AZ State Exam
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| Errors & Omissions | show 🗑
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| Liberalization | show 🗑
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| Collision Loss | show 🗑
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| Vandalism or malicious mischief or breakage of glass is included in most basic homeowner and commercial policies except when | show 🗑
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| show | Valuation would most likely be used on the valuation of the loss of an antique dresser
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| Wear to tires by road conditions | show 🗑
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| Personal Article Floater or Scheduled Personal Property Floater | show 🗑
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| show | Defamation, libel, slander is not included under the definition of bodily injury, and generally must be added as an endorsement in order to be covered.
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| Personal Umbrella | show 🗑
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| show | Fraud is the intentional misrepresentation;false statement with the intention to deceive insurer. Induced with something of value or surrender of legal rights. May void policy
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| What does the Purpose of co-insurance (share that insured pays) guarantee | show 🗑
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| Blanket insurance | show 🗑
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| show | It is responsible for covering valid claims.
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| Who determines the insurance insolvency of an Insurer | show 🗑
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| Give an example of Vicarious liability | show 🗑
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| show | A policy used to insure private dwelling residential properties.
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| show | Pays reasonable costs incurred by the insured for the necessary measures taken solely to protect covered property damaged by a peril insured against from further damages.
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| show | It is not covered by a Business Pursuits Endorsement, but is available with an HO policy
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| show | Value measures premium charged for the coverage provided such as a rate per $100 to be insured (rate times # of units purchased)
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| What does Transportation expense cover under personal auto policy | show 🗑
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| If a producers wants to do business under another name | show 🗑
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| show | Is a form of insurance between individuals designed to reduce risk of catastrophic loss.
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| show | If insured commits _____ or ______ ______, it could void the policy.
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| Fair Credit Reporting Act (FCRA) | show 🗑
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| show | Where one party is unable to modify the contract language
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| What does "Doctrine of utmost good faith" State | show 🗑
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| Consideration | show 🗑
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| show | To restore in whole or in part, to the position insured enjoyed before the loss, no better, no worse.
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| show | That which increases the probability of an occurrence of loss arising from peril, or influence the extent of the loss.
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| How long must producers keep records | show 🗑
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| show | A producer found guilty of a class 5 felony may have fines and license suspended or revoked by the Director for up to
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| show | $2,500 and $15,000
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| show | 12 months
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| show | 18 years of age, has not committed any act that is ground for denial, suspension, or revocation; has paid the prescribed fees, and has successfully passed the respective exam
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| These are not Insurance Adjusters | show 🗑
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| What does the Standard Fire Policy cover (aka Personal Property)? | show 🗑
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| What are the four parts in a Dwelling Policy with Standard Fire Coverage? | show 🗑
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| show | A dwelling property is not a homeowners policy.The standard policy never covers theft of contents, and does not contain any liability coverage
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| show | Declaration Page
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| What does the Dec page include? | show 🗑
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| show | â¢Amount of premium paid and filled application by insured,insurer agrees to abide by the provisions contained in policy and pay covered claims
â¢Insured must be 18 years or older
â¢Insurer must be sane and not under the influence of drugs or alcohol
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| Effective Time and Location | show 🗑
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| What is Policy Limits | show 🗑
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| show | Replacement Cost-Depreciation=Actual cost value (based on the age of the structure)
The policy pays insured in the event of a claim up to the policy limit or actual cash value,whichever is less.Buildings are depreciated at about 1% per year up to a maxim
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| True or false, on property insurance policies some insurance policies will pay claims on a Replacement Cost basis | show 🗑
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| show | Standard policy only covers direct losses, i.e. building damaged by fire is covered, loss of business use is not covered
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| show | True, a mortgage company may be named on the policy to protect the bank's interest
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| show | Direct loss by Fire, Lightning,and Removal. It is an All-Risk coverage, which protects personal content from damage/destruction by fire, and is not automatically covered (must pay the extra premium) and contents must be listed on the Dec page of the polic
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| True or false Fire as a result of War is Excluded in the Standard Fire Policy | show 🗑
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| show | 1. Basic-covers ACV structure & contents,Vandalism/Malicious Mischieve,indirect losses, i.e. rental value.
2.Broad-adds several perils incl. Basic coverage & Replacement cost (dwelling)
3.Special-All risk,covers all perils not excluded, & theft to struc
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| show | They are endorsements used to broaden the coverage of a Standard Fire Policy and to describe the type of dwelling property
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| Do dwelling forms automatically include contents? | show 🗑
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| For a Commercial Building a Personal policy is used to cover what? | show 🗑
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| DP-1 Coverage A covers what? | show 🗑
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| DP-1 Coverage B covers what? | show 🗑
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| show | Contents coverage includes furniture, clothing,stereos,tvs, and many other personal items of the insured, fam. members, guests, servants (not roomers) are covered. Excludes: pets,aircraft,motor vehicles, boats. Off premises covers 10% which applies anywhe
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Created by:
ljandrade21