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Exam FX > Focused Review > Flashcards

Focused Review Flashcards

1
Q

What Is exposure?

A

A unit of measure

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2
Q

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

A

Producer

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3
Q

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%

A

Payment for an imperial is reduced by 25%

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4
Q

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

A

Common carrier cargo liability

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5
Q

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

A

Glass

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6
Q

What time includes damage or the insured payroll was the proximate cause of loss

A

Direct loss

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7
Q

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.

A

Any degree of negligence by the injured party made bar recovery

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8
Q

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

A

Individual named insured

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9
Q

Are the fair credit reporting act individuals rejected for insurance due to information contained in the consumer report?

A

Must be informed of the source of the report

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10
Q

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

A

B

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11
Q

Crime insurance is usually written on what basis

A

All risk

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12
Q

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

A

large pleasure boats

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13
Q

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

A

Tools 50 feet away

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14
Q

Which of the following is a statutory defense?

Assumption of risk
intervening cause
contributory negligence
comparative negligence

A

comparative

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15
Q

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

A

Surfside flood

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16
Q

Coverage J Farm medical - covers for how many years after the accident

A

3

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17
Q

True or false. The coinsurance formula will be applied to total losses

A

False

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18
Q

Posse the insurance all property at multiple locations for a single amount is referred to as what coverage

A

Blanket

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19
Q

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

A specified time

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20
Q

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

A

Special

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21
Q

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

A

First limit

22
Q

How much coverage is provided under homeowners policy for third of an authorized use of a credit card

A

$500

23
Q

Which method of loss valuation is contrary to the basic concept of indemnity

A

Replacement cost

24
Q

When is liability coverage included in a homeowners policy

A

It is included automatically

25
Q

The extra expense coverage from provides:

A

Coverage level permit the entrance to continue in business without interruption following the property damage

26
Q

On the other parties negligence your fault he’s used to mitigate the damages payable is it contributory negligence or Comparative of negligence

A

Comparative

27
Q

When an injured party is completely free of fault is that contributory negligence or a comparative negligence

A

Contributory

28
Q

Which damages or out-of-pocket expenses special Or general

A

Special

29
Q

Which damages for pain and suffering special or general

A

General

30
Q

A premium discount is the term that describes when an insured owes a total premium Of greater than?

A

$5,000

31
Q

Bond that guaranteed to pay court costs if lawsuits fails

A

Cost bond

32
Q

Ocean marine who pay for sue and labor

A

Insurer

33
Q

Payment for medical expenses loss wages and funeral is what type of compensatory damage

A

Special

34
Q

Extended non owned cov PAP broadens which cov:

Trans Exp
UM
PD COV
LIAB & mes

A

Liability and medical

35
Q

Installation floater insures:

A

Appliances to become permanent

36
Q

Professional photographers insure their equipment with what?

A

Comercial articles floater

37
Q

Incoming and outing shaipments

A

Annual transit coverage

38
Q

Even if a claim under commercial general liab which is not req’d:

Medical exam
Prompt written notice
copies of demands
assisting of enforcement

A

Medical exam

39
Q

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

A

Coverage that will permit the insured to continue business without interruption

40
Q

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

A

anyone using with permission a covered auto owned by the named insured

41
Q

Is intentional breach of duty something that would be covered under professional liability

A

No

42
Q

Nonrenew notify mortgagee how many days

A

10

43
Q

Making false statements

A

Defamation

44
Q

How much coverage for grave markers

A

$3000

45
Q

Lifestyle coverage form covers what type of losses

A

Named peril for death

46
Q

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

A

Consideration

47
Q

Can agent be imprisoned for failing to report to the department of criminal prosecution that was taken against the agent in another jurisdiction

A

No

48
Q

If a car stolen and freezes is it

A

Yes freezing no longer applies because it’s stolen

49
Q

Dollar limits for Workmen’s Comp. or stated where

A

In the law self

50
Q

Is absolute liability a legal defense against negligence

A

No

51
Q

When can insurance producer purchase insurance from an unauthorized insurer

A

When the coverage is not available through an authorized

52
Q

Aircraft collision While in flight is covered true or false

A

False

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