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Property+Casualty II
| Question | Answer |
|---|---|
| Insurable interest in the property covered in a policy must be proven when? | At the time of loss. |
| Which of the following is a mandatory part of an insurance policy that varies with each individual policy: Exclusions, Insuring Agreement, Declarations, or Conditions | Declarations |
| Which of the following liability exposures is most likely for a small specialty clothing retail boutique? | Premises liability exposure; it exists when there is a continual use of the premises. |
| For the purpose of insurance, define risk. | The uncertainty or chance of loss. |
| Would a supplementary payment on a CGL provide up to $500/day for lost earnings and $2,000 for the cost of bail bonds OR $100 in gasoline costs by the insured driving a witness to and from court? | $100 in gasoline. |
| A claim is considered to have been made when... | Notice is received and recorded by any insured or the insurer, whichever comes first. |
| In the event of a claim under a commercial general liability policy, the insured does not have to submit to a medical exam. True or false. | True, the third party must submit to the medical exam, not the insured. |
| An insured is involved in an auto accident in another state. The state has a financial responsibility law that specifies limits of liability higher than the limits shown in the declarations. What amount will the insured's policy pay? | The higher limits. |
| Which one of the following symbols used in business auto coverage is correctly described: symbol 7-hired autos only, symbol 1-owned auto only, symbol 9-nonowned autos only | Symbol 9 - Nonowned Autos Only |
| An insurance agency could purchase an errors and omission insurance policy which would provide protection unless... | The claim stemmed from criminal wrongdoing or negligence |
| An insured carries a policy on her home for $250k. A bank is shown as the mortgagor in the policy. Last month the insured made her final mortgage payment, but did not remove the bank from the policy. How much would the bank get in the event of a loss? | Nothing, the bank does not have a financial interest in the house at the time of the loss. |
| What is the deductible of a personal liability umbrella policy called? | The SIR |
| When an umbrella policy is broader than underlying insurance and it pays a loss that is not covered by the underlying policy, it usually only pays what? | The excess over the self-insured retention. |
| Which commercial crime form would provide coverage for a loss that did not necessarily happen during a policy period, but was discovered during the policy period? | A discovery form |
| Which commercial crime form would provide coverage for a loss that happened during a policy period, but was not necessarily discovered within the policy period? | Loss sustained form |
| What type of information would be found in a policy's insuring agreement? | Renewal dates |
| An insurer just filed a premium rate with the commissioner. Assuming the rate is not denied, within how many days can the insurer begin using that premium rate? | 31 days |
| Within how many days must the insurer that terminates an agent's appointment notify the commissioner? | 30 days |
| The inspections and surveys condition in a businessowners policy does what? | Allows the insurer the right to inspect the insured's premises. |
| Johanna purchased a National Flood Insurance policy 10 days after her community entered an emergency program. When would her coverage be effective? | 12:01 am the day after the application and premium payment are mailed. |
| The businessowners policy liability coverage will pay for necessary medical expenses of others incurred within what maximum time period? | 1 year. |
| A unique feature in a bailee form is that it covers what? | Customers' property whether or not the insured has been negligent. |
| Professional photographers and musicians may insure their equipment with what floater? | Commercial articles floater |
| The Earthquake and Volcanic Eruption Endorsement added to a Commercial Property policy considers all earthquake shocks as one earthquake if they occur within what time frame? | 168 hours |
| A neighbor's tree has fallen into the insured's yard. The insured's homeowner policy will only pay to remove the tree if what? | If the tree is blocking the driveway. |
| Which of the following liability coverages must be added by endorsement to a homeowners policy in order to apply? | Personal Injury |
| The most the insurer will pay for a loss under a businessowners policy is... | The limit of insurance after the deductible is paid. |
| In addition to the common policy conditions, all of the following conditions apply to liability coverage EXCEPT: Separation of insured, Bankruptcy, Legal action against insurer, or Employers liability | Employers liability |
| All of the following are other coverages included in both the broad and special form dwelling policy EXCEPT: Lawns/trees/shrubs/plants, Theft of personal property, Collapse, or Breakage of glass | Theft of personal property |
| In insurance, an offer is usually made when? | The completed application is submitted to the insurer |
| Yes or No: Would a jewelers block extension cover a necklace that has been fixed and returned by registered mail to the owner, when the necklace arrived, it had been damaged? | Yes |
| Which of the following additional perils is covered under both the basic form and the broad form dwelling policies: Internal explosion, Falling objects, Freezing of plumbing/heating/a.c. systems, Weight of ice/snow/sleet | Internal explosion |
| Upon assuming office, the commissioner must post what kind of bond? | A performance bond |
| A resident of another state moves to MS has how many days after establishing residency to make application to MS for licensure without taking an exam or completing prelicensing? | 90 days |
Created by:
itscourtneym