Exam practice mis. 2 Flashcards
What is a cover note?
a confirmation that insurance is in effect
the insuring agreements of an insurance policy contains what components
perils insured against
what happens to the premium paid on a policy when the policy is made void?
the entire premium is returned to the insured
which of the following subjects of insurance is both tangible and intangible
automobile
what is an essential element of good client service for a broker or agent?
adequate range of coverages
tenants legal liability coverage response to damages caused by what peril
fire
What costs would be covered under the defence, settlement, supplementary payments of a homeowners policy
expenses incurred by the insurer
what insurance principle is preserved with the use of pair and set clause?
indemnity
what is usually found under a tenants policy?
deductible
what defines the units and common elements of a condominium corporation and specifies the boundaries of each of them?
Condominiums declaration
which of the following items would be included within the definition of condominium unit
storage lockers, custom-made closets (not utilities or windows, or floors, or beams)
what type of loss assessment coverage is excluded under a condominium unit owners policy
special assessment levied due to the breach of a policy condition by the condominium corporation
what should underwriters consider when offering coverage for a cottage with many features of a primary residence
providing additional coverage limits for outbuildings based on a percentage of the building amount
regarding auto application process what must the insurer send to the insured
the filled application
what info about the automobile section of the auto insurance application is included
body type
which of the following legal costs will the insurer cover under the third party liability section of auto policy
post-judgement interest on the entire settlement, plus additional cost of interest on the insured portions of a court judgement
under what circumstances would an insurer waive its right to subrogation for damages to an insured vehicle involved in a loss
a friend who used the described auto with the insureds permission to run errands and collided with another auto
if the insurer received a proof of a loss and chooses not to repair or replace, how many days do they have to pay the claim?
60 days
What coverage does a driver retain when an excluded driver endorsement (OPCF28) has been attached to that driver?
certain accident benefits
which type of adjuster is appointed by the insurer to assist in the settlement of a claim?
independent adjuster
what describes the term consideration as an element of a contract
evidence that the parties intend to be bound by the agreement
the insuring agreements of an insurance policy include which of the following components
perils insured against
Why do underwriters review applicant’s personal information when making their decision on a risk?
determine if there is a moral hazard
inflation coverage extensions…
increases the amount of coverage on a policy renewal
