Insurance cards
B buys a freight insurance policy that has a limit of liability of $1,000,000 with a $10,000 deductible. B ships out some goods that are lost and this loss costs $1,500,000. How much will B's freight insurance pay on this loss?
$990,000
Homeowners coverage that provides for loss when the insured dwelling is not habitable due to a covered loss in found in
Coverage D
How are Coverage D and Coverage E paid in both the Broad and Special forms under Dwelling Program.
Coverage D and E are paid up to 20% for both combined, not each separately, of the dwelling coverage amount.
If a business is concerned with repetitive coverages and paying more than once for the same coverage, the Commercial Package Policy solves this issue:
Through interline endorsements
The goal of the Second/Subsequent injury fund is?
To encourage employers to retain and hire people with disabilities.
K's 14 year old son had intentionally thrown a baseball through her neighbor's window. Under the damage to property of others clause in Section II of K's Homeowners Policy, the amount the insurer will pay for this loss is:
$0
R has endorsement HO 04 55, identity theft expense on her home owners policy and has had a identity theft issue pertinent to her business. Because of these events, R has lawyer expenses of $27,000. According to her policy, how much her insurer pay?
$0
J has rented a room in his home to a tenant and has helped furnish the rented room with carpet, refrigerator and sofa costing him $4,000. Less than One month later these furnishing were destroyed in a small fire. How much will J collect from his HO-2 Policy for this loss?
$2,500
K has Garagekeepers comprehensive coverage and his garage has made a mistake on a repair job which he is legally liable for. K's client requires the use of a rental car now and K's policy will pay how much of this cost?
$20 per day up to $600 max
Assume a CGL has an Aggregate limit of $1 million and a per occurrence limit of $500,000. Three separate accidents during the policy period are brought and each award is for $400,000. How much will the policy pay for the third or final award?
$200,000
What is the standard deductible for a Business Owner Policy?
$500
Chauffeured limousine liability coverage limits are?
100/300/50
In the Business Owner Policy property which is moved to protect it is covered for how many days?
30
The liquidator of an insolvent insurer must send out a notice that all policies that have not already been cancelled will be canceled when how many days?
30 days
The most common distribution of Extra Expense funds during the first three months following a covered direct loss is:
40/80/100
At what level of net worth will a insured have only limited or no coverage from the OIGA?
50,000,000
If an insurer has losses and expenses from operations totaling $25,000,000 and earned premiums of $48,000,000 what is the combined ratio of the carrier?
52%
Company A pays $450 in claims for every $600 in premium collected and also has $100 in underwriting expenses. What is the insurer's loss ratio?
75%
The superintendent determines an examination of an insurer's books and records is necessary. After receiving the notification, the insurer...
Must not impede the examination.
Who of the following parties would not be considered to be an insured under Garage Operations- Covered Autos Form?
A customer of the dealer who has their own legal auto insurance while test driving a new vehicle.
Which does not provide demonstrative proof of financial responsibility?
A drivers license
Which of the following uses of a detached garage is permissible under the terms of Coverage B in a dwelling Policy?
A non-tenant of the insured rents the structure as a private garage.
Which of the following statements pertaining to Medical Payment Part C of the CGL is FALSE?
A person has to
Which of the following structures would not qualify for a dwelling form?
A six unit residential apartment building.
B's business has just purchased a private jet. The type of insurance that will cover B's plane will be..
Aircraft Hull insurance
Comprehensive Garage keepers from will cover which of the following perils?
All of the answers listed
Which statement is false?
An agent cannot charge a fee
Which of the following losses would be covered under section II of a Business Owners Policy?
An insured accidentally slams a shopping cart into a parked car While shopping for business supplies.
Bodily injury is defined as:
Bodily harm, sickness, and disease
Which of the following would have to be located within 100 feet of the described premises of the insured to be covered under the Commercial Building and Business Personal Property Form?
Building materials intended to become part of the insured building.
The structure of a business Owner Policy covers all of the following, EXCEPT:
Business Autos
Workers' compensation law in Ohio are?
Compulsory
General Average Coverage:
Covers Partial Losses
Big Dog's Bonds sells a bond that guarantees that a criminal action defendant will appear in court when not in jail awaiting trail. This bond is known as a:
Criminal Bail Bond
Under a Business Auto Policy, the categories of covered auto are found in which part of the contract?
Declarations
Under a Business Auto Policy, the categories of covered autos are found in which part of the contract?
Declarations
A notice sent to a prospective insured by a controlling producer must include all the following actions Except?
Deliver a written notice to the insured detailing the non receipt of commissions based upon the insurance placed.
An example of risk sharing would be ...
Doctors pooling their money to cover malpractice exposures,
R applies for a job and doesn't get hired. R claims that when she was being interview for a job the manager made several attempts to secure a date. She was told that if she didn't go out with the manager she would not get hired. If R sues the employer for such actions, the policy that would pay for all possible damages to the business would be:
Employment practices liability
An agreement is reached when an insurance contract is formed. Which of the following is NOT considered to be an element of an agreement?
Equity
M owns a parking garage and have coverage that states "we will cover losses regardless if you are legally liable for the loss." This no-fault ideology will be found under:
Excess direct coverage
Which of the following would not be considered conditions under trailer interchange coverage?
False Pretense and after market sound accessories
Specified causes of loss coverage under truckers coverage will cover which perils?
Fire, Lightning, Explosion, Theft, Vandalism
According to a businessowner policy conditions section, changes must be made in writing as in endorsement by the ______ insured
First named
Which of the following conditions does qualify for coverage under a flood policy?
Flooding in a widespread area
J has just purchased vacant land and is considering building a public parking structure. The type of coverage that J will need for his new business is:
Garage Coverage Form
Which of the following homeowners forms will cover structures on an open peril basis but will cover personal property on a named perils basis?
HO-3
All of the following are covered under Garage keepers form Physical Damage Coverage EXCEPT:
Hail
Effective data of coverage, all endorsements and schedules can be found in the _______ page of a Workers compensation policy.
Information
When a producer is appointed, the ______ is considered the principal.
Insurer
Under Truckers Coverage From, an insurer will cover trailers in possession of the insured and the insured's trailers in the possession of other, as long as there is which type of agreement in place.
Interchange Agreement
Under the Individual Named Insured Endorsement:
Is added at no extra premium.
All of the following statements about the supplemental Extended Reporting Perid Endorsement are true, EXCEPT:
It extends a midi-tail to 10 total years instead of only 5 years.
H's Business owners policy has ended on July 1,2019. What is the maximum time frame the insurer has to examine H's books and records?
July 1, 2022
Which of the following losses would be covered under CR 00 40 coverage?
Kidnap/Ransom
An unintended, unforeseen reduction or destruction of economic value is known as:
Loss
Three years ago, H was hosting a party and had a visitor fall down 3 flights of stairs and was paralyzed from the neck down. The injured party filed a claim against H's Homeowners insurance and was paid for loss under Coverage E of H's policy. Now, H is applying for a new homeowners policy and is worried about applying for coverage. When H is asked about any claims that were brought against him in the last 5 years, he replies, "none." H's statement is considered to be a:
Material lie
Which of the following are NOT common conditions found in both sections I and II of a homeowners policy?
None of the answers listed
A garage coverage form will cover which of the following?
None of the answers listed.
An employee who suffers an injury that can never be healed but the worker will still be able to return to work after being paid a one time, lump sum amount for their loss are categorized as having what form of disability?
Permanent Partial Disability
If a CGL claim made continuous coverage timeline shows first there was Policy A, then Policy B followed by Policy C which is in effect today, which company would a claim made today be presented if the exposure to loss happened when Policy A was in effect?
Policy C
X owns a semi-truck transportation company and has limits on where property is covered or not covered depending on specific geographic location. this clause is known as:
Policy Territory
Which of the following outlines the authority given to the producer on behalf of the insurer?
Producer Contract
A Homeowners policy is considered a multi-line policy because it consists of both:
Property and Liability coverage.
Ambiguities in insurance contracts are typically interpreted in favor of the insured. the rule is referred to as...
Reasonable Expectations
What is the best expression of the premium determination process for Workers Compensation (X means Multiply by")?"
Risk factor of job classification X $100 of payroll=Premium
All of the following are duties of an insured after a loss, under a homeowners policy EXCEPT:
Risk personal injury, if necessary, to protect damaged property from further damage.
M is a mechanic who works for Broken Axle auto repair shop. One Tuesday, M is driving around a customer's repaired car and accidentally smashes it against the wall of the garage door on the way out. The section of garagekeepers coverage that will cover M's accident is:
Section III
J is reading his homeowners policy and there is language that states that while each insured is covered but the limit of his coverage is not increased for any single occurrence. J is reading the:
Severability of insurance clause
Permanent total disability will be compensated of all the following except?
Solely the employee's age or aging.
Open perils coverage usually goes by what name?
Special
Assumption of risk:
State that a party will not collect damages because they should have known what they were doing was risky.
Which of the following bonds guarantees performance?
Surety
The statements which follow concerning the Claims Made Coverage Trigger are true, EXCEPT:
The claim can take place anywhere in the world and is not limited to any specific geographic area.
Once a controlling producers calendar aggregate gross written premiums reach 2% or less, what action must the controlling insurer take?
The controlling insurer does not need to take any action.
An employee whose wage is less than Thirty-three and one-third percent of the minimum statewide average weekly wage will receive compensation equal to...
The employee's full wages
Which of the following is not true regarding the definition of personal injury in a business owners policy?
The endorsement covers false arrest if it is international.
In an HO Contract, "we" and "us" refer to:
The insurance company
H is reading through his HO-4 policy and keeps seeing the language "you" and 'your." Under HO contracts definitions "you" and "your" refers to:
The insured and the spouse of the insured who lives at the same address of the insured.
What is the main advantage to an insurer under a Claim Made CGL?
The insurer knows the definitive date upon which their potential liability ends.
Warranties on non-OEM parts are backed by?
The manufacturer or distributor
What statement best describes "controlled insurer"?
The term " controlled insurer" means an insurer that, directly or indirectly, is controlled by a producer.
The definition of crime that is broad enough to include forcible entry of insured's premises, threat of violence or any stolen property is:
Theft
Which of the following statements about NFIP deductibles is TRUE?
There is a deductibles applied to the building and another to the contents under both the emergency and the regular programs.
For an insurer to cover a burglary:
There must be visible signs of forcible entry or exit to the insured's property
When the laws of another municipality or nation impose any taxes, fines, penalties, license fees, deposits of money, securities or other obligations or prohibitions on insurance companies or agent of this state, this state will retaliate by?
Those same obligations and prohibitions will be imposed on insurance companies or agents from those municipalities or nations when doing business in this state.
Which of the following scenarios best describes the running down clause?
V's ship collides with another vessel.
Giving up a known right on a voluntary basis is called a(n)
Waiver
While at work, M falls off a ladder and breaks his arm. M will be able to collect damages against his employer under:
Workers compensation
In 1980, G had a custom home built and purchased an HO-5 policy. In 2005, G sold his house to X, Who decided to purchase an HO-3 Policy. In 2006, a electrical Fire caused the home To suffer a Total Loss. Which of the following is correct about the Loss?
X is the only person that can collect loss because they were the insured at the time of loss.
A carrier has a expense ration of 120%. This indicates:
an underwriting loss has occurred
All of the following are considered to be covered autos under Truckers Coverage From EXCEPT:
autos owned in a state that can reject uninsured motorist coverage
Section II of a homeowners policy provides:
both personal liability and medical payment to others coverage.
Which of the following are reasons a client would add commercial endorsement CP 04 05?
damage due to ordinances or law can add 50% or more to the cost of claim.
Free from Particular Average Coverage:
frees the shipper from minor losses
Under definitions of a policy, which of the following instances would qualify as diminuation in value?
hail damage the paint of a new car
A CPP policy must:
have at least two coverage forms
If a painter wished to by a Business Owner Policy:
his payroll cannot exceed $300,000.
Other insurance:
is known as excess coverage
An employee who is totally disabled for a period of _____ week(s) or more will be compensated for the no compensation period.
two weeks
