when the courts usually resolve any ambiguity in policy wording in favor of the insured this is because what? - ANSWER-Doctrine of reasonable
... [Show More] expectations
Doctrine of Reasonable Expectations - ANSWER-States: that a policy includes coverages that an average person would reasonably expect it to include, regardless of what the policy actually provides.
Which is not an agent's responsibility to the insured? - ANSWER-Settling and paying claims
A women slips and falls on icy steps and breaks her leg. What may be a peril in this situation ? - ANSWER-The fall
peril - ANSWER-cause of loss
Part of the policy that can void the policy if they are breached, weather the breach was intended or not? - ANSWER-Warranties
An insured's attempt to mitigate risk ? - ANSWER-Reduction
Type of Insurance the government may step in to provide that is not ordinarily available for private insurers? - ANSWER-Residual Market
One party of the contract has greater power over the other in drafting the contract. - ANSWER-Contract of adhesion
Personal Insurance contract - ANSWER-An insurance contract insures the person who owns the property, not the actual property itself
Excess Line carriers - ANSWER-Non-admitted/unlicensed carrier who is held to different regulations than other carriers.
Protects insurance companies from catastrophic losses and from wild fluctuations in underwriting results - ANSWER-reinsurance
Contract Against Public Policy is not enforceable due to what part of contract - ANSWER-legal purpose
tort - ANSWER-a wrongful act or an infringement of a right leading to legal liability.
An insured is found legally liable for the loss of another and is ordered to pay general damages - ANSWER-Damages compensate for pain and suffering.
Under CGL which is covered under supplementary payments - ANSWER-cost of bail bonds
which is true When the insured's limits of insurance apply per occurrence - ANSWER-coverage is triggered for smoke damage to siding caused by repeated acts by the insured's neighbor
The fair credit reporting act permits consumer reporting agencies to include applicant information about bankruptcies more than 10 years older. - ANSWER-the applicant is seeking a transaction greater than $150,000
Insured with split liability limits of 100/300/100 is at fault in an auto accident and the other vehicle sustains $6,500 in property damages as well as two occupants have bodily injuries and are claiming $150,000 each. What is the most insurance will pay to each occupant ? - ANSWER-$100,000
Which best describes CGL ? - ANSWER-Coverage A,B, an C apply ins sum and are the most that will be paid subject to the general aggregate annual limit.
Insurable Interest - ANSWER-something of value that, if lost, would cause you financial harm
determining an adequate indemnification after a loss is a duty of - ANSWER-The insured's insurance company.
A property damage liability policy would offer protection for - ANSWER-Damages done to a gas station due to insured's parking collision.
Under the insured's personal auto policy, for a newly acquired car to be covered prior to reporting it to the insurance company - ANSWER-All coverages extends if the insured reports the car within 14 days.
Part D Auto - ANSWER-Coverage for Damage to Your Auto
Underinsured Motorist Coverage - ANSWER-pays from your coverage if you are in an accident with another motorist that has lower liability coverage than your coverage. Your underinsured coverage will pay the difference
comprehensive coverage - ANSWER-protection against damages to your car from causes other than collision or rolling over
Symbol 2 on Auto declarations - ANSWER-Owned auto's only
Under liability coverage, the following will trigger coverage for property damage - ANSWER-Unintended damage to tangible property of others
How does an extended period attached to a general liability policy provide coverage - ANSWER-Provides coverage for claims made outside the policy term.
The claims-made liability form provides coverage from a date that precedes the policy effective date. Which of the following defines that date? - ANSWER-Retroactive Date
Form triggering coverage for a loss under the commercial general liability policy if a loss happens during the policy period - ANSWER-Occurrence form
Business liability exposure type of a slip and fall - ANSWER-Premises and operations
theft - ANSWER-Taking another person's possessions
burglary - ANSWER-entering a building unlawfully with intent to commit a felony or to steal valuable property
An employer sends employee out of state on work related basis, what does employer need to do to ensure the appropriate workers comp coverage - ANSWER-List the state on the information page for "other states coverage"
workers comp insurance is subject to all employees expect - ANSWER-Crew members of an ocean vessel
Replacement of a portion of loss of wages - ANSWER-Workers comp benefits
Workers compensation coverage is rated on the basis of - ANSWER-Employers Payroll
What insurance policies would provide coverage to ABC company in a suit brought by a fired employee for wrongful discharge? - ANSWER-Employment practices liability
Fidelity Bond - ANSWER-insurance policy that pays the employer money in the case of employees' theft
Surety Bond - ANSWER-A guarantee that protects a business when another person or business fails to fulfill the terms of a contract between them [Show Less]