Sim Test Questions Pt.2
pay dividends to the policyowner
A participating insurance policy may do which of the following?
Appraisal
A policy condition that stipulates how much the amount or lost property will be determined if the insured and the principal do not agree on the value of a property loss is known as this
Coverage by endorsement
In dwelling policies, automatic increase in insurance is
blanket
a policy that insurers all property at multiple locations for a single amount is referred to as this
Waiver
an insurance company receives an application with some information missing and issues the policy anyway, what is this called
$1000
antennas, towers, and satellite dishes attached to the dwelling are covered under Coverage A, but have a special limit of insurance for this amount in any 1 occurrence
bailee form
covers customers' property whether or not the insured has been negligent
30 days
if an insurer is cancelling a policy for any reason except nonpayment of funds, the insurer must give the mortgage holder at least this many days notice following businessowners policy Section I
Replacement cost at the time of the loss, less depreciation
in property insurance, actual cash value is defined as this
$2000
maximum fine for misrepresenting the terms of a policy upon conviction
claims-made form
requires that the loss occur after the retroactive date and the claim be reported before the expiration date of the coverage if the policy is to respond
Utmost good faith
the insurer must be able to rely on the statements in the application and the insured must be able to rely on the insurer to pay valid claims
Property and liability
the limited fungi, wet or dry rot, or bacteria coverage endorsement applies to which type of losses
for inspections and examinations
the major portion of the premium for an equipment breakdown policy pays for what
definitions
the part of a policy that clarifies terms in the policy is this
Agreed value, inflation guard, replacement cost
these are coverages that are built into the condominium association coverage form and may be activated by an entry on the dec page
Accounts receivable coverage form
this form reimburses the insured for amounts that can't be collected from customers due to damage to the company's records
Replacement cost
this is a method of loss valuation that is contrary to the basic concept of indemnity because following a loss it may provide the insured with a settlement in excess of the property's actual cash value
a share of the loss
when other insurance is written on the same basis as a commercial property policy, the obligation of the insurer is to cover what
Privilege to adjust with the owner
which inland marine coverage condition says that an insurer will settle with the actual owners of property involved in a loss