12 CRIME AND OTHER INSURANCE COVERAGE

Question 0

THIS TYPE OF THEFT REQUIRES EVIDENCE OF FORCED ENTRY OR EXIT

Answer 0

BURGLARY

Question 1

THE UNLAWFUL TAKING OF PROPERTY FROM ANOTHER

Answer 1

THEFT

Question 2

THIS TYPE OF THEFT REQUIRES VIOLENCE, THREAT, OR FEAR (NO WEAPON REQ)

Answer 2

ROBBERY

Question 3

WHAT ARE THE TWO TYPES OF PROPERTY CRIME COVERAGE

Answer 3

PROPERTY OF CUSTODIAN (INSIDE THE PREMISES)

MESSENGER (OUTSIDE THE PREMISES

Question 4

MOST CRIME INSURANCE IS WRITTEN ON THIS FORM:

Answer 4

LOSS SUSTANED-

REQUIRES LOSSES TO BE DISCOVERED DURING THE POLICY PERIOD OR UP TO 1 YEAR AFTER POLICY EXPIRES

Question 5

EMPLOYEE THEFT COVERAGE AKA:

Answer 5

EMPLOYEE DISHONESTY COVERAGE

FIDELITY BOND

Question 6

FIDELITY BOND/EMPLOYEE THEFT COVERS WHAT?

Answer 6

THEFT OF MONEY, SECURITIES, AND OTHER PROPERTY

Question 7

HOW IS EMPLOYEE THE COVERAGE WRITTEN?

Answer 7

NAME SCHEDULE-COVERS THEFT BY EMPLOYEE LISTED
POSITION-COVERS THEFT BY JOB TITLES LISTED
BLANKET-COVERS THEFT BY ANY EMPLOYEE

Question 8

EMPLOYEE DISHONESTY COVERS WHAT?

Answer 8

FORGERY AND ALTERATION

Question 9

WHAT COVERS PROPERTY WHILE OUTSIDE THE PREMISES IN THE CARE AND CUSTODY OF A MESSENGER OR ARMORED CAR COMPANY

Answer 9

OUTSIDE THE PREMISES COVERAGE

Question 10

COVERAGE FOR MONEY ORDERS AND COUNTERFEIT PAPER INCLUDES INTERNATIONAL CURRENCY ACCEPTED IN GOOD FAITH.

Answer 10

ONLY WITHIN US AND CANADA

Question 11

WHAT IS A GUARANTEE THAT A SPECIFIC DUTY WILL BE PERFORMED?

Answer 11

A BOND

Question 12

WHAT ARE THE THREE PARTIES TO A BOND CONTRACT?

Answer 12

SURITY-AGREES TO BE RESPONSIBLE IF PRICIPLE DOES NOT KEEP PROMISE
PRINCIPLE-MAKES A PROMISE TO DO SOMETHING
OBLIGEE-THE PARTY TO WHOM TO PROMISE IS BEING MADE

Question 13

WRITE YOUR OWN

Answer 13

THIS PROGRAM ENLISTS PRIVATE INSURERS TO WRITE FLOOD INSURANCE IN PARTNERSHIP WITH THE US GOV

Question 14

THE EMERGENCY PROGRAM IS THE INITIAL PHASE OF THE COMMUNITY PARTICIPATION IN NFIP:

Answer 14

1HAS LIMITED AMOUNTS OF COVERAGE
2RATES ARE THE SAME FOR ALL INSUREDS REGARDLESS OF THE HAZARDS
3THE ONLY AMOUNT OF COVERAGE FOR SINGLE FAMILY DWELLING IS 35K

Question 15

THE REGULAR NFIP PROVIDES ?

Answer 15

ACTUARIAL BASED RATES

LARGER AMOUNTS OF INS BECOME AVAILABLE 250K FOR SINGLE FAMILY DWELLING

Question 16

A TEMPORARY INUNDATION OF TWO OR MORE ACRES OF NORMALLY DRY LAND AREA OR OF 2 OR MORE PROPERTIES FROM ANY NATURAL SOURCES OF WATER

Answer 16

FLOOD

Question 17

THE DEFINITION OF FLOOD DOES NOT COVER:

Answer 17

PERSONAL PROPERTY OUTSIDE
PROPERTY BELOW GROUND (FURNITURE IN A BASEMENT)
INDIRECT LOSS (ADDITIONAL LIVING EXPENSES)
WATER DAMAGE FROM WATER SOURCES W/IN YOUR CONTROLL

Question 18

WHAT IS THE WAITING PERIOD FOR AN INITIAL FLOOD POLICY?

Answer 18

30 DAYS

Question 19

HOW IS THE DEDUCTIBLE APPLIED FOR FLOOD LOSSES?

Answer 19

A $500 DEDUCTIBLE APPLIES SEPARATELY TO BUILDING AND CONTENTS ON THE FLOOD POLICY

Question 20

THIS POLICY TYPICALLY COVER SMALLER BOATS

Answer 20

BOAT OWNERS POLICIES

Question 21

THIS POLICY COVER LARGER VESSELS FOR COVERAGES SIMILAR TO AUTO POLICIES; INCLUDES LIABILITY, PHYSICAL DAMAGE, MEDICAL PAYMENTS, AND UNINSURED BOATERS:

Answer 21

YACHT POLICY

Question 22

BOAT OWNERS PHYSICAL DAMAGE IS WHAT TYPE OF PERIL?

Answer 22

OPEN; COVERS BOAT, MOTORS, TRAILER, AND EQUIP AND ACCESSORIES OF NECESSARY FOR THE OPERATION OF THE BOAT.

Question 23

WHICH BOAT POLICY IS USUALLY RESTRICTED TO INLAND WATERS WITH LIMITED COASTAL USE

Answer 23

BOATOWNERS

Question 24

WHAT ARE THE IMPLIED WARRANTIES IN AN OCEAN MARINE POLICY?

Answer 24

VESSEL IS SEAWORTHY AND FIT FOR VOYAGE WITH A COMPETENT CREW AND NOT OVERLOADED

Question 25

HULL INSURANCE (PHYSICAL DAMAGE TO THE SHIP)
CARGO (GOODS ON THE SHIP)
FREIGHT (LOSS OF INCOME)
PROTECTION AND INDEMNITY (BODILY INJURY AND PROPERTY DAMAGE)

Answer 25

PARTS OF THE OCEAN MARINE POLICY

Question 26

WHEN THE CAPITAIN ORDERS CARGO TO BE THROWN OVERBOARD TO SAVE THE VESSEL AND CREW:

Answer 26

JETTISON OF CARGO: THESE CLAIMS ARE HANDLED ON A GENERAL AVERAGE BASIS, MEANING THAT ALL PARTIES SHARE IN THE LOSS

Question 27

• HULL INSURANCE (PHYSICAL DAMAGE) TO THE AIRCRAFT
• THIRD PARTY LIABILITY FOR INJURIES OR DAMAGE
• HANGERKEEPERS LIABILITY (BAILEE COVERAGE FOR STORING ANOTHER’S AIRCRAFT)

Answer 27

AVIATION INSURANCE

Question 28

WHAT PROVIDES CATASTROPHIC PROTECTION AND HIGH LIMITS OVER UNDERLYING LIABILITY POLICIES?

Answer 28

UMBRELLA AND EXCESS LIABILITY POLICES

Question 29

WHICH POLICY CAN BE WRITTEN OVER ONE OR MORE UNDERLYING POLICIES; HOWEVER, IT DOES NOT PROVIDE BROADER COVERAGE

Answer 29

EXCESS LIABILITY POLICY

Question 30

WHICH POLICY PROVIDES BROADER COVERAGE THAN ITS UNDERLYING POLICY?

Answer 30

UMBRELLA LIABILITY POLICY

Question 31

WHAT APPLIES IF THE UMBRELLA LIABILITY POLICY ACTS AS THE PRIMARY INSURANCE BECAUSE THE UNDERLYING POLICIES DO NOT COVER THE LOSS?

Answer 31

A SELF INSURED RETENTION (DEDUCTIBLE)

Question 32

THIS POLICY IS WRITTEN ON LARGE PROPERTY ACCOUNTS AND WITH HIGH DEDUCTIBLES AND COVERS LOSSES NORMALLY EXCLUDED UNDER OTHER POLICIES (…FLOOD AND EARTHQUAKE)

Answer 32

DIFFERENCE IN CONDITIONS POLICY

Question 33

WHAT MUST BE MET TO FALL UNDER THE TERRORISM RISK INSURANCE ACT?

Answer 33

• A VIOLENT ACT DANGEROUS TO LIFE, PROPERTY, OR INFRASTRUCTURE AS CERTIFIED BY THE US SECRETARY OF TREASURY
• RESULTS IN DAMAGE WITHIN THE US OR ON AN AIR VESSEL, OR PREMISES OF US MISSION
• COMMITTED TO COERCE THE CIVILIAN POPULATION OF THE US OR TO INFLUENCE US POLICY