Insurance 3B

Question 1

The Terrorism Risk Insurance Program Reauthorization Act of 2015 excludes all of the following, EXCEPT:

Answer 1

Commercial property

Question 2

If an adjuster takes a statement from a claimant, witness or insured who requests a copy of the report, what is required of the adjuster?

Answer 2

Provide a free copy

Question 3

Damages to Premises Rented to You only extends to claims for damage to a leased building

Answer 3

arising out of fire as a result of the insureds negligence.

Question 4

Under Equipment Breakdown coverage, the full replacement cost will be provided if the equipment is repaired within what time period following the loss?

Answer 4

24 months

Question 5

Which of the following dwelling forms may provide replacement cost coverage for buildings?

Answer 5

broad and special form only

Question 6

What is not included with the calculations of a property loss negotiation?

Answer 6

The value of the salvage

Question 7

Requirements that truckers be financially responsible for cargo they carry are imposed by:

Answer 7

Both state and federal governments

Question 8

Under the HO-5, if the insured carries insurance coverage that falls between 80 to 100% of the full value of the structure, which of the following would replacement cost coverage NOT cover?

Answer 8

Contents

Question 9

What is the maximum period of time that coverage applies under civil authority business income coverage under the BOP?

Answer 9

4 weeks

Question 10

What is the limit of insurance that applies to property in transit in the BOP?

Answer 10

$10,000

Question 11

Uninsured motorist coverage in New Hampshire is subject to which of the following?

Answer 11

The limits must at least equal the limits of liability, unless the insured rejects higher coverage.

Question 12

If an insurer is neglectful in adjusting a property claim or commence repairs within 20 days after the adjustment of the loss, the insured:

Answer 12

may proceed with the repairs on their own.

Question 13

One purpose of a deductible is to:

Answer 13

eliminate small claims

Question 14

The insured’s vehicle has been involved in an accident with a third party who is at fault. The insured’s insurance company pays the claim according to the terms of their policy. In subrogation proceedings against the negligent driver, what is required of the insurer?

Answer 14

Request payment of the insureds deductible.

Question 15

What is the only line of insurance that would still be covered in case of a war?

Answer 15

Workers Compensation

Question 16

Which of these statements concerning the Limited Fungi, Wet or Dry Rot, or Bacteria Coverage Endorsement is correct?

Answer 16

It is used to add coverage to the property and/or liability sections of the policy.

Question 17

Identify the coverage NOT included for a $25,000 limit of insurance under the ISO Equipment Breakdown policy.

Answer 17

Fire Damage

Question 18

George is the named insured under a claims-made CGL policy with a retroactive date of July 1, 2005, and a policy period of January 1, 2011 to January 1, 2012. The policy was not renewed and allowed to expire. On February 10, 2012, a claim is made against George for property damage that occurred on December 31, 2005. This claim:

Answer 18

will be covered under the automatic 60 day extended reporting period if George has no other insurance that applies.