Adjuster 2 Flashcards
which of the following statements about a mortgagees right under the dwelling property basic form dp1 is incorrect
the mortgagee may abandon the insured property to the insurer
the procedure for resolving a disagreement between an insured and insurer about a loss as described in which of the following parts of an insurance policy
conditions
in a commercial property form if a building is laughing and get coverage for vandalism will continue for up to how many days
60
in a shirt has an ho-3 form when using a snowblower borrowed from a neighbor the insured strikes a large Rock and causes $2,000 worth of damage to the snow blower under what section the policy could payment be made on the insured’s behalf
personal liability
Which of the following statements about a mortgagee’s rights under the dwelling property basic form (dp-1) is INCORRECT?
The mortgagee may abandon the insured property to the insurer
The procedure for resolving a disagreement between an insured and insurer about a loss is described in which of the following parts of an insurance policy?
Conditions
An insured’s HO-2 Form has a $100,000 coverage limit on the dwelling and a $50,000 Personal Property limit with the standard deductible. If a sailboat valued at $1,500 is stolen from the insured’s premises, the insured will collect a MAXIMUM of which of the following amounts?
$1,250
In a Commercial Property form, if a building is left vacang, coverage for vandalism will continue for up to how many days?
60
An insured has an HO-3 Form. When using a snow blower borrowed from a neighrbor, the insured strikes a large rock and causes $2,000 worth of damage to the snow blower. Under which section of the policy could payment be made on the insured’s behalf?
Personal liability
The owner-operator of a computer store often leaves expensive computers balanced negligently on the edges of tables, believing that any damage to the computers will be paid by the insurance policy. This situation is BEST described as a
Morale hazard
S is purchasing a Commercial Property policy to cover a commercial building valued at $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts?
$80,000
All of the following parties must be certified as appraisers except?
CEO
In HO-3 coverage a burglar damaged $3000 worth of property, steal $450 in cash and a $50 pet turtle, if the policy has a $250 deductible, how much will the insured collect?
$3,200
The limits of liability are found in what section of the policy
Declaration
when would a binder stop being in effect?
When the policy becomes effective
When canceling a policy by mail, how many days notice must we give?
30 days
If an insured is struck in the rear and the other motorist is uninsured you would do the follwoing?
Waive deductible for UMPD
An employee of Brad’s Plumbing starts a fire at the home of Mr. Joley ‘s house while doing plumbing work. Which policy could not be used?
Mr. Joley ‘s homeowners policy AND Brad’s Plumbing workers comprehensive policy
Which of the following liability coverages may require the insured’s consent before the insurance company settled and pays a loss?
Professional
In a Commercial General Liability policy, medical payment expenses MUST be
Reported within one year of the date of the accident
J drives L’s car. Both J and L have a personal auto policy. Which of the following statements is CORRECT concerning coverage of J causes an accident?
L’ s policy is primary and J’ s is excess
Which of the following sections of an insurance policy states who may be insured in addition to the name insured?
Definitions
Investments consultants should purchase which of the following polices to protect themselves from errors and omissions?
Professional Liability
Which of the following coverages would be BEST suited for a prospective insured that wants coverage against liability assumed by written and oral agreements?
Contractual Liability
