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Property And Causalty > P&C > Flashcards

P&C Flashcards

1
Q

Insurance binders

A

Temporary or interim insuring agreement

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2
Q

An insurance company terminating an insurance contract at the end of the policy period

A

Nonrenewal

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3
Q

Liberazation cause

A

If the insurer broadens coverage with no increase in premium, that broadening of coverage will apply to existing policies with out the need for an endorsement

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4
Q

“Loss of payment” condition. How long the insurer has to pay for a loss after receiving the proof of loss and having reached an agreement with the insured

A

Personal lines- 60 days

Commercial lines- 30 days

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5
Q

Adhesion contract

A

Insured does not participate in determining the policy’s terms at all. Considered a “take it or leave it” contract, with out negotiation.

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6
Q

An unforeseen and unintended event that happens at a known time in a known place.

A

Accident

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7
Q

Condition or defect that exists within property itself that causes the property to spoil, break, destroy itself, decay, rust, yellow, etc.

A

Inherent vice

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8
Q

Elements of negligence

A 
LBPD
Legal duty owned
Breach of legal duty owed
Proximate cause 
Damage or actual loss
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9
Q

Liability loss

A

Arises out of a persons actions toward other people or their property

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10
Q

Maximum horsepower allowed for a boat that you own to be covered under the personal liability section of homeowners policy

A

50 HP

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11
Q

Transportation expenses PAP

A

Maximum of $20 a day, up to $600

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12
Q

Under a PAP, Liability resulting from the insurers use of a non owned auto is

A

Provides on an excess basis.

Owners coverage is primary and drivers is excess

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13
Q

The limited Mexico coverage provides coverage for how many miles into Mexico?

A

25 miles

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14
Q

Coverage for recreational vehicles that can be added to the PAP

A

Miscellaneous type vehicle endorsement

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15
Q

Boat owners policy is usually written on what basis?

A

Replacement cost

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16
Q

Federal governments NFIP program coverage provided for residential homeowners

A

$250,000 dwelling/ $100,000 contents

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17
Q

What is covered under the commercial builders risk coverage form?

A

Foundations, materials, supplies, and equipment intended to become a permanent part of the building

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18
Q

Standard deductible on a commercial package policy

A

$500

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19
Q

The owners and contractors protective form covers the insured for liability:

A

Arising out of the operations of independent contractors or subcontractors

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20
Q

Business auto policy

Symbol 9

A

Non owned autos

Pizza delivery

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21
Q

Business auto policy

Symbol 8

A

Hired autos only

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22
Q

Provides physical damage and auto liability, as well as general liability for the business engaged in sales, service, and storage of autos.

A

Garage coverage

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23
Q

How many vehicles required to have to qualify for for a commercial auto fleet rate?

A

5 or more

24
Q

Under the business auto coverage form, the non-owned auto category represents:

A

Autos owned by employees, but driven in the insureds business

25
Q

A company that frequently rents autos and trucks for use in the business should include which symbol in the business auto policy?

A

Symbol 8

26
Q

3 types of business auto coverage form

A

Comprehensive, collision, and specified cause of loss(Aka) Named perils

27
Q

Business auto coverage form that is designed to protect the employer when employees drive their own personal autos on company business

A

Employers nonownership liability

28
Q

Under the business auto coverage form, the non-owned auto category represents:

A

Autos owned by employees, but driven in the insureds business

29
Q

Coverage for vehicles leased or rented by a company for employees to use for personal use

A

Drive other car coverage endorsement

30
Q

When an employee drives his own vehicle in an employers business, he is covered under:

A

Employee as additional insured

31
Q

The inside premises-robbery or safe burglary insuring agreement in the commercial crime policy covers:

A

Loss of other property from a robbery of a custodian

32
Q

The loss sustained type of crime coverage will pay for losses that occur during the policy period and is discovered no more than how long after the policy period is expired?

A

1 year

33
Q

A business can obtain coverage for liability arising out of discrimination and sexual harassment by purchasing:

A

Employment practices liability insurance

34
Q

Which surety bond guarantees that bills for labor and materials will be paid by the contractor as they are due?

A

Payment bond

35
Q

The party to a surety bond who promises to do or not do a specific thing is the:

A

Principal

36
Q

Individuals who are appointed by the court to manage the property of another might require what kinda of bond?

A

Fiduciary Bond

37
Q

In fidelity bonds, the party to whom the promise is made and for whose protection the bond is written is the:

A

Obligee

38
Q

In surety bonding, which party seeks and pays for the bond?

A

Principal

39
Q

Bid bonds, payment bonds and performance bonds are all examples of:

A

Contract bonds

40
Q

In ocean marine insurance, a general average loss is:

A

A partial loss arising from a sacrifice of cargo to save remaining property

41
Q

A surety bond is:

A

A three party contract

42
Q

The nationwide marine definition

A

Generally distinguishes marine risks from property risks

43
Q

The business owners policy:

A

Provides a prepackaged policy of property and liability coverages for certain types of small businesses

44
Q

The minimum liability limits under a BOP are:

A

$300,000 per occurrence

45
Q

In workers compensation, an experience rating over 1.0 will cause:

A

A premium increase

46
Q

Workers compensation for crews of ocean vessels

A

Jones Act

47
Q

In MOST states, workers compensation laws are:

A

Compulsory, required by law

48
Q

Coverage for sums an employer becomes legally obligated to pay under common law as a result of a work related injury to an employee is provided by:

A

Part two- employers liability section of the workers compensation policy

49
Q

Amount generally used when writing an umbrella policy

A

$1 million

50
Q

A potential cause of loss, such as fire, explosion, flood , or theft is considered to be a:

A

Peril

51
Q

The homeowners for that provides open peril coverage on the dwelling and broad form coverage on personal property is the:

A

HO-3

52
Q

Under the unendorsed homeowner policy, jewelry is covered up to what amount?

A

$1,500 for loss by THEFT

53
Q

Policy specifically designed to cover business property

A

Commercial property coverage part

54
Q

The commercial inland marine transportation form used to insure a carriers liability for damage to cargo it is transporting is the:

A

Motor truck cargo policy

55
Q

Which condition provides the insurer the right to collect against a reasonable third party?

A

Subrogation

56
Q

Under aleatory contracts the exchange of values may be:

A

Unequal

Property And Causalty (1 decks)

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