Other Flashcards
Barratry is defined as…
Intentional misconduct of a master or crew without the knowledge of the shipowner, resulting in damage or injury.
Every applicant for a license to act as an agent must have filed with the Commissioner…
A notice of appointment to do business in the state
Who regulates trade practices in the insurance business in accordance with the intent of Congress?
Uniform Insurers Rehabilitation Act
The normal vacancy condition under a commercial lines policy can be waived by…
Adding a vacancy permit endorsement
Glass breakage under a Broad Form causes of loss is covered for up to…
$500 per occurrence
A person who acts, under a written agreement, in collecting premiums and settling life and disability claims according to the Code is a(n)…
An administrator
The Signs Coverage form is necessary when…
An insured has more than a $1000 value in signs or has any detached signs
What are two types of major coverages in Section II of the Homeowners forms?
Liability and Medical Payments
What is the difference between Split Limits and Single Limits Coverage?
In a split limit policy the per accident limit applies only to bodily injury and the single limit applies to all claims
What additional coverage does a DP2 have compared to a DP1?
Additional living expenses
The ‘stop loss’ provision limits what?
The out of pocket expenses of the insured
A Released Bill of Lading assures…
That the carrier of goods will not be responsible for any more than the states value on the contract
The process whereby an insurer has an agreement with other insurers to share amounts of insurance over established retention limits is…
Reinsurance
What kind of Bond would an executor of an estate need?
Fiduciary Bond
Debris removal changes or fire department service charges would be covered by which property clause?
The extensions of coverage clause
What type of policy only establishes the value of an insured object after a loss occurs?
Open
If a loss occurs, the insured with a Homeowners policy is required to do all the following except…
Arrange for an appraisal by an unbiased third party
The broad theft coverage form of the dwelling policy will not cover theft of personal property if the premises has been vacant for at least how many days?
30 days
Under a business owners policy, a loss of earnings is subject to…
12 month time limit
A Claims Made reporting form states that…
Covered claims are those reported within the policy period and occur no earlier than the retroactive date
An insured who plans to cancel his/her claim-made insurance policy can protect themselves against claims that may arise from an occurrence that happened during the policy period, but is reported after the cancellation, by purchasing…
Supplemental Extended reporting period
An insurance company receives an application with some information and issues the policy anyway.
Waiver
Coverage F Medical Payments under a homeowners policy would cover…
A resident employee who is injured on the job
Ocean Marine hill insurance covers?
The vessel itself
In determining the ACV of a commercial building for coinsurance purposes, what would be used?
Fair market value
The difference between HO-3 and HO-5
Content w are covered HO-5 open peril and named peril on HO-3
The main difference between HO-4 and HO-6
HO-6 provides limited dwelling coverage as well as contents coverage
Ocean marine is known as
P&I
Crime coverage forms and policy forms come in two versions.
Discovery form and loss sustained form
