from Shawn?

Subrogation

Which of the following conditions is frequently included in Mechanical Breakdown Insurance policies?

Subrogation

In a Business Auto policy, which symbol applies to private passenger autos owned by the insured, excluding trucks, buses, and specialty vehicles?

Symbol #3

A processing and servicing company would qualify for a BOP only if they have less than _____ in annual revenues.

$3 million

When Sally slips and falls at XYZ Furniture, she injures her back and incurs $145,000 in covered medical expenses. Assuming XYZ Furniture carries a CGL policy with a General Aggregate of $400,000, and a Per Occurrence limit of $100,000, how much would XYZ Furniture have to pay out-of-pocket?

$45,000

Which of the following losses would NOT be covered under the hull coverage of an Ocean Marine policy?

A ship wanders into a war zone, is fired upon, and is struck by a missile.

Which of the following individuals is NOT considered a "custodian" in commercial crime insurance?

Customer

Which of the following statements regarding Commercial Package Policies (CPP) is TRUE?

A CPP is an elective-based policy.

Which of the following situations would be covered by a standard CGL insurance policy with no endorsements?

A company is sued for copyright infringement in their advertisement.

Which of these statements about foreign insurers in Florida is TRUE?

A foreign insurer can usually only issue insurance to someone who was denied coverage by domestic insurers.

Grant works at ABC Convenience. One day, a man pulls up in an expensive car and pays cash for his gas with a hundred dollar bill. Grant accepts the bill without checking its validity. When Grant's manager checks the bill later, he discovers it is a fake. Which commercial crime coverage could protect ABC Convenience from financial loss associated with accepting the fake hundred dollar bill?

A. Money Orders and Counterfeit Paper Currency

Which of the following is considered an Unfair Claims Settlement Practice in Florida?

A. Withholding payment on a legitimate, undisputed claim, or delaying payment beyond 90 days

In a garagekeepers policy, PIP coverage is:

A. available with an endorsement.

Which of the following highlights a major difference between an insurance contract and a surety bond?

An insurer may cancel an insurance contract; a surety cannot cancel a surety bond.

This type of agent works for only one insurer and is paid on commission.

B. Captive Agent

Who is NOT covered for their legal liability under a CGL?

Customers

ABC Markets is concerned about declining revenues. Though business seems to have increased, ABC can't quite figure out the source of the poor sales performance. When the president suggests that employees might be stealing money, ABC Markets decides to purchase commercial crime insurance that would protect against theft by all 1,320 employees of the chain. Which type of commercial crime coverage would best apply in this situation?

Employee Theft - All Employees

Each insurance coverage in a commercial property insurance policy will contain a Causes of Loss form. Which of the following is NOT an example of a Causes of Loss form?

General Form

Which of the following is not true about Business Income Coverage, an additional coverage in a Business Owners Policy?

It is added by endorsement and increases the premium.

Bob owns a garage. He routinely has customer vehicles in his shop for extended periods of time while he services and repairs them. Which coverage symbol in his garage-keepers policy pertains to the coverage that Bob is required to have to protect the vehicles left in his care?

Symbol 30

The Royal Wedgewood Hotel is a fancy hotel located in a prime neighborhood downtown. As part of their five-star service, they own several limousines for transporting clients, as well as a custom-built luxury bus for larger parties. Obviously, comprehensive coverage is essential for such a specialty vehicle. Which coverage symbol would specifically describe the luxury bus and its coverage?

Symbol 7

All of the following statements are true of the Named Peril Endorsement in a BOP, EXCEPT:

Theft is a covered peril

Which of the following is NOT a feature of a typical Business Owners Policy?

Usually Actual Cost Valuation

ABC Paints needs to ship 100,000 gallons of house paint to China. The cost of actually shipping the paint would be called the:

freight.

A fire in John's factory causes him to shut the doors for 90 days. While repairs take place, John rents another building, along with some machinery and manufacturing supplies, for $90,000. John's total loss is $300,000, but by renting the new building and equipment he manages to reduce that loss by $50,000. Assuming John's commercial property policy provides Business Income Coverage Without Extra Expense, how much will his insurer indemnify him?

$300,000

Jerome was shopping at ABC Imports when a light fixture fell from the ceiling and hit him on the head. Jerome's injuries resulted in an extended hospital stay, so he sued ABC Imports and was awarded $400,000. Assuming ABC Imports carries a CGL with a General Aggregate of $750,000 and a Per Occurrence limit of $250,000, what will the new General Aggregate Limit be after this claim is paid?

$500,000

Under the Longshore and Harbor Workers' Compensation Act, how much would the surviving spouse of a deceased worker receive in benefits?

50% of the deceased worker's Average Weekly Wage

During a strong storm, Missy's grain drill was mangled by a tornado, which rendered it useless. Before the damage, the grain drill was worth $25,000, but it would cost $45,000 to buy a new one today. Missy's farm policy has a replacement cost endorsement, and the grain drill is scheduled on a Mobile Agricultural Machinery and Equipment form with a $36,000 limit. Missy replaces her grain drill with one she found on sale for $40,000. How much total indemnification will she receive?

A. $36,000

According to the commercial property policy, a commercial building is considered vacant if less than ____ of the available square footage is occupied for ____ consecutive days.

A. 31%, 60

The purpose of a fidelity bond is to guarantee that:

A. the principal will not perform certain acts.

Bill has experienced a loss covered under the Business Income and Extra Expense coverage in his Equipment Breakdown Protection Coverage Form. When does the period of restoration begin?

At the time of the breakdown or 24 hours before Bill was notified of the breakdown, whichever is later

Marlene has been living in her $120,000 home for 31 years. Because she has paid off the mortgage, she decides to save some money on her monthly insurance premiums by reducing her homeowners coverage to $40,000. After a severe hailstorm totals her roof, her adjuster estimates the damage at $12,000. Assuming the insurer imposes the standard coinsurance penalty, and ignoring the deductible, how much will Marlene receive in the settlement?

B. $5,000

What is the main purpose of an Owners and Contractors Protective Liability Form that can be added to a CGL policy?

B. It provides separate insurance coverage for specific jobs performed by an independent contractor.

Which of the following losses may qualify for coverage under Coverage F - Medical Payments?

B. Kevin accidentally shoots himself in the foot with a nail gun while he is helping Joe build a deck in Joe's backyard.

Which of the following is NOT a characteristic of social insurance programs?

B. Social insurance programs are for-profit programs.

Which of the following is NOT excluded from coverage under a Mechanical Breakdown Insurance policy?

Breakdown due to the cracking of an engine block

Argo Sciences Inc. wants to build a new testing laboratory for their line of chemicals. They want insurance coverage to protect their insurable interest in the building and materials while under construction. What commercial property coverage might Argo Sciences Inc. purchase to protect their new facility while it's under construction?

Builder's Risk coverage

Grace purchased a recliner from XYZ Furniture. After getting it home, she decided to try out the new chair. While leaning back, the chair breaks and Grace injures her neck. She sues XYZ Furniture and is awarded $70,000. Assuming XYZ Furniture's CGL has a Products-Completed Operations limit of $500,000 with a per occurrence limit of $75,000, how much out-of-pocket expense will XYZ Furniture incur if the court costs total $85,000?

C. $0

Acme Construction, Inc. has one contractor and one receptionist. The contractor makes $25/hr, and the receptionist makes $10/hr. The contractor worked exactly 8 hours in 2010, so he made $200. The receptionist worked 10 hours, so she made $100. Therefore, Acme's entire payroll for 2010 was $300. Assume that, for every $100 of payroll, the WC rate for contractors is $50 and the rate for receptionists is $5. How much did Acme owe in WC premiums?

C. $105

This agent is a salaried employee who sells insurance products for only one insurer.

C. Direct Writer

In what part of a commercial property policy would you look to see if flood damage to your factory is covered?

Causes of Loss Forms

When a fire destroys a car parts manufacturer in China, USA Motors finds itself without the necessary parts to build its vehicles. Which commercial property insurance coverage option could indemnify USA Motors from lost business due to the damages sustained by its Chinese supplier?

Contingent Business Interruption

Lightning strikes one of Christy's trees in her backyard and starts a fire that spreads to two other trees before firefighters are able to put it out. The fire department charges her $600 for responding to her call. Christy's DP-2 policy has a Coverage A limit of $95,000. What is the maximum amount of indemnification that Christy can expect to receive for this loss (ignoring any deductible)?

D. $2,000

What is the current minimum amount of liability coverage required by the state of Florida for a driver who is found to be at fault in an accident?

D. 10/20/10

Which of the following is TRUE concerning a Business Owners Policy?

D. A business owners policy offers liability protection.

ABC Credit Union has an employment opening for a "vault controller," who would be responsible for a large amount of cash in the vault. They want to acquire an insurance coverage protecting them from theft by the vault controller only. What insuring agreement in their Commercial Crime policy would provide this coverage?

Employee Theft - Scheduled Positions

Which of the following statements is TRUE about a suretyship?

If a principal fails to meet the terms of the contract, the surety is responsible for completing the contract for the obligee.

Which statement about the Federal Employees Compensation Act is TRUE?

It provides federal government insurance for civilian employees.

Coast-to-Coast Trucking is in the business of transporting fresh produce from farmers to markets all across the U.S. Which type of inland marine policy would best protect Coast-to-Coast Trucking's interest in the produce that it ships?

Motor Truck Cargo policy

Which of the following is NOT an example of property eligible for coverage under the Outdoor Property coverage extension in a BOP?

Patio Furniture

Frank found a "favorable lease" for his business two years ago at $10/sq.ft. per year. He ended up leasing a 20,000 sq.ft. space for 6 years to lock in that yearly lease of $200,000. Yesterday, Frank's business was struck by lightning and burned to the ground, forcing him to lease a new building. Unfortunately the going rate now is $15/sq.ft. and Frank still needs 20,000 sq.ft. of space. How much could Frank's Leasehold Interest Coverage pay for the additional costs of leasing a new space for the remaining 4 years?

The Leasehold Interest coverage pays for the difference in the amount the insured would have paid for the old lease and how much he'll pay for the new lease. Frank's new lease is now $5 more per sq.ft. per year. Multiply that by the 20,000 sq.ft. and 4 years, and you get $400,000 ($5 x 20,000 x 4 = $400,000).

Which of the following would NOT affect the rating for comprehensive and collision coverage on a vehicle?

The color of the vehicle

In order for the contents of a home to qualify for flood insurance protection, which of the following conditions must be met?

The contents must be located in a fully enclosed building.

Generally speaking, which of the following has the broadest coverage?

Umbrella coverage

Greg owns a construction business and has been really swamped lately. His friend Chuck is looking to become a claims adjuster, but doesn't have very much construction experience, so Chuck offers to help Greg on the weekends for free. This way Chuck gains his experience, while Greg catches up on work without the additional cost of hiring someone. According to the definitions in Greg's CGL policy, which of the following best describes Chuck?

Volunteer Worker

Which of the following perils is excluded from coverage in a National Flood Insurance Program policy?

Water-main breakage

Which of the following insurers is NOT engaging in an Unfair Claims Settlement Practice?

XYZ Insurance Company owns its own auto repair shop and sends policyholders' cars there to be repaired.

Which building would fall under a General Property Form flood insurance policy?

a 15-room motel

Josh is driving through town in the company truck when he misses his turn. He decides just to make a U-turn and double back. Unfortunately, he doesn't see the car coming up alongside of him and the two collide. Josh files a claim with the company's CGL, but the claim is denied because:

a CGL does not cover auto accidents.

Florida law requires all Medigap insurance policies to have a "Free Look Period," which means that:

a policyholder may return the policy for a full refund anytime during the first 30 days of coverage.

Ethics can best be defined as:

a system of moral values.

An injured employee's PPI rating (or Impairment rating) is NOT:

awarded before the employee reaches his Maximum Medical Improvement.

States that allow private insurers to offer workers' comp coverage as an alternative to the state workers' comp fund are called:

competitive

Susan purchases a health insurance package. Looking it over, she realizes her policy requires her to pay $20 out-of-pocket every time she uses the benefits of the policy. That $20 is Susan's:

copayment

Third Party Administrators:

do not assume any risk for the policies they handle.

The amount of Permanent Partial Impairment Benefits that an injured employee might receive is based on:

her impairment rating

A Florida company that is assigned to "Tier 2" for coverage under FWCJUA must pay:

rates that are 50% higher than voluntary market rates.

When a fire burns through The Chronicle newspaper company, it takes out two permanently-installed printing presses, three employees' personal laptops, five rolls of newspaper stock, and in a twist of irony, two fire extinguishers. Which of these would be covered by the Building & Personal Property form under Coverage C - Personal Property of Others?

Employees personal laptops

Jane caused an auto accident while driving the company vehicle for work. Unfortunately, the van she ran into was carrying 6 passengers, all of whom were injured in the accident. The total of everyone's injuries comes to $210,000. Jane's company's business auto policy only covers up to $100,000 in bodily injury per accident. Which of the following might help cover the remaining liability caused by Jane's accident?

Excess liability policy

While hurriedly backing out of his driveway, Brayden accidentally crashes into his own brick mailbox and destroys it. Brayden knows his auto liability insurance won't cover damage that he causes to his own property; but, he is hoping his excess liability policy will cover the damages to the mailbox. Brayden will be disappointed to learn that the damage is not covered, because:

excess liability policies only cover types of liability that are covered by the base policy.

"Take-out credits"

reward private insurers who take risks out of the residual market.

When a severe flood is imminent, Erica goes out and spends $600 on sandbags, $200 on plastic sheeting and lumber, and $500 on a pump. Then she works for 8 hours, applying the protective measures to her home. After the flood passes, Erica files a claim for these expenses. Assuming the federal minimum wage at that time is $10 per hour, how much will her flood policy indemnify her?

$1,000

Jacob is severely injured at work and receives $600 per week in Temporary Total Disability benefits under his Workers' Compensation insurance for 8 weeks. After 8 weeks, Jacob dies from his injury. What is the highest total amount that his dependents could receive in Death benefits?

$145,200

Jackson County has a government crime loss sustained form with employee theft coverage of $30,000 per employee. Three months after the policy expires, a Jackson County finance analyst realizes that two other county employees collaborated to steal $40,000 each from the county while the policy was still in effect. How much will Jackson County's insurer pay for this theft?

$60,000

The insured carries a BOP policy with protective systems such as a sprinkler system. If the system becomes inoperative, the insured must advise the insurance company of the problem within _______ if the system cannot be restored to working order.

48 Hours

When an insurer buys insurance to reduce its exposure to loss, this is called:

D. re-insurance.

Which of the following terms refers to the time elapsed between a covered loss to a commercial building and the return to full business operations of the same building?

Period of Restoration

Mark has an ocean marine insurance policy with cargo coverage. The type and value of his cargo varies from one shipment to the next, so rather than having a set value for this coverage, the amount of his settlement is only determined after a covered loss. Mark's cargo coverage is written on a/an ________ basis.

D. unvalued

Dr. Jones' current occurrence malpractice policy is in effect from July 1, 2005 through July 1, 2006. Which lawsuit would trigger this malpractice insurance policy?

A man sues Dr. Jones on July 26, 2009 for a damaging knee surgery performed on March 3, 2006.

Which of the following losses would be covered by Section III of a BAP?

Damaged factory-installed speakers

Grace owns a high-end tea shop and, to improve the ambiance, has purchased some old antique furniture and statues. While these items have intrinsic value, it's difficult to assign them an actual cash value. Which type of coverage in her commercial property policy could help assign value to these items in the event of a loss?

Agreed Value

Which of the following people would NOT be covered under Section II of a BAP?

An employee's spouse, who finds the keys to a company car and makes a quick run to the grocery store.

In a Personal Auto Policy, deductibles are applied on a/an ________ basis.

B. per claim

Which of the following is TRUE concerning a Business Owners Policy?

A business owners policy offers liability protection.

Which of the following BEST describes a contract bond?

A contract bond guarantees that a party will fulfill certain terms of a specific contract.

In the Business Auto Policy, what does the symbol #2 mean?

A. Any Owned Vehicle

Bob has been in the construction business a long time and is ready to retire. He sells the company to his friend Scott and then lets the insurer know that any claims against his policy should be paid to Scott from now on. The insurer informs Bob that they cannot do this due to which condition?

C. Assignment

Which of the following may be covered under a Mechanical Breakdown Insurance policy?

C. Breakdown due to electrical system malfunction

Cliff receives a letter from the IRS, informing him that he has severely underestimated his Adjusted Gross Income for the past year. Cliff was oblivious to this fact because XYZ Accounting has filed his taxes for him for the past 15 years. Now, Cliff owes $15,000 in back taxes. He sues XYZ Accounting for this mistake. Which of the following would cover the cost of the lawsuit for XYZ Accounting?

D. Errors and Omissions Insurance

Randy owns a clothing store. One day, he notices a shady character with a backpack who is hanging around acting nervous. Randy becomes suspicious and approaches the young man. As the boy makes an effort to avoid him, Randy grabs his arm and detains him until the police arrive. Not finding any stolen merchandise, the police let the boy go. Two weeks later Randy is notified that he will be sued for violation of the young man's civil rights. This is an example of what type of personal injury covered under Randy's Commercial General Liability policy?

D. False Arrest, Detention, or Imprisonment.

A fierce windstorm blows through town, stripping the shingles off of the roof and shattering all of the windows at Gradient Industries. What commercial property coverage might pay for the cost of cleaning up the shingles and broken glass?

Debris Removal

John works for ABC Insurance. He is paid on a commission basis and needs to meet certain sales goals in order to draw a reasonable salary. To help in this endeavor, John regularly tells potential clients that XYZ Insurance and Integritas Insurance often fail to pay claims, and that they charge unreasonably high premiums. In speaking falsely of his competition, John has indulged in which unethical practice?

Defamation

Susan owns a convenience store and wants to protect her business from employee dishonesty or theft. She trusts all of her employees equally, and doesn't want to single any one of them out. She also would rather not insure them by job description. Which type of insuring agreement in her Commercial Crime policy would best suit Susan's business needs?

Employee Theft: All Employees

Jane's Bakery has Equipment Breakdown Protection coverage on a large industrial oven used in producing several hundred loaves of bread a day. One day, the oven malfunctions and catches fire, rendering her business inoperable for four days. In order to fill bread orders, Jane must ship her dough to a warehouse where she found another oven to rent while her oven is repaired. Under which coverage would Jane be indemnified for the shipping and oven rental costs?

Extra Expense Coverage

An explosion takes place at Acme manufacturing plant. Four employees are injured. Gina broke her leg and has third degree burns on 10% of her body. George's left leg is hurt so seriously that it later needs to be amputated. Taylor is permanently blind in one eye, and Jason has third degree burns on 15% of his body. Which of these employees is eligible for Permanent Total disability benefits?

George

Which of the following claims may be covered under an Equipment Breakdown Protection Coverage Form?

Hazardous material remediation was needed after a mechanical breakdown of the exhaust system's turbine caused ammonia to be released into the factory, contaminating the entire area

After a tornado completely destroys the roof and windows of Calah's business building, she finds that there are new codes in place requiring thicker shingles and reinforced window frames. Calah insured her business using a replacement cost policy. Which commercial property coverage can help Calah with the added costs of bringing her building up to code?

Increased Construction Costs

ABC Insurance decides to take on the role of a surety, guaranteeing the performance of Gradient Industries in the construction of a new shopping complex. ABC Insurance wants to provide themselves a safety net in case Gradient Industries fails to deliver and ABC Insurance ends up on the hook for millions of dollars. ABC Insurance turns to a fourth company, who agrees to indemnify ABC Insurance in the event Gradient Industries fails to perform. This fourth party would be considered a/an:

Indemnitor

Which statement about the Federal Employers Liability Act is TRUE?

It protects only interstate railroad workers and their families.

Which of the following statements about the Accounts Receivable coverage extension in a BOP is TRUE?

It provides coverage for money the insured expects to collect, but cannot because of damage to accounting records caused by a covered peril.

Which of the following statements is TRUE regarding Mechanical Breakdown Insurance?

It will not cover the cost of repairs that exceed the value of a vehicle.

Which of the following is TRUE regarding loss settlement in a Jewelers Block?

It will pay the least of ACV, the cost to restore, the cost to replace, or the lowest amount listed on the company's books.

Which of the following professionals would be most likely to purchase malpractice insurance?

Lawyer

Jane, an interior designer, is helping her client Grace choose new curtains and furniture. While at Jane's office, Grace trips on some material and falls, breaking her arm. Which CGL coverage would help pay for Grace's resulting expenses?

Medical Payments

James works for a contracting company that has a Business Owners Policy in place. One day, James brings his laptop to work and leaves it in the manager's office while he heads out to a jobsite. While he is gone, a fire breaks out and destroys the office, with James' laptop inside. Which coverage extension could cover the loss of James' laptop?

Personal Effects and Property of Others

Ron's truck experiences a mechanical breakdown and he has it towed to an auto repair facility. Upon further examination of Ron's claim, his Mechanical Breakdown Insurance provider denies coverage. Which of the following would be a valid reason for this denial?

Ron had been hauling a large boat, which overloaded the vehicle and caused the breakdown.

While driving the company car, Lloyd is distracted and rear-ends the car in front of him. Which section of the BAP policy would cover the damage Lloyd caused to the other car?

Section II

Jim uses his own car to deliver pizzas for his employer, Delicioso Pizza. Which coverage symbol should Delicioso use to provide liability coverage for Jim while he is on the clock and delivering pizza for them?

Symbol 9

Which of the following is NOT an acceptable reason for the Commissioner of Insurance to revoke an adjuster's license?

Taking on too many claims at one time

In a commercial property policy, Builders Risk coverage is sold based on which of the following values?

The value of the completed building

XYZ Productions has just signed a contract to perform the show "Cats" in 45 cities over the next 200 days. XYZ Productions needs insurance to protect the stage props and costumes throughout the nationwide tour. What type of commercial property floater might XYZ Productions purchase to protect their equipment?

Theatrical property floater

Which of the following is NOT a reason to purchase umbrella liability coverage?

To reduce your insurance costs

When Bill's business is interrupted because of a fire, he must provide a profit and loss statement to his insurer so they can determine an accurate amount of indemnification. Which three core elements from the profit and loss statement are used to calculate the net income?

Total revenue, cost of goods sold, operating expenses

When a faulty electrode in a children's toy is recalled by ABC Toymakers Inc., it is a costly endeavor. Especially since ABC Toymakers Inc.'s base insurance policy doesn't cover product recalls. Which excess liability coverage could help pay for losses associated with the recall?

Umbrella Policy

Veronica is in the process of building an extra structure for the sole purpose of kiln firing her pottery. After 40 days of waiting for it to be completed, she decides to go ahead and begin using it, since the kiln is already set up, even though the interior drywall isn't completely finished. Her Builder's Risk Coverage Form is then terminated because:

Veronica has now put the building to its intended use.

Acme Bottling Co. makes bottles for a large food manufacturer. Acme has dozens of machines, including conveyors, fillers, and cappers, to name a few. Acme Bottling Co. has a Boiler & Machinery insurance policy to protect its financial investment in these machines. On their policy, each of their machines would be referred to as:

an "object"

A fidelity bond covers:

an insured business for loss resulting from any dishonest acts committed by its bonded employees.

If insured cargo can be salvaged from a damaged vessel, but the cargo is damaged beyond repair and the repair costs would exceed the cost to replace, an insurer would consider the cargo a/an:

constructive total loss.

In a BOP, the purpose of Supplementary Payments in conjunction with liability coverage is to:

cover costs associated with defending and investigating a claim against the insured.

Thomas Building is asked by the local youth center to build a gym for the local community. As a condition of their contract, Thomas Building must secure a surety bond. Thomas Building finds ABC Surety Bonding and works out a suretyship for the project. Thomas Building gets Williams Construction Finance to co-sign on the bond, as required by ABC Surety Bonding. William's Construction Finance would be called:

indemnitors

According to the workers' compensation policy conditions, the insurer has the right to:

inspect the workplace at any time.

While going over his CGL policy, Bill pauses on the Declarations page. He finds the usual items: named insured, address, policy period, premiums, and the limits of insurance. But he also finds a retroactive date listed. This tells Bill his policy:

is a claims-made policy.

The NCCI (National Council on Compensation Insurance):

is a rating bureau that develops the guidelines for setting workers' compensation premiums that are used by most states.

A company that wishes to obtain Workers Compensation insurance through FWCJUA must prove that:

it has been denied coverage by at least two insurers in the voluntary market.

Acme Construction enters into a contract to build a shopping mall for XYZ Associates. Having never worked with Acme Construction before, XYZ Associates demands a surety bond to guarantee the work of Acme Construction. ABC Insurance Company agrees to underwrite the bond. In this example, XYZ Associates is the:

obligee.

Coverage C - Medical Payments in a CGL policy will ONLY cover claims IF:

the expenses are reported within one year of the occurrence.

Workers' compensation premiums are based on all of the following EXCEPT:

the race of the employee.

Losses caused by ___________________ are always excluded in garage-keepers policies.

theft by employees

All of the following are universal exclusions in a Commercial Crime policy, EXCEPT:

theft of money or securities outside the insured premises in the care of a messenger.

In excess liability insurance, the Follow Form:

uses the same provisions, exclusions, and coverages as the base policy.

In the middle of the night, armed robbers break into the headquarters of Superior Industries and restrain the night guard. Then, they blow open the safe and steal the contents. Luckily, Superior Industries has a Commercial Crime policy. Which of the following would NOT be covered under Inside the Premises - Robbery and Safe Burglary of Other Property coverage?

The bundles of cash that were stored in the safe

Which of the following is NOT a rating factor for a personal auto liability policy?

The condition of the vehicle

Rick and his wife were evacuated due to rising flood waters in their neighborhood. They brought along a small trailer with their belongings in order to save them from the flood, but the trailer was unsteady and several items fell off, causing $1,500 in damage when they hit the ground. Assuming Rick has a SFIP, which of the following statements is true?

The damaged property is not covered, because the damage was not caused by the flood.

The City of Seagoville has two primary government crime discovery forms in place which have the same terms and conditions, but Policy A's coverage is set at a $500,000 limit, and Policy B's limit is $100,000. If a large loss occurs, how will the policies go about paying for damages?

The policies will pay on a pro-rata basis.

Ocean Marine Insurance gives the policyholder 45 days to pay the full premium or develop a payment plan with the insurer. If the policyholder cancels the policy before paying the premium, what happens?

The policyholder pays the appropriate portion of the premium on a pro rata basis.

Which of the following medical conditions would NOT be covered under the terms of a typical Accident insurance contract?

The removal of a cancerous tumor

Which of the following is an implied warranty in Ocean Marine insurance policies?

The route of the voyage must be clearly stated prior to departure, and the vessel must not deviate from that route.

Jill arrives to open the bank one morning to find the door hanging open. Upon entering the bank she sees the vault door has been blown open, most of the money has been stolen, and a large amount of money was burned when the explosive charge went off. Luckily, the bank has a Commercial Crime policy. Which of the following best describes what would be covered under Inside the Premises: Theft of Money and Securities?

The stolen money, the destroyed money, and the damage to the vault

Which of the following automobile components is NOT covered by a Mechanical Breakdown Insurance policy?

Tires

Which of the following statements regarding health insurance is TRUE?

To be covered, members of an HMO must receive treatment for their medical conditions within the established network of healthcare providers.

Which coverage under a Trucker's policy covers damage to other people's trailers in the care of the insured for transport purposes?

Trailer Interchange coverage

John and Lucy both apply for policies with Acme Insurance at the same time. They are exposed to similar hazards and would present essentially the same amount of risk to Acme Insurance. Acme Insurance offers Lucy a premium policy at excellent rates, but restricts John to a very limited policy with high premiums. Acme Insurance may be guilty of:

Unfair discrimination.

After a fire burns through XYZ Condominiums, they have to replace most of the interior. Which of the following will NOT be covered under the Condominium Coverage Form of the condo association's commercial property policy?

Upgrades within individual condos

Sam's Dry Cleaners' power shuts off due to a lightning strike at the supplying power station just down the street. For three days the business cannot operate due to the damage incurred at the power station. Which endorsement would cover Sam's Dry Cleaners for the loss of business?

Utility Services - Time Element

Insurers often protect themselves from providing insurance to people who are already ill by inserting which type of clause into a health insurance contract?

Waiting period

Under which circumstance would it be legal for an insurer to charge one insured more than another insured for the same coverage?

When the insured is statistically more likely to experience a loss

Melanie owns a set of 3 antique crystal vases that is worth $2,800, but during her most recent move, one of the vases was broken. Melanie and her insurer have been unable to find a replacement vase to complete the set and bring it back to its original value. Without the broken vase, the remainder of the set is only worth $1,000. What should Melanie receive from the insurer under the Pair and Set provision of her Personal Articles Floater?

$1,800

All of the following would be covered by the NFIP General Property Form, except:

a homeowner's living room furniture.

Thoroughfare Shipping is about to undergo another long voyage across the Pacific and wants to insure their cargo in case anything goes wrong with the trip. Included in the cargo is a collection of rare impressionist paintings and Roman artifacts. A cargo policy written on a/an ___________ basis would best fit the needs of Thoroughfare Shipping.

agreed value

The Insurance Guaranty Association is a mechanism that covers claims in the event of:

an insurer's insolvency.

NOP Systems, a US company, has just signed a contract with Xen Electronics, a Malaysian company, to sell its superconductors overseas. One of the terms of the contract was that NOP Systems guarantee that they will pay all applicable taxes and fees, as well as follow all exportation laws. NOP Systems can accomplish this by purchasing a:

customs bond.

All of the following are typically excluded from liability coverage in a BOP, EXCEPT:

damage to premises rented by the insured.

A garage-keepers policy can provide direct excess coverage or:

direct primary coverage.

X County has a government crime policy in place. During the policy period, X County hires twelve new deputies for the sheriff's office and five new employees for the county's public libraries. X County:

has no obligation to notify its insurer of the new employees, and its premiums will not increase during the current policy period.

Thomas runs a computer repair shop. One morning he arrives to find the front glass window broken and a number of his customers' computers stolen. Thomas' Legal Liability Coverage Form would pay for:

his clients' computers

ABC Park Construction recently won a bid to reconstruct the town park. They secure a suretyship from Parker Sureties and begin work on the project. Parker Sureties occasionally comes by to check on the progress of the project, and to make sure things are staying on schedule and on budget. Parker Sureties is exercising:

joint control

Workers' compensation insurance can provide compensation for all of the following, EXCEPT:

lost vacation time.

All of the following causes of loss are excluded from coverage in an Equipment Breakdown Protection Coverage Form, EXCEPT:

mechanical failure.

As a requirement for getting his California adjuster license, Danny is required to submit proof of bonding with his application. He purchases a surety bond from PBJ Bonds. In this contract, Danny is considered the:

obligor.

ABC Homebuilders hires Frank's Roofing to work on several units in its new subdivision. While roofing one of the homes, a worker drops a bag of nails onto a neighbor's AC unit. Some nails fall inside, destroying the unit. ABC Homebuilders is ultimately responsible for the destruction of the air conditioning unit through:

personal liability.

In a commercial property policy, the Monthly Limit of Indemnity coverage option for Business Income insurance:

requires an insured to parcel the stated policy limit into a fractional maximum amount of coverage available per month during the period of restoration.

The Employee Retirement Income Security Act (ERISA):

requires that every fiduciary of an employee benefit plan and every person who handles funds or other property of those plans must be bonded.

"Sue and Labor" is a provision in ocean marine insurance that:

requires the insured party to attempt to minimize or prevent further losses if damage is caused by an insured peril.

All of the following are excluded from coverage under Coverages A and B in a BOP, EXCEPT:

value of labor, service, or materials furnished for the personal property of others.

$105

A storm travels through town, partially destroying Wilma's business. Wilma maintains a Business Income coverage policy with $120,000 limit, and the Monthly Limit of Indemnity coverage option. Wilma's business incurred the following expenses: 1$29,000Month 2$36,000Month 3$24,000Month 4$31,000 How much would her policy pay for lost income if Wilma had a monthly limit of 1/4 in place?

$113,000

A cargo ship's hull policy has a franchise deductible of $100,000. The vessel sustains $150,000 worth of damage due to a fire. How much will the insurer be responsible for?

$150,000

Jerome was shopping at ABC Imports when a light fixture fell from the ceiling and hit him on the head. Jerome's injuries resulted in an extended hospital stay, so he sued ABC Imports and was awarded $400,000. Assuming ABC Imports carries a CGL with a General Aggregate of $750,000 and a Per Occurrence limit of $250,000, how much will ABC Imports have to pay out-of-pocket?

$150,000

Diana is insured under a DP-2 policy with the following coverage limits: Coverage A - $150,000, Coverage B - $15,000, and Coverage C - $25,000. She and her fiancé have planned a destination wedding, but their hotel catches fire shortly after their arrival. Smoke from the fire damages all of their belongings, including Diana's $4,000 wedding dress. Diana's loss totals $5,200. When she files a claim with her insurance company, how much can she expect to receive for this loss under her DP-2 (ignoring any deductible)?

$2,500

Jeremy owns a business with several machines covered under an Equipment Breakdown Protection Coverage Form with a $500,000 limit. He has three deductibles on his policy: 1) a percentage deductible of 3% per loss, 2) a minimum deductible of $500, and 3) a maximum deductible of $10,000. After experiencing a covered loss of $85,000, how much will Jeremy have to pay out of his own pocket for the loss?

$2,550

In Florida, every driver must have $10,000 in property damage liability coverage and $10,000 in PIP in order to operate a motor vehicle. If the driver is in a wreck and is found to be at fault, how much liability coverage must the driver have for total bodily injury per accident?

$20,000

$250,000

A fire in John's factory causes him to shut the doors for 90 days. While repairs take place, John rents another building, along with some machinery and manufacturing supplies, for $90,000. John's total loss is $300,000, but by renting the new building and equipment he manages to reduce that loss by $50,000. Assuming John's commercial property policy includes Business Income Coverage With Extra Expense, how much will his insurer indemnify him?

$340,000

M City has a government crime discovery form with Employee Theft Coverage of $50,000 per occurrence. One day, two of M's employees, Jarred and Damian, steal $45,000 and $50,000 respectively from M and skip town. M will receive __________ from its insurer.

$50,000

What is the standard deductible on an Equipment Breakdown Protection Coverage Form?

$500

Acme Boats experiences a devastating fire in their factory. They turn to their Business Income coverage to recover their loss of income due to the fire. When Acme Boats initiated the policy, they chose the Maximum Period of Indemnity coverage option with a policy limit of $150,000. Acme Boats experienced the following loss of business income in the months after the fire: 1$20,000Month 2$20,000Month 3$15,000Month 4$15,000Month 5$10,000Month 6$10,000 How much money might Acme Boats be indemnified for the loss of business income?

$70,000

Helen owns a manufacturing company. She maintains a commercial property policy that includes Business Income and Extra Expense coverage. One evening, a windstorm blows a tree through the side of her building, leaving a hole in the wall and damaging a production machine. When Helen has to rent another machine to keep her business in operation, how long will she have to wait before she can be indemnified for this indirect loss?

0 hours—Extra Expense coverage kicks in immediately

Veronica needs to expand her pottery business and add an extra building to her property for the sole purpose of kiln firing her pottery. She adds Builder's Risk coverage to her commercial property policy to cover the new structure (which is yet to be completed), and finds out she must carry:

100% coinsurance

What requirements must Wholesalers and Distributors meet in order to be eligible for a BOP?

25% or less of floor space is available to the general public, and less than 25% of gross income may come from retail sales.

In a BOP, Newly Acquired Properties coverage provides _____ of insurance for new buildings under construction or newly acquired business properties located off the insured premises.

30 days

A disability income insurance policy usually covers _______ of a disabled person's income.

45% to 65%

The open enrollment period for a Medicare Supplement policy starts when a person turns ____ and enrolls in Medicare, and lasts for ____.

65; 6 months

An employee receiving income benefits under Workers' Compensation insurance cannot receive more than:

66 2/3% of the State Average Weekly Wage.

Which of the following people would be ineligible for coverage under the Florida Automobile Joint Underwriting Association?

A college student from Alabama with two DUIs on his record who is staying with his grandmother in Florida for 2 months over the summer.

Jack has been appointed to manage Margaret's financial estate, but Margaret requires Jack to be bonded. What kind of bond might Jack seek?

A fiduciary bond

Martin works as an accountant for Smith Manufacturing. Smith Manufacturing has tasked Martin with finding an insurance provider to meet the company's needs, so Martin interviews several insurers. At the end of one interview with PRO Insurance, the insurance representative hands Martin an envelope containing $5,000 in cash, on the condition that Smith Manufacturing selects PRO Insurance as its insurance provider. What would we call the $5,000 in cash?

A kickback

Which of the following statements regarding scheduled fidelity bonds is FALSE?

A limit of liability is defined for each employee or position.

Coverage B - Personal and Advertising Injury in a CGL policy will cover all of the following, EXCEPT:

A professional advertising firm knowingly publishes untrue statements about a company.

Which of the following BEST describes the difference between surety bonds and fidelity bonds?

A surety bond guarantees one party that another party will perform certain duties; but a fidelity bond guarantees that a party will not perform certain acts.

Mark is driving along and looking for an address on the East side of Walker Street. As he squints to see the numbers posted on the buildings, he plows into the back of a car waiting at a stoplight. Both the driver and the passenger of the struck car are injured. The driver suffers $70,000 in bodily injury, the passenger suffers $65,000 in bodily injury, and the vehicle Mark hit sustains $30,000 in damage. Mark has liability coverage with split limits of 50/100/25, and both injured people carry the minimum PIP for Florida. How much will Mark be responsible for out-of-pocket after this accident?

A. $20,000

Jerome was shopping at ABC Imports when a light fixture fell from the ceiling and hit him on the head. Jerome's injuries resulted in an extended hospital stay, so he sued ABC Imports and was awarded $400,000. Assuming ABC Imports carries a CGL with a General Aggregate of $750,000 and a per occurrence limit of $250,000, what is the maximum that ABC's insurer will pay for Jerome's injuries?

A. $250,000

Grace purchased a recliner from XYZ Furniture. After getting it home, she decided to try out the new chair. While leaning back, the chair breaks and Grace injures her neck. She sues XYZ Furniture and is awarded $300,000. The costs for the legal defense come to $45,000. XYZ Furniture's CGL policy has a Products-Completed Operations Aggregate limit of $750,000, with a per occurrence limit of $250,000. How much will XYZ Furniture have to pay out-of-pocket for this claim?

A. $50,000

Xavier owns a small insurance company. Recently the company won a bid to insure a new housing development in Omaha, NE. His company can handle any claims that arise, but if a series of tornados were to tear through the area and destroy the entire development, Xavier's company would suffer financially. Which type of insurer could help Xavier's company protect itself the most from this potential loss?

A. A re-insurer

John moved out of his house and put it up for sale three months ago. While he was waiting for the house to sell, John's plumbing pipes froze and burst in the icy temperatures, which eventually led to water damaging the cabinetry and hardwood floors. Which of the following statements would most likely be TRUE?

A. Although John's house was still covered under an HO-3, the damage would not be covered because he didn't shut off the water supply.

Kyle operates a collision repair garage and has many vehicles in his care, some for extended periods of time. Which type of coverage protects Kyle from any liability claims which may arise if one of the cars is further damaged or destroyed while in his possession?

A. Bailee Coverage

"Permanently installed fixtures" would fall under which coverage of a commercial property policy?

A. Building and Structures

Which of the following is TRUE of the Policy Territory condition of a Commercial General Liability policy?

A. CGL policies cover most occurrences only if they happen in the US, Puerto Rico, and Canada.

John, a contractor, just purchased a new backhoe and wants to get an insurance policy to cover it. He's looking for a policy that will provide coverage not only on the job site, but also while transporting it back and forth between sites. What type of inland marine insurance policy would likely fit John's needs?

A. Contractor's Equipment floater

Which of these statements is true?

A. Flood insurance is always backed by the National Flood Insurance Program.

In 1945 Congress passed the McCarran-Ferguson Act. What does that act do?

A. Gives the states the authority to regulate the insurance industry

In the CGL coverage for Damage to Premises Rented by You, how is the coverage for fire damage different than for other perils?

A. In the case of fire, only the rented premises are covered, not personal property.

The XYZ Company has an attached balcony on the top floor of their headquarters. During a summer storm, a lightning bolt strikes the metal railing of the balcony, splitting the balcony into two. XYZ Company would like to repair the balcony, but new building codes require more expensive construction materials. What commercial property coverage pays for this extra expense?

A. Increased Construction Costs

Which of the following would not be covered under Employers' Liability insurance?

A. Injuries caused by an employer's physical abuse of an employee

Which of the following is NOT one of the roles of the Florida Department of Financial Services?

A. Licensing and regulating insurance companies

Which of the following would be covered under the peril of "theft" in an homeowners policy?

A. Losses caused by attempted theft

Helen's business is growing rapidly, so she decided to add an annex onto her office and hire another worker. While under construction, a storm blows down most of the annex structure, forcing Helen to restart from scratch. Her commercial policy provides insurance coverage equal to 75% of the property value, despite the fact that her policy requires 80% coverage to be fully insured. Which coverage extension could help Helen rebuild at replacement cost?

A. None - Extensions are only available if the policyholder maintains the minimum level of insurance of 80% to value

Tina has two policies (Policy X and Policy Y) that cover the same risk on a pro rata basis. Policy X has a limit of $100,000 and Policy Y has a limit of $25,000. When Tina suffers a loss totaling $75,000, how will the two policies respond?

A. Policy X will pay $60,000 and Policy Y will pay $15,000

Craig purchased some additional machinery for his business so that he can keep up with customer demand. The problem is that Craig does not have enough space for the newly purchased machinery. He rents a storage unit to house the machinery until he can bring it to the company, but when the storage unit burns down, Craig's equipment goes with it. Which coverage extension might indemnify Craig for his loss?

A. Property Off-Premise

According to Lonnie's health insurance policy, she is responsible for paying 15% of all of her medical costs. This percentage is Lonnie's:

A. coinsurance payment.

The Severability of Interests condition states that:

A. coverage applies to each insured separately, as if no other insured existed.

In a typical commercial property policy, an insured building is considered "vacant" when:

A. for 60 days, the building is either closed or has less than 31% of its available square footage occupied.

The insuring agreement for Part A-Liability in a personal auto policy states that:

A. the insurer will pay for "bodily injury" or "property damage" to any "insured" because of an auto accident.

In Florida, an insurer may not:

A. wait 60 days before paying an undisputed PIP claim.

ABC Homebuilders hires Frank's Roofing to work on several units in its new subdivision. While roofing one of the homes, a worker drops a bag of nails onto a neighbor's AC unit. Some nails fall inside, destroying the unit. Who is ultimately responsible for the damage done to the air conditioning unit?

ABC homebuilders

Acme Construction is in charge of building a new subdivision in the city, and hires Jim's Masonry to lay the foundations. As part of the deal, Jim's Masonry is required to purchase Owners & Contractors Protective Liability to protect Acme Construction in the event Jim makes a mistake that results in a liability claim. Who retains ultimate control over the policy?

Acme Construction

Peter works as a real estate agent and uses the internet extensively for sales leads and advertising. One day, he finds another realtor's ad online and copies it, using his own information as the contact info. This generates a lot of business for Peter, but unfortunately Peter gets a call one day and is informed that he is being sued for copyright infringement. This is an example of what type of claim covered under Peter's Commercial General Liability policy?

Advertising injury

Ark Inc. purchases a CGL policy to protect the company against lawsuits for which they might be found legally liable. Which would NOT be covered by their CGL?

An employee drives a forklift into a wall of Ark Inc.'s owned factory, causing it to collapse.

A Commercial General Liability policy could protect a business in all of the following situations, EXCEPT:

An employee moving a pallet of plasma televisions accidentally hits the brakes. The pallet falls, destroying the stack of televisions.

OBC Inc. is an online retail business that ships several thousand packages nationwide every year. Which type of Inland Marine policy would OBC Inc. likely use to protect their shipments until they reach their customers?

Annual Transit Policy

Bill carries $10,000 in PIP coverage with a $500 deductible. One day, he accidentally crashes into a car stopped at a red light. The driver of the stopped car is miraculously free from injury, but Bill's medical bills from the collision come to $14,000. How much will Bill's PIP pay for his injuries?

B. $10,000

The Newly Acquired Property extension in a commercial property policy provides ________ in coverage for buildings under construction at the insured premises, or for any newly acquired business property off the insured premises.

B. $250,000

While Andrea was grocery shopping in BB Mart, the large Dairy sign fell off the wall and landed on her. Because of her extensive injuries, Andrea sued BB Mart and was awarded $375,000 in damages. BB Mart's Commercial General Liability policy has a general aggregate limit of $1,000,000 and a per occurrence limit of $300,000. What is the per occurrence limit after this claim is settled?

B. $300,000

Jennifer's PAP has a Comprehensive deductible of $100. Jennifer lets her sister Tina borrow her car, and Tina hits a llama worth $500. The llama's owner files a claim for the loss of his llama. How will that claim be settled?

B. $500 paid under Jennifer's liability coverage

Which of the following losses would be excluded from coverage under a Personal Articles Floater?

B. A rat slipped inside a golf bag before it was packaged for shipping and chewed several holes in the bag before it arrived at its destination.

Eric works in Florida for Gemutlich Insurance. His company is licensed to sell insurance in Florida, but is based out of Munich, Germany. Gemutlich Insurance was formed under German law, but follows all applicable Florida laws and possesses a Florida Certificate of Authority to sell their product. Which type of insurer does Eric work for?

B. Alien Insurer

Alan owns a commercial landscaping business and does most of his work during the summer months. One day, he arrives at work to find an enormous hole in the middle of the yard where he stored his lawn mowers. Under which Causes of Loss form(s) would the mowers, which were consumed by the sinkhole, be covered by his commercial property policy?

B. Basic, Broad, and Special Forms

As an agent of XYZ Insurance, Donna has a fiduciary duty. Which of the following is NOT a way in which Donna fulfills this duty?

B. Donna goes above and beyond to help her clients, even if it means acting outside of her authority.

Tim, taking advantage of the economic downturn, started a business buying gold and silver from people who needed cash. Tim and one employee negotiated deals with sellers in the front of the shop, while another employee worked in the back of the shop, where she counted the money and kept the books. Which commercial crime coverage would protect Tim from losses resulting from theft, specifically by either his current money counter or any other money counter he may employee after her?

B. Employee theft: scheduled positions

Which statement BEST describes the "Follow Form" in excess liability coverage?

B. Excess liability insurance that "follows" the base insurance policy to the letter

Jerry is an adjuster and has signed a contract with ABC Insurance to adjust claims in an area recently devastated by a hurricane. Jerry receives the claims from ABC Insurance, completes the inspections, and settles claims on behalf of ABC Insurance according to his contract. What type of authority has ABC Insurance given Jerry?

B. Express authority

Stan has a personal auto policy to cover his two vehicles, but he recently purchased a custom built motorcycle as well. Which type of endorsement will Stan need to cover the motorcycle?

B. Miscellaneous Vehicle Endorsement

Nick has a comprehensive individual health insurance policy that he purchased through an HMO, and Charity has a PPO plan through her employer. Which of the following statements is TRUE?

B. Nick was assigned a primary care physician who must coordinate his health care within a network, but Charity may choose a primary physician outside the network.

Frank's computer store lies in the direct path of a rapidly approaching wildfire. In an attempt to diminish possible damages, Frank loads his most valuable computers into a truck and drives them to a remote storage facility. However, as he is unloading the computers, someone hijacks his truck and steals all of the merchandise still inside. What commercial property coverage would indemnify Frank for the theft of the computers?

B. Preservation of Property

Which of the following does not describe one of the implied warranties of Ocean Marine Insurance?

B. The vessel must not travel in stormy or otherwise dangerous weather conditions.

Craig has a poor driving record. He lives in Florida, has a valid driver license, and has registered his car, but due to his history, he is unable to obtain auto insurance through the private market. According to state law, Craig must have liability insurance in order to drive on public roads. How will Craig be able to purchase coverage?

B. Through the Florida Automobile Joint Underwriting Association

Farmer Steve barely escapes a massive tornado, but the storm does completely destroy one of the barns on his property. Luckily, Steve has an insurance policy on his barn with a replacement cost endorsement, and the barn was fully insured. At the time of the loss, the actual cash value of the barn was $65,000, and its replacement cost is currently $85,000. When will Steve receive full indemnification for his losses on the barn?

B. When he replaces the barn and submits receipts to the insurer

Susan is insured with a homeowners policy. After someone destroyed her late husband's gravestone with a vehicle, Susan filed a claim against her homeowners policy. Which of the following statements is TRUE?

B. With Grave Marker coverage, Susan can receive a maximum of $5,000 to pay for the damaged gravestone.

Frank owns a bakery specializing in authentic French bread. He uses two specialty ovens for his daily production of French bread. If one of these giant ovens were to break down, it would cost Frank's bakery a lot of money to repair, not to mention the loss of revenue caused by lower production. On his Equipment Breakdown Protection Form, each of Frank's ovens would be considered:

B. an "object."

Errors and Omissions coverage in an Equipment Breakdown Protection policy provides coverage for:

B. damage that would not otherwise be covered because the insured made a mistake or unintentionally omitted information required by the insurer.

William is wearing an ABC Insurance jacket and has an ABC Insurance sign over his rented office. The walk-in customer could reasonably believe that he has the authority to write an insurance contract because of his:

B. implied authority.

Herb owns a processing plant outside of town that services all the local farmers. He's been using over-the-road transportation but wants to streamline his business by using the railroads. He contacts ABC Railway Transport and the two come to an agreement: ABC Railway will run a sidetrack onto Herb's business premises, if Herb agrees not to hold ABC Railway responsible for certain liabilities that could result from the sidetrack's use. This agreement would fall under __________ in Herb's Commercial General Liability policy.

B. insured contracts

Which of the following would NOT be covered under Errors and Omissions insurance?

Bodily injury claim

A fire breaks out in Anton's manufacturing plant, causing extensive damage which will take at least three months to repair. In the meantime, Anton has rent and employees who still need to be paid, and many other expenses that can't wait until the business is up and running again. Which coverage form of his commercial property policy can help Anton with his cash flow?

Business Income Coverage

XYZ Carpet Manufacturing's main factory burns down during the night due to faulty electrical wiring. No longer able to manufacture carpeting, XYZ Carpet faces a serious cash flow dilemma. Which insurance coverage might help pay XYZ Carpet's bills while the factory is repaired?

Business Income Coverage

XYZ Computer's production building for circuit boards is struck by lightning, which results in a fire that burns down the entire facility. XYZ Computer cannot continue the production of computers until the facility is rebuilt. Which insurance coverage might indemnify XYZ Computer for lost revenue until a new facility is built?

Business Interruption Form

Jeff's commercial property policy includes coverage for Fire Department Service Charge, with a limit of $500. When one of Jeff's business premises catches fire, he calls 911. The fire department arrives and puts out the fire, saving the majority of Jeff's business. Later that week, Jeff has to call the fire department again when another fire breaks out, this time at his second business location. When the bill arrives for the fire department's services, it shows a $600 fee for each call, totaling $1,200. Jeff files a claim with his insurer for the charges. How much of the bill will Jeff have to pay?

C. $1,200

A flood inundates Howard's property, causing $100,000 of damage to the dwelling and $25,000 of damage to the detached garage. If Howard has a Dwelling Form flood policy with a $150,000 limit, how much will the policy pay for the damage to Howard's home and detached garage combined? (Ignore deductible amounts.)

C. $115,000

Tom leaves his personal laptop at Smith & Co. so a colleague can work on a presentation. While the laptop is in the care of Smith & Co., it is destroyed by a fire in the break room. The laptop was worth $3,200. How much indemnification would Smith & Co.'s Business and Personal Property Form provide for the damaged laptop?

C. $2,500

A Discovery Form Commercial Crime policy can apply to losses discovered during the policy period, as well as up to how many days after its expiration date?

C. 60

Which of the following would NOT result in disciplinary action from the Department of Financial Services?

C. Accepting advance premiums

In a DP-2 Broad Form, which of the following would be covered under the peril of Theft?

C. Broken windows caused by a burglar breaking in.

On January 27, 2004, Ryan was using an exercise bike from NusquamCycle when the chain broke, causing him to fall and bruise his knee. Seven years later, on January 25, 2011, Ryan's knee gave out while jogging. His doctor told him that he'll need surgery and that this deterioration was probably caused by his bruise from the exercise bike. Assuming NusquamCycle is no longer in business, which CGL policy would cover Ryan's claim filed on January 25, 2011?

C. Claims-Made policy from Jan 1 2003-Jan 1 2004 with a supplemental extended tail

Honey's Bakery is a local coffee shop run by two sisters. In a rush to leave one afternoon, their new employee forgets to turn off the gas stove. The leaking gas causes an explosion, destroying the kitchen. Which condition in their commercial property policy could help the sisters cover the cost of the damage?

C. Control of Property

Which of the following would NOT be covered under Part A of a Personal Auto Policy?

C. Damage the insured causes to his own garage

Jim drops his car off at ABC Garage to have his exhaust system repaired and takes the train to work. When he returns, he finds that his car has been vandalized. Jim has comprehensive coverage, but feels the garage is responsible for the damage since Jim entrusted the car to ABC Garage. Which coverage type under ABC's garagekeepers policy would cover any part of the loss that Jim's policy does not cover?

C. Direct Excess Coverage

Dr. Adams is in the middle of a malpractice lawsuit. Her insurer decides it will be more cost effective to simply settle the suit rather than draw the process out over several months. Assuming Dr. Adams holds a Professional Liability Policy, which of the following statements is TRUE in regards to settling the claim?

C. Dr. Adams' insurer must seek her consent before settling the claim.

In a commercial property policy, Extra Expense Coverage provides indemnification to the policyholder for additional expenses incurred during which of the following time frames?

C. From the point of initial damage until the moment the business is up and running again

Which of the following statements about inland marine insurance is FALSE?

C. Inland marine insurance only covers goods that travel over inland waters.

One morning, Jill arrives to open the bank, only to find the door already unlocked. Upon entering the bank, she sees the vault door has been blown open and a large amount of money has been burned when an explosive charge went off. Which commercial crime insurance coverage might cover the loss?

C. Inside the Premises: Theft of Money and Securities

Which of the following best describes inland marine insurance?

C. Insurance designed to protect property being transported on land and property related to transportation

Which of the following is NOT a requirement for a legally binding contract?

C. It must be a notarized document.

Acme Insurance is trying to attract new commercial clients, so they decide to broaden coverage for business personal property items without increasing the premium. Which condition would allow the current clients of Acme Insurance to benefit from the newly expanded coverage?

C. Liberalization

Mark is on vacation in Italy when his luggage is stolen, including a $2,000 laptop, a $500 suitcase, and $400 in clothes. Mark has an HO-3 homeowners policy. Excluding any applicable deductible, which of the following statements is TRUE?

C. Mark's homeowners policy will cover $2,400 of this loss.

Which policy is used as an alternative to the Trucker's Policy to cover companies that offer transportation services to the public on a regular basis, rather than for hire?

C. Motor Carrier policy

Mark is a college student and frequently needs to either rent a car or borrow his friend's car. Although he doesn't own a car of his own, he wants to buy himself some liability coverage that would apply whenever he drives someone else's car. Which coverage should Mark get?

C. Non-Owner Coverage

Babette crosses the street and is struck by a car, causing her to sustain injuries in the amount of $45,000. The driver has minimum coverage. Which coverage section of Babette's auto policy could help pay for her medical costs?

C. Part B: Medical Payments

James is expecting a very important client to arrive in an hour so he decides to sweep and wash the floor. James finishes the job in time and goes to look over his bid for the contract one more time. James comes back out to the lobby to find his potential client laid out on the floor, having slipped and fallen. Which type of commercial general liability coverage would indemnify James' client for his injuries?

C. Premises Liability

Monica's husband, Sam, likes to buy her expensive jewelry, and she has amassed quite the collection over the years. What endorsement would Monica and Sam need to add to their homeowners policy to fully cover Monica's jewelry collection?

C. Scheduled Personal Property

When Emma's house was burglarized, the thieves stole several pieces from her art collection. Although the pieces were only prints, Emma files a claim stating that they were originals, and therefore worth a good deal more than they really are. What has Emma committed?

C. Soft fraud

Which of the following events would trigger the end to a commercial property Builders Risk Coverage Form?

C. The building is accepted by the purchaser.

Jared recently purchased a 25 foot watercraft with a 250 horsepower motor. While cruising on the lake, he accidentally runs into Gary's boat, causing $2,500 in damage to Gary's hull. How will Jared's insurer respond when Gary files a claim against Jared's homeowners policy for the damage he caused?

C. The insurer will deny the claim because Jared's boat is excluded from his liability coverage.

As a way of preventing and working against insurance fraud, the Coalition Against Insurance Fraud developed the model law. Which of the following is NOT a part of the model law?

C. The model law states that insurance companies must form or enlist fraud busting units.

Which of the following is similar to a Business Auto Policy, but adds several policy provisions and protections specific to the trucking industry?

C. Truckers policy

Which of the following BEST describes the insurance provided by residual market insurance programs?

C. Usually a "last resort" form of insurance

Which of the following states takes a "monopolistic" approach to workers' compensation insurance?

C. Wyoming

XYZ Insurance is a private insurer that sells flood insurance policies. Which of the following statements is FALSE?

C. XYZ Insurance participates in the NFIP Direct Program.

Sally has an HO-3 policy on her $150,000 home in the country. One day, a bear breaks down Sally's back door to get into her kitchen for a snack. When Sally comes home to find the damage, she files a claim with her insurance company. Will the damage to Sally's home be covered, and why or why not?

C. Yes. The HO-3 is an open-peril policy, without an exclusion for wildlife.

According to the state of Florida, the term "wind mitigation" most closely refers to:

C. building materials, techniques, and tools used to reduce the damage from a major hurricane.

A large corporation owns a small hunting cabin in the woods, that it uses for occasional weekend getaways. The corporation can insure the cabin against property damage with a:

C. dwelling policy.

Jackie lives in an area recently devastated by a hurricane and has filed a claim with her insurance company, ABC Insurance. Jerry, an adjuster contracted by ABC Insurance, pulls up to Jackie's house in a truck with the ABC Insurance logo on the side, and wearing a shirt with the ABC Insurance logo on the front. Although Jackie doesn't know that Jerry is contracted by ABC Insurance, she has reason to believe he has the authority to adjust her claim. This is an example of:

C. implied authority.

Joe (the principal) is handling the disbursement of a deceased executive's estate, and he is required to carry a bond guaranteeing such work. The surety company requires one of its accountants to be a second signer on the disbursement checks that Joe writes. In this case, the surety has established:

C. joint control.

When an insurer decides to not renew an existing commercial property policy, it is obliged to follow the Cancellation and Nonrenewal condition of supplying notice to the policyholder 45 days in advance. If the insurer fails to meet this deadline, it must:

C. offer the same premium rates and policy coverage as before for an additional 30 days.

Amy needs more floor space in her antique furniture store, so she buys a storage building 3 miles away. She is worried about keeping the furniture in the storage building safe, so she puts in an alarm system and smoke detectors. By purchasing the alarm system and smoke detectors, Amy is practicing:

C. risk reduction.

In a Commercial Crime policy, a "messenger" is defined as:

C. the insured or relative of the insured, a business partner, or an employee who has care and custody of insured property while outside the premises.

Chuckie broke his ankle while waiting tables at the Grande Luxe hotel. He can no longer work as a waiter, where he was making about $750 per week, but Grande Luxe transferred him to Reservations, where he answers phones and doesn't need to walk around. At Reservations, Chuckie makes $800 per week. Chuckie is hoping that he'll qualify for Temporary Partial Disability benefits under his Workers' Comp insurance. Why will Chuckie not be qualified to receive these benefits?

Chuckie is not qualified because he did not suffer any loss of wages.

Which of the following provides basic property insurance for consumers who cannot secure coverage in the regular insurance market?

Citizens Property Insurance Corporation

Which of the following statements best applies to commercial crime insurance?

Commercial crime insurance can protect a business from losses due to theft from employees and outsiders.

Jay's Chip Factory makes potato chips, and it gets chip bags from Bags, Inc. One day, the bag-making machine at Bags, Inc. broke down, and thus, Jay's Chip Factory couldn't get the bags it needed to bag its potato chips. Jay's Chip Factory had to shut down production temporarily while waiting on Bags, Inc. to fix their machine. Jay's lost business income may be covered under what coverage in its Equipment Breakdown Protection Coverage Form?

Contingent Business Income and Extra Expense

ABC Acoustics builds replica Neumann microphones using tube technology. When a fire takes out the only factory that manufactures these vintage tubes, ABC Acoustics must halt production until their supplier's factory comes back online. Which commercial property insurance coverage option could indemnify ABC Acoustics from lost income due to halted production?

Contingent Business Interruption

This type of Inland Marine policy covers expensive construction machinery while being transported, on-site, or in storage.

Contractor's Equipment Floater

William owns a paint store and employs Brent. One day, while Brent is decorating the window display, he gets carried away dancing to the music in his headphones, falls off his ladder, and smashes through the glass. What policy condition allows William to collect for the loss on his insurance contract?

Control of Property

In a commercial property policy, the Building and Personal Property Form contains three coverages. Which of the following coverages is NOT a part of this form?

Coverage D - Loss of Use

A company that wants to insure itself against losses due to data breach should purchase:

Cyber and Privacy insurance.

Stephanie owns a house that she rents out for $2,500 a month. A massive kitchen fire forces her tenants to move out while the interior is overhauled. After two months, the repairs are complete, and Stephanie contacts her tenants, only to find that they've found a new place to live. It takes Stephanie another month and a half to find new tenants. Assuming that Stephanie had a $100,000 DP-2 policy, what is the maximum amount she could receive for lost rental income under Coverage D?

D. $5,000

Lucille owns her own woodworking business, building custom items such as dressers, wooden trunks, and mantelpieces. A fire destroys her entire operation and Lucille files a claim with her insurer. Which of the following would be covered under Coverage A of the Building and Personal Property Coverage Form in her commercial property policy?

D. A bandsaw permanently affixed to the floor

On January 27, 2008, Ryan was using an exercise bike purchased from NusquamCycle when the chain broke, causing him to fall and severely bruise his knee. It seemed to heal just fine, but three years later, on January 25, 2011, Ryan's knee gave out while jogging. His doctor told him that he'll need surgery and that this deterioration resulted from the earlier accident with the exercise bike. Which of the following CGL policies may cover Ryan's claim filed January 25, 2011?

D. A claims-made policy from Jan 31 2009-Jan 31 2011

D. A kickback

A fire burns down Jenny's Hardware, leaving virtually nothing salvageable. Which of the following items would NOT be covered under Coverage B of the Building and Personal Property Coverage Form in her commercial property policy?

D. A paint mixer permanently affixed to the floor

Which of the following is most likely a third party claim?

D. A woman files an insurance claim when she is injured by an employee at a local bar.

Which of the following is NOT eligible for Dwelling coverage?

D. An 8-unit apartment building in which the owner resides

Which of the following statements is NOT true of an insurance adjuster?

D. An insurance adjuster receives her authority to sell products on behalf of the insurer through a written contract.

Who is NOT eligible for a homeowners policy?

D. An owner of a house in which he does not live, but rents to a tenant

Francis owns a small shoe store. Since his business isn't particularly risky, he has a commercial property policy that provides named-peril coverage to his building and personal property, without any additional coverages. Which Causes of Loss form does Francis have attached to his coverage form?

D. Basic Form

According to the Unfair Settlement Practices Act, an insurer must respond to a claim reasonably promptly after receiving it. Which of the following is NOT an acceptable way of responding to a claim?

D. Calling the claimant and leaving a voicemail message.

Which of the following is NOT true about Citizens Insurance?

D. Citizens does not insure any type of commercial property.

Wendy hires Jim to build an addition to her house. Jim takes the job and finishes it in good time. Unfortunately, as Wendy is walking across the threshold of the new addition, a floorboard gives way and Wendy falls into the crawl-space below, injuring her leg and back. Which commercial general liability coverage could help cover the cost of Wendy's injuries?

D. Completed Operations Liability

Cyril recently purchased a small machining shop. When asked on his commercial property insurance application about how the property will be heated in the winter, he replies "central heat," when in fact it will be heated by a wood stove. Under which condition could the insurer deny coverage?

D. Concealment, Misrepresentation, and Fraud

Cameron is fully insured by a DP-2 on his $130,000 home. His monthly mortgage payment is $775 per month, and he usually pays $400 per month in groceries. When a kitchen fire damages his house, causing $61,000 in damage, he is forced to move out for a month while the repairs can be made. Cameron's hotel bill for the month comes to $1,250 and he spends $600 eating at restaurants. Based only on this information, how much indemnification can Cameron expect to receive for this claim?

D. Coverage A - $61,000; Coverage E - $1,450

DEC Construction was hired to completely renovate Randall's department store. DEC Construction is in charge of the project, but hires Mac Electric (an independent contractor) to complete the electrical portion of the job and requires Mac to buy Owners & Contractors Protective Liability coverage as a condition of the contract. Who would be listed as the named insured(s) for this coverage?

D. DEC Construction

In a homeowners policy, Coverage B - Other Structures provides insurance for which of the following?

D. Detached structures used for business

Which of the following oversees continuing education classes for customer representatives?

D. Division of Insurance Agent and Agency Services

Which Business Auto Policy endorsement covers employees while using their personal cars for business purposes?

D. Employee as Additional Insured

In a commercial property policy, the Business Income Coverage Form provides indemnification to the policyholder for the loss of income during which of the following time frames?

D. From 72 hours after the initial damage until the business is up and running again

Hank has collision coverage with a $2,000 deductible on his 2010 truck. One dark, rainy night, Hank's truck slips off the road and rolls over down the embankment. The truck sustains $45,000 in damages, but the actual cash value of the vehicle is only $25,000. Which of the following statements is TRUE?

D. Hank will be indemnified by his insurer for $23,000.

Which of the following statements is TRUE about a suretyship?

D. If a principal fails to meet the terms of the contract, the surety is responsible for completing the contract for the obligee.

Which of the following is NOT true of the Replacement Cost endorsement to the Buildings & Structures Form of a commercial property policy?

D. It applies to both the insured property and any property of others on the insured premises.

Jim receives a letter in the mail from his insurer notifying him that his commercial policy will not be renewed thirty days from now. Jim protests, saying he needs at least two months time to find a new policy. Jim ends up receiving an additional 30 days' coverage at the same premium as before, because:

D. Jim's insurer did not provide him with 45 days' notice.

ABC Roofing has two CGL policies that cover the same losses. Both policies are occurrence forms, thus pay out on a pro rata basis. The first policy is through KLM Insurance and has a limit of $300,000. The second is through XYZ Mutual, with a limit of $600,000. One day, ABC Roofing suffers an occurrence resulting in a $150,000 covered loss. How will this loss be indemnified?

D. KLM Insurance will pay $50,000; XYZ Mutual will pay $100,000

Walter works for a shipping company, delivering packages and picking up orders. He lives very close to work and the grocery store is only a few blocks away, so he can live conveniently without owning a car. However, he would like to have some Personal Injury Protection, just in case he ever gets injured in an accident. Which BAP endorsement could his employer use to give him this coverage?

D. Named Individuals Broadened PIP

Don works as an adjuster for ABC Insurance. Which of the following is most likely NOT one of Don's responsibilities?

D. Represent the insured if a claim goes to court

After a rain storm, Nancy realizes that she left her bedroom windows open the entire time. Now there is extensive water damage to her area rug and furniture, and the laptop that had been sitting on her desk is ruined. Nancy has a Broad Form homeowners policy, so she calls her insurance company and files a claim. What is the likely result of Nancy's claim?

D. The insurer will not cover any of the damage, since Nancy left the windows open.

D. The printing presses and fire extinguishers

Which of the following is NOT a purpose of insurance regulation?

D. To prohibit insurance-rating

A dwelling policy would NOT be appropriate for:

D. a motorhome owned by an individual.

One day, a customer at Jim's Tire Sales was severely injured when a rack of tires collapsed and fell on her. Later, the customer filed a lawsuit against Jim for $750,000. Jim has a commercial general liability policy, but the limit for this type of loss is only $500,000. Not wanting to use his entire limit on this one claim, Jim tries to use his excess liability policy first, which has a limit of $1,000,000, so he can retain most of the aggregate limit in his base policy. Unfortunately for Jim, this is not possible because:

D. an excess liability policy pays only after the base policy's limit has been exhausted.

The Office of Insurance Regulation:

D. approves insurance forms.

Dr. Nelson routinely schedules her patients for lab tests that they don't need so she can charge their insurers for more money. Dr. Nelson is:

D. committing health insurance fraud.

The purpose of the Increased Cost of Construction coverage in a BOP is to provide coverage for:

D. damage to the insured's building while under construction.

Bill holds a hull policy for his cargo ship which sails between China and the United States, transporting wooden toys. On voyage (i) his vessel is damaged by pirates. On voyage (ii) the vessel is damaged by striking employees. On voyage (iii) the vessel is destroyed when it strays into a war zone and is struck by a missile. Bill's losses will be covered by his hull coverage for which of these voyages?

D. i. only

All of the following are covered under Coverage A of a Business Owners Policy, EXCEPT:

D. leased business personal property that must be insured.

As a requirement for getting her New York adjuster license, Alice is required to submit proof of bonding with her application. She purchases a surety bond from PBJ Bonds. In this contract, PBJ Bonds would be considered the:

D. surety.

Going over the numbers, Henry notices that his annual sales revenue seems to be lower than it should be. He suspects that this may be caused by employee dishonesty, and discreetly launches an investigation into his business. He finds that a theft occurred two years ago. Which type of commercial crime coverage would be best suited to cover Henry's loss?

Discovery Form

If a Building and Personal Property Form has a Causes of Loss - Basic Form attached, which damages are NOT covered by this commercial property policy?

Earthquake Damage

A fire in the break room kitchen of Helen's small business spreads into the utility room, damaging the computer server. Her server is physically destroyed, along with a lot of vital information: client information, pending shipments, etc. Which coverage can help Helen with the costs associated with losing this information?

Electronic Data

Tina owns Peachtree Savings and Loan, which has many different jobs with varying levels of security and risk. For the tellers and customer service representatives she uses blanket employee theft coverage, but there are certain high-security jobs that need significantly more coverage, such as Vault Controller and Branch Manager. Tina wants to buy extra theft coverage for these employees, but not have to worry about updating her policy every time she hires a new person to fill one of these roles. Which coverage would be the best choice for Tina's needs?

Employee Theft: Scheduled Positions

Thomas works for an insurance underwriting service, and he often drives his own car when he goes to meet potential clients in their homes. Which BAP endorsement can Thomas' employer use to add coverage for Thomas' personal auto, so that he will be covered by the company's policy if he gets into an accident on company time?

Employee as Additional Insured

Ken, an editor for a major newspaper, is fired after arriving to work late. He files suit against his employer for wrongful termination. Which type of insurance would Ken's employer need to help cover the costs of the lawsuit?

Employment Practices Liability Insurance

Which of the following may be covered under an Equipment Breakdown Protection Coverage Form?

Equipment built to operate under internal pressure or vacuum

Which of the following is NOT considered "covered equipment" under an Equipment Breakdown Protection Coverage Form?

Equipment that is buried in the ground

When one of Frank's ovens breaks down at his wholesale bakery, it causes a dip in production that drastically affects the bottom line of the business. Luckily for Frank, he has an Equipment Breakdown Protection Coverage Form that can help cover the cost of repairing the expensive oven. Which policy coverage can help pay for costs associated with making temporary repairs and speeding up the permanent repairs?

Expediting Expenses

ABC Paving owns a warehouse where they store all their pavers. Lightning strikes the warehouse, which burns to the ground and destroys the entire fleet of pavers. In order to complete the projects they are currently working on, ABC Paving has to lease four pavers from another company. What commercial insurance coverage might pay for this expense?

Extra Expense

Diana owns a manufacturing company. One evening, a windstorm blows a tree through the side of her building, leaving a hole in the wall and damaging one of her production machines. Diana temporarily fixes the hole with some plywood, but will have to rent a new production machine until hers is repaired. Which coverage in her commercial property policy could indemnify Diana for the cost of the machine rental?

Extra Expense Coverage

When a company collects a consumer's personal and financial information, the methods for that collection, as well as the ways in which the information is used and shared, are all regulated by the:

Fair Credit Reporting Act (FCRA).

RWW Insurance creates a radio promotion where they advertise that they will insure any car for $200 a year. They don't actually offer such a plan, but they figure they will be able to sell hundreds of policies to people who show up looking for the bargain. What type of unfair insurance trade practice does this behavior exemplify?

False information and advertising

Farmer Scott owns a farm and raises goats, producing a lot of manure. Occasionally, after a strong rain, some of the waste washes into a nearby river. Which insurance coverage can protect Scott from any liability caused by the goat waste runoff?

Farm Pollution Liablility

Which Florida Residual Market program provides high risk Workers' Compensation coverage for employers who cannot obtain it in the voluntary market?

Florida Workers' Compensation Joint Underwriting Association

A store manager issues a customer a refund check for $1.00. One year later, an auditor going over the books discovers that the customer altered the check and cashed it for $1,000. What type of commercial crime coverage might indemnify the store owner for the loss?

Forgery or Alteration

Which of the following is NOT an "auto" according to the BAP?

Front end loader

When Sally slips and falls at XYZ Furniture, she injures her back and incurs $145,000 in covered medical expenses. Assuming XYZ Furniture carries a CGL policy with a General Aggregate of $400,000, and a Per Occurrence limit of $100,000, what will the new limits be after paying this claim?

General Aggregate: $300,000; Per Occurrence: $100,000

Which NFIP flood insurance form can insure residential buildings that do not meet the requirements specified by the Dwelling Form?

General form

John purchased some business property a few years ago. In the past two years, the property value has grown 4% each year. John maintains the 80% coinsurance requirement on his business policy, but wants a more automated coverage so he doesn't have to constantly check the appraised value of his property. Which optional coverage can John purchase to help ensure that he always has the right amount of coverage?

Inflation Guard

Which of the following is a feature typically found in a Business Owners Policy?

Inflation Guard for buildings and structures

Which of the following would NOT be covered under Medical Payments/PIP coverage in a BAP?

Injuries to the named insured's employees

A thief breaks into XYZ Metals and steals 100 traveler's checks the company had purchased for their employees as a bonus. Which commercial crime coverage would indemnify XYZ Metals for their loss?

Inside the Premises - Theft of Money and Securities

Mackey Manufacturing signs a five-year lease at a new location, only to have the building burn down one year into their new lease. Now they have to lease a new property, and the rental prices have increased, so the company now has to pay higher rental costs. Which commercial property coverage form might indemnify Mackey Manufacturing for the difference in lease costs?

Leasehold Interest Coverage Form

When the Coast Guard stops and boards a ship operated by XYZ Herbal Shipping, they find four pounds of contraband mixed in with other herbal supplements imported from South America. The Coast Guard seizes all the cargo and arrests the operators of the vessel. XYZ Herbal Shipping files a claim with its insurer for the seized cargo, but the claim comes back denied. Which implied warranty explains why this coverage was denied?

Legality

Under a business auto policy, Symbol 1 for "any auto" usually applies to what type of insurance coverage?

Liability

Direct excess coverage in the garage keeper's policy compensates for gaps in which sort of insurance?

Liability Insurance

Pat posts a scathing review of a rival business in the local paper. A week later he gets a phone call from the rival company's lawyer saying he will see him in court. According to Pat's CGL, this claim would be considered _____ and may be covered under Coverage B - Personal and Advertising Injury.

Libel

Which of the following is NOT a universal commercial property policy exclusion?

Lightning

Which of the following is NOT one of the requirements that a "Fast Food Restaurant" business must meet in order to qualify for a BOP?

Liquor must not account for more than 25% of total annual sales.

Which of the following BEST describes how covered losses are settled under a typical Equipment Breakdown Protection Coverage Form?

Losses are normally paid at replacement cost, but an insured may change this with an Actual Cash Value endorsement.

Jane owns stock in Company B, but she lost her stock certificate. When she asked for a duplicate, Company B said she must purchase a bond guaranteeing that if Jane finds the original certificate, she will return it for proper disposal and that Company B will not suffer an economic loss. What type of bond does Jane need?

Lost instrument bond

A policyholder can expect the highest amount of coverage for medical care under which of the following plans?

Major Medical Plan

During a routine tooth extraction, Dr. Dentem administers too much laughing gas and causes brain damage to his client. The family sues Dr. Dentem for failing to follow procedure. Which kind of insurance would cover the cost of the lawsuit?

Malpractice Insurance

Which endorsement to the BAP would cover a forklift?

Mobile Equipment

Money Orders and Counterfeit Paper Currency

Which of the following best describes how losses are valued under a Commercial Crime policy?

Money is valued at face value; securities are set at their value on the day the loss is discovered; and other property is valued at the lesser of the cost to repair or replace.

Randy runs a business where he takes on the possessions of others and transports them from one location to another for a fee. Randy also keeps his business model diverse by occasionally taking on legal passengers as clients, and helping them get from one place to another for a fee. Randy would be best described as a:

Motor Carrier

Nancy is a customer representative who works for ABC Insurance. Some of her coworkers are concerned about her unethical behavior. Which of the following may lead Nancy's coworkers to come to that conclusion?

Nancy always advises clients to buy the most expensive policy endorsements without considering whether the client needs them or not.

Helen's business is growing rapidly, so she decided to add an annex onto her office and hire another worker. A storm blows down most of the annex structure while it is under construction, forcing Helen to restart from scratch. Assuming she maintains the 80% coinsurance requirement on her commercial policy, which coverage extension could help Helen rebuild?

Newly Acquired Property

Gail's restaurant is doing more business than ever, so Gail decides to add more dining space. Three weeks into the project, a hurricane blows through town, reducing the new construction to rubble. Gail maintains commercial property insurance coverage valued at 70% of her property's replacement cost, although her policy says she must maintain at least 80% to be fully insured. Which coverage on her policy could pay to rebuild her restaurant at replacement cost?

None

When Herb was just starting out in the textile business, he purchased an older factory building in order to acquire as much square footage as possible, for the lowest cost. After a massive storm blows the roof off the building, Herb finds that the structure will require massive upgrades to bring it up to code. Which endorsement to his commercial property policy can help with this added cost?

Ordinance or Law

ABC Computers experiences a fire overnight at their corporate offices. ABC Computers had purchased an older building to house their offices, and the repair costs include upgrading the old building to adhere to modern fire codes. Which coverage might indemnify ABC Computers for the added expense of these upgrades?

Ordinance or Law endorsement

Which of the following statements about Protection and Indemnity (P&I) insurance is TRUE?

P&I insurance provides liability coverage against damages or injuries caused by the ship.

ABC Construction recently won a bid to reconstruct the town park. After a few months of work, ABC Construction realizes they won't make any money on the project so they walk away, leaving the park half-finished. Luckily, the town had required ABC Construction to hold a surety bond from Parker Sureties, who can now step in to finance the completion of the job. Which of the following statements is TRUE?

Parker Sureties can seek recompense from ABC Construction.

When XYZ Shipping's vessel sets off from port, it is carrying $150,000 in cargo for Sally's Salamander Oil, and $250,000 in cargo for Frank's Feline Air Fresheners. When a fire on deck totally destroys Frank's Feline Air Fresheners cargo, the insurer for Sally's Salamander Oil is not obliged to pay for any of the loss. This is because of the:

Particular Average clause.

When a flood inundates Paul's property, it causes $190,000 in damage to his home and $18,000 in damage to his detached garage. Paul has a Dwelling Form flood policy with a $200,000 limit. How much coverage should Paul use for his garage if he wants to have enough coverage to repair his home completely?

Paul should apply 5% to his garage and the remainder to the home.

Ben owns a souvenir shop in a small town. During the winter time, the population consists of about 2,000 locals, but once the summer season hits, it's a mad-house. The island can see over a million travelers during the summer season, and Ben must be ready with enough inventory to handle the demand. Which endorsement to his commercial property policy could temporarily increase Ben's coverage limits during this high-volume time?

Peak season

Who can purchase flood insurance through the NFIP?

People who live in participating communities

ABC Sawmill has a Commercial General Liability policy which includes a $2,000,000 General Aggregate Limit, and a $150,000 Per Occurrence Limit. A covered accident occurs, and the injured party is awarded $150,000. After this unfortunate situation, what are the limits remaining in ABC Sawmill's policy?

Per Occurrence Limit: $150,000; General Aggregate Limit: $1,850,000

When shelving falls on two of Phil's customers at his store, his CGL covers their medical expenses under Medical Payments coverage. Which of the following will tell Phil the most his policy will pay to each injured party?

Per Occurrence Sub-Limits

Ryan occasionally uses his new personal iPad at work to handle business matters since it's portable and can easily set up video conferences. He has a computer and another tablet at home, so he usually leaves the iPad at work, locked in his desk drawer. One morning Ryan arrives at work to find a massive sinkhole has opened up underneath the business, swallowing the interior. Which coverage extension in a commercial property policy may pay for Ryan's iPad?

Personal Effects and Property of Others

In a commercial property policy, Coverage C of the Building and Personal Property Coverage Form provides coverage for:

Personal Property of Others

Which type of CGL coverage would indemnify an insured party for damages resulting from a libel claim?

Personal and Advertising Injury coverage

Which of the following is NOT considered an "out-of-pocket expense" in health insurance?

Policy premiums

What CGL coverage form would protect a business from liability related to pollution and related clean-up costs?

Pollution Liability Coverage: Broad Form only

Which of the following statements regarding primary care physicians is FALSE?

Preferred Provider Organizations do not allow policyholders to choose a primary care physician.

Jim owns a small boutique. Jim forgot to turn off the automatic lawn sprinklers during the frigid winter weather, and when they came on last night, they created a thick layer of ice on his sidewalk. Before he could put salt on the ice, a customer came to the shop, slipped on the ice, and broke her hip. Which type of commercial general liability coverage would provide coverage in this situation?

Premises Liability

Which of the following does NOT have a per occurrence sub-limit under the General Aggregate limit of a CGL policy?

Product and Completed Operations

Acme Kitchen loses a lawsuit brought by a claimant who suffered injuries resulting from a design flaw in a kitchen knife she purchased. When Acme Kitchen's CGL insurer pays out on the claim, the amount they pay will be subtracted from Acme Kitchen's:

Products-Completed Operations aggregate limit.

In Florida, the employers of which of the following employees do not need to purchase Workers' Compensation insurance for them?

Professional athletes

Which of the following would be most likely to purchase an Errors and Omissions policy?

Real Estate Agent

Which of the following is not one of the employer's duties if injury occurs?

Remain with the injured employee until emergency assistance or a family member arrives

Which financial institution bond is designed for all types of insurance companies?

SF 25

Samantha, an agent for NED Insurance, routinely misrepresents policy provisions or fails to bring them up at all in her sales discussions with potential clients in an effort to make more sales. All of the following statements are likely true, EXCEPT:

Samantha is fulfilling her fiduciary duty to NED Insurance by selling more policies.

Veronica owns a pottery business and is insured under a commercial property policy. She was in the process of building an extra structure for the sole purpose of kiln firing her pottery when a massive storm came through and blew down all the scaffolding, which added additional cost to the construction project. Which coverage extension of the Builder's Risk Coverage Form would cover the scaffolding?

Scaffolding, Construction Forms, and Temporary Structures

Preparing for voyage, ABC Shipping loads its ship to maximum recommended capacity with shipping containers. When a client shows up with an extra 300 containers of cargo, ABC Shipping decides to make some quick cash and take on the extra cargo, even though it will overload the ship. The weight proves too much for the ship, and it sinks just off the coast of England. All cargo is lost. Which implied warranty has ABC Shipping violated, potentially voiding their Ocean Marine Policy?

Seaworthiness

Soft Fraud

A winter storm has left a lot of snow and ice on the roof of Helen's business. The weight is too much for the roof to bear and it gives way, bringing with it a torrent of melting ice and snow cascading down on the interior of Helen's warehouse. Her commercial property policy covers the damage, even though "weight of ice and snow" is not specifically listed as a covered peril. Therefore, which type of Causes of Loss form does Helen have attached to her Building and Personal Property Coverage Form?

Special Form

What does "implied warranties" mean in the context of Ocean Marine Insurance?

Strict adherence to good maritime practices is required.

Jim has a small business and wants to buy comprehensive coverage for all of the vehicles that he owns in order to protect his investments. Which coverage symbol will insure that ALL his owned automobiles are covered under comprehensive coverage?

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