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Other Coverages
Arizona Independent Insurance Adjusters Exam
| Question | Answer |
|---|---|
| ___ ____ insurance is designed to indemnify an insured party for losses to property in transport, and for insuring items involved in the transportation of goods. | Inland marine |
| Inland marine insurance policies are typically known as _____, and can involve insurance protection to any property involved in the transportation of goods, or the transported goods themselves. | Floaters |
| Inland marine insurance policies can provide insurance protection for a variety of objects involved or assisting in the transportation of goods. These objects are known as _____ of transportation and communication. | instrumentalities |
| Instrumentalities can include, but are not limited to: | •bridges •tunnels •antennas and towers for radio and TV •dams •piers and docks •pipelines •power transmission lines |
| Six different national classifications of inland marine insurance: | 1. Imports 2. Exports 3. Domestic shipments 4. Instrumentalities of Transportation or Communications 5. Personal property floater risks 6. Commercial property floater risks |
| ____ ____ policies protect the business from losses that occur during shipment or transport of goods. This can include travel by truck, train, ship, mail, or plane. | Domestic shipment |
| Motor truck cargo policies protect a carrier only from ____ to goods in transport. | damage |
| ___ ___ ___are designed to protect property owners from damage or losses to personal articles while in the process of transport. | Personal property floaters |
| ___ ____ ___ allow an individual to acquire more complete protection of valuable possessions not covered to full value by other policies such as a homeowners or commercial policy. | Personal property floaters |
| Personal Property Floaters are written on a single policy form called a ___ ___ ___, or PAF. | Personal Articles Floater |
| PAF's cover property on an ___ ____. | open-peril basis |
| Inland marine exclusions to coverage include: | •war •nuclear hazards •wear and tear •insects and vermin •spoilage •gradual deterioration |
| Personal inland marine insurance and PAF's cover a wide variety of seemingly unrelated items that are divided into classes, including but not limited to: | •cameras and photographic equipment •fine arts •jewelry and furs •musical instruments •stamp and coin collections •precious metals including silverware, trophies, medals •golfer's equipment •china and crystal |
| Commercial property floaters are designed to protect the property of a business that is not at a ___ ____. Generally speaking this property may not be 100% in the control of the business holding the policy. | fixed location |
| A _____ is an individual or company that receives the property of someone else for a special purpose (cleaning, storage, repair), and then returns the property to the owner when they have completed a service or activity related to the property. | bailee |
| A ___ ____ ___ ____ protects the bailee from damages that may occur to someone else's property while in possession of the bailee. | bailee's commercial property floater |
| ___ ___ ____ provide coverage to the very expensive machinery used in construction while it is being transported, while it is on-site, or while it is in storage. | Contractors equipment floaters |
| Protects perishable items held in cold storage. | Cold Storage Locker Floater |
| ___ ___ are used by furriers and jewelers to protect inventories. "Block" is one of the oldest types of floaters and means "all together". | Block policies |
| Covers valuable medical equipment, materials, and supplies used by medical professionals. An example might be a mobile dental clinic that visits and sets up inside schools. | Physicians and Dental Equipment Floater |
| Provides all-risk coverage for equipment and supplies used in theatrical productions. | Theatrical Property Floaters |
| What is the coverage territory for a Personal Article Floater? | Worldwide |
| A Personal Articles Floater is insurance for: | personal articles while in the process of transport |
| ___ ___ insurance is the oldest form of insurance. | Ocean marine |
| There are four types of ocean marine insurance: | •Hull Coverage; •Cargo Coverage; •Freight Insurance; •Protection and Indemnity (P&I) |
| ___ ___ provide insurance coverage to indemnify the policyholder for damages to, and loss of, a marine vessel. | Hull policies |
| Cargo is defined as the actual goods or property being shipped. ___ ___ provides insurance protection to the goods and property in transport. | Cargo coverage |
| Where cargo is defined as the actual property being shipped, ____ is defined as the charge made for shipping cargo. | freight Freight insurance protects the vessel owner in the event the freight costs are not paid. Freight insurance will indemnify the policyholder for these uncollected freight fees. Freight ins.is often combined with hull coverage |
| ___ ____ is a form of liability insurance that protects a vessel in the event of a collision with another vessel, also commonly known as "running down" coverage. | P&I coverage |
| In Ocean Marine Insurance, when cargo is shipped free on board (F.O.B.) this means: | the seller of goods assumes responsibility for the cargo until it reaches a specific point, where the buyer assumes responsibility |
| A cargo ship owner hull policy has a franchise deductible of $100,000. The vessel sustains $110,000 worth of damage due to a fire. How much will the insurer be responsible for? | $110,000 |
| In Ocean Marine Insurance, the Free of Particular Average Clause (FPA) clause is said to serve as a deductible of sorts for cargo, because it: | limits the liability of the insurer to losses that exceed a specific percentage (usually 10%) of the value of the insured items |
| ____ _____ products are designed to provide property coverage for the hull of an aircraft and various liability coverages for bodily injury and property damage resulting from the use of an airplane. | Aviation insurance |
| Hull Aircraft insurance is typically: | all risk with a percentage deductible |
| Aviation Insurance Coverage territory varies according to policy, but often includes: | the United States, Canada, Mexico, and the Bahamas if specified in the insurance contract |
| Workers' Compensation is a “_____” policy, which means that work-related injuries are covered, regardless of fault. | no-fault |
| this act provides benefits in the form of monthly payments and medical coverage to coal miners | Black Lungs Benefits Act |
| protects injured seamen by allowing them to sue for damages and to choose a jury trial | Jones Act |
| What are the two approaches to regulating workers' compensation? | monopolistic and competitive |
| States that have special legislation that requires Workers' Compensation Coverage to be provided exclusively by the State's Workers' Comp program are: | Monopolistic |
Created by:
ajramirez1969
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