Property 2
Under the conditions of a Film Coverage Form, how long must the insured maintain records of each production?
3 years after the policy expires
An insurance producer must disclose his or her name and the name of the agency or insurer they represent
Before a personal solicitation
The causes of loss insured against in an insurance policy are known as
Perils
Insurable interest in a property policy must be proven
At the time of loss
When doing business in this state, an insurance company that is formed under the laws of another state is known as which type of insurer?
Foreign
How long must insurers keep records related to advertisement of insurance policies?
3 years
How long is the waiting period after the application has been accepted before flood coverage goes into effect?
30 days
In earthquake coverage provided by endorsement in a homeowners form, one or more earthquake shocks would be considered a single earthquake if they occur within what maximum time period?
72
A tornado that destroys property would be an example of which of the following?
A peril
Which part of an insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss, or defense expenses?
Additional Coverge
When coverage is provided under a Homeowners policy for day care operation, it must be evidenced by
An endorsement
If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered to be
Authorized
The part of the policy that sets forth the rules of conduct, duties, and obligations of the parties is called the
Conditions
A unique feature in a bailee form is that it covers
Customer's property whether or not the insured has been negligent
Individuals in the business of selling construction equipment and mobile equipment should insure with a/an
Equipment dealers coverage form
An insurance company is domiciled in Montana and transacts insurance in Wyoming. Which term best describes the insurer's classification in Wyoming?
Foreign
Losses caused by continuous or repeated exposure to conditions resulting in injury to persons or damage to property that is neither intended nor expected is the definition of which of the following terms?
Occurrence
A participating insurance policy may do which of the following?
Pay dividends to the policyowner
All of the following are true regarding rebates EXCEPT
Rebates are allowed if it's in the best interest of the client
Under the commercial property coverage program, the basic causes of loss form insures against loss caused by
Sprinkler Leakage
All of the following types of property are covered by a standard builders risk form EXCEPT
Tools 50 feet away from the building
Which of the following additional perils is covered under both the basic form and broad form dwelling policies?
internal explosion
What is the purpose of the Claims Made form?
to allow insurers to determine adequate rates for unknown losses claimed in the future
An insured decides to store some heavy boxes in the attic. While moving them around, he accidentally drops a heavy box that crashes through the ceiling, causing $1,000 of damage. The insured's HO-3 policy form will pay
$1000 minus the deductible
Which of the following is NOT covered under accounts receivable coverage form?
Any loans required to offset uncollectible amounts
The pro rata liability clause is designed to protect the principle of
Indemnity
Which of the following coverages in dwelling and homeowners policies is for indirect losses?
Loss of use
How much is the premium for the dwelling under construction endorsement under the dwelling policy?
The average amount of insurance during construction
Which item would NOT be covered under building coverage in a building and personal property policy?
The bulldozer being used as part of a business addition under construction that is parked 500 feet from the building
If an insured covered under a Mobile Homeowners Policy moves the mobile home to protect it from a covered peril, the policy will pay up to
$500
Which of the following clauses establishes the procedure for determining the amount of a loss when the insurer and the insured cannot agree on the value of property or amount of loss?
Appraisal clause
Under the dwelling policy, Coverage C - Personal Property is
Limited to covering a servant's property while at the insured location
Who might receive dividends from a mutual insurer?
Policyholders
Frank's Steaks furnishes meat to steakhouses. An accident on the premises causes the building to lose refrigeration for 32 hours. The state inspectors will not allow the meat in the refrigerating units to be sold for human consumption, and Frank loses $18,500 in disposing of the meat. What coverage under Frank's BOP policy will cover the loss?
Utility service - direct damage
