Who owns thier renewals - ANSWER-Independents
Events that may NOT be recovered by insurance are - ANSWER-Gambling, investing, market value of
... [Show More] home
What underlying coverages typically are required for an umbrella - ANSWER-Auto and Personal
Conditions that prohibit assignments of the policy - ANSWER-Transfer of rights and duties
Expectant interest are - ANSWER-Not insured
Flood, power failure and earth movement are - ANSWER-Excluded on DP & HO
What are the 3 principle rating factors for personal auto - ANSWER-1) safe driving record 2) annual miles driving 3) years of driving experience
Fail Plan doesn't not encourage - ANSWER-Competition
Loss exposures that results in a claim for monetary damage due to injury to another or damage to another's property? - ANSWER-Liability Loss Exposure
The persons whose property is being insured is the - ANSWER-Insured
The person seeking for damage is the - ANSWER-Claimant
When the insurer cancels, the premium is refunded - ANSWER-Pro-Rata
Representation can qualify as an - ANSWER-Implied Warranty
Fire Dep. service charge, reason repairs and debris removal are considered what on an HO? - ANSWER-Additional Charges
In an HO coverage for fair rental is included in - ANSWER-Coverage D
How is combined ratio computed? - ANSWER-Adding Loss + Expense Ratio
Not purchasing collision coverage for your car is an example of risk - ANSWER-Retention
Not purchasing a motorboat is an example of - ANSWER-Avoidance/ elimination
Installing sprinkler system in your home is an example of risk - ANSWER-Reduction
Purchasing homeowners policy is an expanse of risk - ANSWER-Transfer
Source of investment funds, payments for losses, reduction in financial uncertainty are considered - ANSWER-Benefits of Insurance
Unintentional or intentional concealment allows the insured or insurer to - ANSWER-Rescind
Personal auto policy medical pay,nets limiters are - ANSWER-Per person
Personal auto liability and insured motorist limits are - ANSWER-Per occurrence
Perils for inland marine are - ANSWER-Open Perils
Ho medical pay,eggs coverage F does not apply to _____ or _______ acts - ANSWER-Jet Ski / intentional
The intent to do or not to do something that materially affects the risk is a - ANSWER-Warranty
Landslide, mine subsidence and earth tremors caused by a volcanic eruption are considered - ANSWER-Earth Movement
This perilous not covered by personal lines and is also NOt considered earth movement - ANSWER-Sinkhole collapse
Managing General Agents can do anything an insurer can do except - ANSWER-Settle claims
In addition to common declarations and at least 2 coverage parts a commercial modular package policy must also include common - ANSWER-Conditions
The mandatory coverages of a business owners policy include business income coverage, extra expense coverage, property coverage and professional liability coverage. True or False - ANSWER-False; professional liability not covered
An unendorsed commercial property coverage for with no optional coverage will settle buildings - ANSWER-Actual Cash Value
Business Owners Policy allow the insured to have full control of which coverages are included, is designed for large business, and covers only business property of the insured. True or False - ANSWER-False; all false
A Business owners' policy differs from a CPP in that it settles ________ without any requirements for __________. - ANSWER-Replacement/ coinsurance
A characteristic of a surety bond is that the obliged is liable to the surety for losses paid by the surety. True or False - ANSWER-False; the opposite
Surety bonds differ from an insurance policy is that the coverage is indefinite, there are 3 parties to the contract at the surety should not sustain any loss. True or False - ANSWER-True
The type of claims coverage that would pay losses which occur during the policy period and the sound up to one year after the policy termination would be - ANSWER-Loss Sustained
And insured underground storage tank leaks causes environmental damage to the adjacent property, what type of commercial coverage would be needed to pay for the cleanup cost and damage? - ANSWER-Pollution Liability
The terms "you" and "your" in Commercial policies refers to - ANSWER-The named insured
The terms "you" and "your" in Personal lines policies refers to ______ and _______. - ANSWER-Named insureds/ resident spouse
Major advantages of a commercial lines package program over purchasing the coverage on a monoline basis is - ANSWER-Convenience
Commercial package policy's have a fewer exclusions and broader coverage than writing coverage as mono line. True or False - ANSWER-False; same
When a state program is a companies only option available for purchasing of Worker's Compensation insurance the fun is called a - ANSWER-Monopolistic Fund
Losses covered under the business income coverage form are covered if they occur at any location owned or leased to the insured. True or False - ANSWER-False; describes location or 100 feet.
The insurance business automobile policy specifies that the liability coverage applies to covered automobiles with the symbol seven which means - ANSWER-Specifically Described
A party to surety bond his performance bond guarantees is the - ANSWER-Surety
Commercial property is typically available either as monoline coverage or in a modular program. True or False - ANSWER-True
The insured would need an inland marine policy if they ship their own stock on their own trucks because stock is only covered within - ANSWER-100 feet
A business owners policy would ensure a sports bar, credit union or a vacant building. True or False - ANSWER-False; none of the above
The vacancy permit endorsement waves the vacancy condition for ______ during the ______. - ANSWER-Designated Perils/ Permit Period
Good faith communications in insurance contracts according to the code, including these parties to the contract ______, _______ and _______ - ANSWER-Insured, insurer, and agent
Punitive damage punish the _______, meant to deter others from committing ________ ________ and are ________ from coverages undEr insurance policies. - ANSWER-Wrong doer/ similar acts/ excluded
The contractual phrase for assignment is - ANSWER-Transfer of rights and duties
Boat owner medical payments cover - ANSWER-Permissive Occupants (passengers), insured and family
Property removed under the dish and no coverage covers for what perils - ANSWER-All perils
Medical doctor needs what professional liability? - ANSWER-Malpratice
Section II of an HO covers host liquor. True or False - ANSWER-True
Audience and law exclusion it may cause a gap in coverage when a home must be rebuilt to meet - ANSWER-Enforcement of building codes
Replacement cost replaces the damage property without deduction for depreciation. True or False - ANSWER-True
Intentional relinquishment of a known right is a - ANSWER-Waiver
Personal injury endorsement covers malicious prosecution. True or False - ANSWER-True
A person who assert a right of recovery is called the - ANSWER-Claimant
According to the code all insurance contracts must be - ANSWER-In writing
Power failure, ordinance or law and government action are considered what under Coverage C of a HO policy? - ANSWER-Exclusions
When the insured cannot obtain insurance through the normal market due to location, they become eligible for the - ANSWER-Fairl Plan
Volcanic irruption,p is a covered peril under Coverage C of an HO policy. True or False - ANSWER-True
If the insurer paid 25,000, 45,000, and it 15,000 in a fraudulent claim the final would be - ANSWER-$85,000x2= $170,000
Insured for since the policy and has not been exposed to loss, the insured would receive a refund equal to the - ANSWER-Premium paid
Under personal auto policy the towing and labor endorsements limit of liability is - ANSWER-Per schedule
Primary difference between H03 and HO5 is - ANSWER-Coverage C perils
CAARO must offer - ANSWER-Liability, medical payments and uninsured motorist
Home damage by earthquake, causing fire and explosion. What, if anything, will be paid? - ANSWER-Damage by the fire and explosion only [Show Less]