CPCU Ch. 8

Question 1

Insurance that covers many different classes of property that typically involve an element of transportation

Answer 1

Inland marine insurance

Question 2

The place where the insured resides as identified in the policy declarations

Answer 2

Residence premises

Question 3

A basis for insuring items within a single amount of insurance without specifically identifying each item

Answer 3

Blanket basis

Question 4

A quality of or condition within a particular type of property that tends to make the property destroy itself

Answer 4

Inherent vice

Question 5

Personal property items owned by individual that are personal in nature, such as jewelry, clothes, wallets, or purses

Answer 5

Personal effects

Question 6

Accidental causes of loss that are peculiar to the sea and other bodies of water

Answer 6

Perils of the sea

Question 7

A promise made by an insured that guarentees compliance with the insurer’s condition

Answer 7

Warranty

Question 8

Insurance that covers physical damage to vessels, including their machinery and fuel but not for their cargo

Answer 8

Hull insurance

Question 9

Insurance that covers shipowners against various liability claims due to operating the insured vessel

Answer 9

Protection and indemnity (P&I) insurance

Question 10

Coverage for the insured’s bodily injury incurred in a boating accident caused by another boat’s owner or operator who is uninsured and who is legally responsible for the injury; similar to the PAP’s uninsured motorists coverage

Answer 10

Uninsured boaters coverage

Question 11

A federal statue that eliminates the right of most maritime workers (other than few members of vessels) to sue their employers and, in return, requires such employers to provide injured or ill workers with benefits like those provided by state workers compensation statue

Answer 11

United States Longshore and Harbor Workers Compensation Act (LHWCA)