FIND THE ANSWERS
What is another name for the Homeowners Form HO-4? A. Modified Coverage Form B. Broad Form C. Special Form D. Tenants Form
Tenants Form
What type of policy can broaden coverage and increase the limits of the underlying policies? A. CGL B. Extra expense C. Professional liability D. Umbrella
Umbrella
Which of the following coverages will protect the insured against drivers who have inadequate or insufficient coverage to respond to claims? A. Other than Collision B. At-Fault C. Uninsured D. Underinsured
Underinsured
For insurance purposes, an unfurnished beach house is considered ____________ because no one is living there. A. Empty B. Unused C. Unoccupied D. Vacant
Vacant
The liability assigned to one party for the conduct of another, based solely on a relationship between the two is: A. General liability B. Vicarious liability C. Personal injury D. Gross negligence
Vicarious Liability
Which of the following forms provides named perils coverage to the owner of a condominium or cooperative unit? A. HO-6 B. HO-5 C. HO-4 D. HO-8
ho-6
Gambling is an example of which type of risk? A. Speculative B. Whole C. Pure D. Partial
Speculative-cannot be insured
Which increment amount is generally used when writing Umbrella Policies? A. $100,000 B. $2,000,000 C. $1,000,000 D. $500,000
1,000,000
All of the following are Time Element Coverage Forms, except: A. Legal Liability Coverage Form B. Business Expense Without Extra Expense Coverage Form C. Extra Expense Coverage Form D. Business Income and Extra Expense Coverage Form
A. Legal Liability Coverage Form
Which loss would NOT be covered by the National Flood Insurance Program? A. Water main break B. Unusual and rapid accumulation or runoff of surface waters C. Overflow of inland or tidal waters D. Mudflow caused by accumulation of water
A. Water main break
An insured and insurer will utilize which of the following when they are unable to agree on the amount of a claim to be paid? A. Recession B. Appraisal C. Assignment D. Subrogation
Appraisal
The scrap value of damaged property is the A. Appraisal value B. Salvage value C. Actual cash value D. Arbitration value
B. Salvage of value The amount for which property can be sold at the end of its useful life. In property insurance, the salvage value is the scrap value of damaged property
Lightning strikes a home and starts a fire that destroys the structure and its contents. The lightning is the A. Indirect loss B. Speculative Risk C. Proximate cause D. Risk
C. Proximate cause The primary cause of loss. If only
Which section of an insurance policy includes the names of the insurer and insured, the effective and expiration dates, and the limits of liability? A. Conditions B. Exclusions C. Insuring Clause D. Declarations
Declarations
Which part of the insurance contract specifies the risks the policy will not cover? A. Exclusions B. Insuring agreement C. Conditions D. Declarations
Exclusions
Which of the following Forms provides open perils coverage for Coverages A, B and C? A. HO-8 B. HO-6 C. HO-3 D. HO-5
HO-5 (Comprehensive) Coverage A-Dwelling B-Other Structures/Replacement Cost Coverage C- Personal Property/Actual Cash Value (ACV)
Which peril is covered under the Dwelling Form DP-1? A. Lightning B. Falling objects C. Freezing D. Weight of ice, snow or sleet
Lighting Fire Lighting Internal explotion
Before paying a claim, Insurable interest must exist in a property policy at the time of A. Policy delivery B. The loss C. Application only D. The first premium
Loss
Under the Personal Auto Policy, the definition of bodily injury includes all of the following, EXCEPT: A. Death B. Loss of use C. Sickness D. Bodily harm
Loss of Use
Bodily injury includes all of the following, except: A. Personal injury B. Disease C. Physical trauma to a person D. Death
Personal Injury
Insurance that protects professionals from losses that arise out of their professional conduct is referred to as: A. Professional Liability B. Workers' Compensation C. Employer's Legal Liability D. Commercial General Liability
Professional Liability