Focused Review Flashcards
What Is exposure?
A unit of measure
Which of the following licensees is classified as a representative Of the insurance company and is not allowed to represent an insured
Public adjuster
public adjuster solicitor
producer
broker
Producer
A building in sure of the commercial property insurance has been taken over 90 days which of the following is not true
Payment for a peril is reduced by 25%.
The insured has no coverage for losses caused by theft.
The insured has no coverage for loss is caused by glass breakage.
Payment for any perils is reduced by 15%
Payment for an imperial is reduced by 25%
All of the following are classes of inland marine risks except:
Bridges tunnels and other instrumentals of transportation.
Common carrier cargo liability.
Commercial property floater risks.
Domestic shipments and transportation risks
Common carrier cargo liability
Which of the following other coverages is not included in the basic form dwelling policy?
Tenants improvements alterations and additions
breakage of glass
removal coverage
personal property temporarily away from the insurance premises
Glass
What time includes damage or the insured payroll was the proximate cause of loss
Direct loss
Which of the following describes contributory negligence?
Voluntary assumption of exposure to risk.
Any degree of negligence by the injured party may bar recovery.
The time period in which a claim must be filed.
Negligence is apportioned between both parties in an accident.
Any degree of negligence by the injured party made bar recovery
Which of the following endorsements is used by individual business owners his company vehicles for personal use butter than purchasing a personal vehicle?
Hired auto specified as covered autos you own
individual named insured
drive other car
additional insured lessor
Individual named insured
Are the fair credit reporting act individuals rejected for insurance due to information contained in the consumer report?
Must be informed of the source of the report
Which of the following is not a goal of risk retention?
A to fund losses that cannot be insured
B to minimize the insured’s level of liability in the event of a loss
C to reduce expenses and improve cash flow next time
D To increase control of claim preserving and claims settlement
B
Crime insurance is usually written on what basis
All risk
According to the nationwide marine definitions risks that may be subject to of inland marine insurance include all of the following except:
Cargo transported by truck
large pleasure boats
property while still in that warehouse
shipment made by freight train
large pleasure boats
All of the following types of property are covered by a standard builders risk form except:
Temporary structures
machinery that will permanently be attached to the building
tools 50 feet away
the building itself
Tools 50 feet away
Which of the following is a statutory defense?
Assumption of risk
intervening cause
contributory negligence
comparative negligence
comparative
Which situation would not be covered by the basic causes of loss form under commercial property policy?
Motorcycle heaven damaged by the sudden sinking of land
the Surfside club waterfront damage when floodwaters arise
Pacolo Pete’s café door broken by vandals
automatic fire protection sprinkler system leaks
Surfside flood
Coverage J Farm medical - covers for how many years after the accident
3
True or false. The coinsurance formula will be applied to total losses
False
Posse the insurance all property at multiple locations for a single amount is referred to as what coverage
Blanket
In the event of a loss covered by the policy if the insured or request a signed swarm proof of loss the named insured is required to submit it within
A specified time
Payment for medical expenses loss of wages funeral expenses were the cost to repair or replace damage property are known as what type of compensatory damages
Special
In the split limit coverage and personal auto policy’s which I’m in a keep the maximum amount the possible pay for bodily injury per person
First limit
How much coverage is provided under homeowners policy for third of an authorized use of a credit card
$500
Which method of loss valuation is contrary to the basic concept of indemnity
Replacement cost
When is liability coverage included in a homeowners policy
It is included automatically
The extra expense coverage from provides:
Coverage level permit the entrance to continue in business without interruption following the property damage
On the other parties negligence your fault he’s used to mitigate the damages payable is it contributory negligence or Comparative of negligence
Comparative
When an injured party is completely free of fault is that contributory negligence or a comparative negligence
Contributory
Which damages or out-of-pocket expenses special Or general
Special
Which damages for pain and suffering special or general
General
A premium discount is the term that describes when an insured owes a total premium Of greater than?
$5,000
Bond that guaranteed to pay court costs if lawsuits fails
Cost bond
Ocean marine who pay for sue and labor
Insurer
Payment for medical expenses loss wages and funeral is what type of compensatory damage
Special
Extended non owned cov PAP broadens which cov:
Trans Exp
UM
PD COV
LIAB & mes
Liability and medical
Installation floater insures:
Appliances to become permanent
Professional photographers insure their equipment with what?
Comercial articles floater
Incoming and outing shaipments
Annual transit coverage
Even if a claim under commercial general liab which is not req’d:
Medical exam
Prompt written notice
copies of demands
assisting of enforcement
Medical exam
Extra expense coverage form provides which of the following:
Payment for unforeseen expenses while they shut down
Coverage that will permit the insured to continue business without interruption
Extra money to pay for accounts receivable
Additional money to pay for property damage losses
Coverage that will permit the insured to continue business without interruption
Which of the following would be considered an insured under a business auto coverage form?
A partner of the named insured for any covered auto owned by that person
anyone using with permission a covered auto owned by the named insured
the owner or anyone else from whom the named insured hires or burrows
anyone using a covered auto while working in a business of selling repairing or parking
anyone using with permission a covered auto owned by the named insured
Is intentional breach of duty something that would be covered under professional liability
No
Nonrenew notify mortgagee how many days
10
Making false statements
Defamation
How much coverage for grave markers
$3000
Lifestyle coverage form covers what type of losses
Named peril for death
An insurer neglects to pay a legitimate claim that is covered under the terms of the policy which of the following insurance principles has the insurer violated?
consideration
good faith
representation
adhesion
Consideration
Can agent be imprisoned for failing to report to the department of criminal prosecution that was taken against the agent in another jurisdiction
No
If a car stolen and freezes is it
Yes freezing no longer applies because it’s stolen
Dollar limits for Workmen’s Comp. or stated where
In the law self
Is absolute liability a legal defense against negligence
No
When can insurance producer purchase insurance from an unauthorized insurer
When the coverage is not available through an authorized
Aircraft collision While in flight is covered true or false
False
