QUIZ - section 6 Flashcards
The part of the policy that contains the description of coverages provided is:
additional coverages
conditions
declarations page
insuring agreement
insuring agreement
When an insurer pays the full amount of a claim, based on an appraisal made at the time of the contract and the value determined before the loss occurs, this is referred to as:
Replacement Cost
Market Value
Actual Cash Value
Stated Value
Stated Value
Two policies from different insurers otherwise identical are known as:
concurrent causation
fraud
concurrent coverage
nonconcurrent coverage
concurrent coverage
Property insurance policies contain many items EXCEPT:
Name of the insurer
The date the policy is effective
Perils insured against
Insured`s gender
Insured`s gender
Which of the following is NOT a difference between the Dwelling policy and Homeowners policy?
In Dwelling forms, the liability coverage is available only by endorsement, whereas in Homeowners it is always included.
In Dwelling forms, theft is a broad form peril, whereas in Homeowners it is not.
In Dwelling forms, only 10% of the Coverage C limit is available for personal property away from the residence premises, whereas in Homeowners it is covered worldwide.
In Dwelling forms, personal property coverage is optional, whereas in Homeowners it is included.
In Dwelling forms, theft is a broad form peril, whereas in Homeowners it is not.
The stipulations for nonrenewing of a personal lines policy include a notice of cancellation of the policy in writing to the insured at least _________ before the effective date of cancellation.
45 days
20 days
60 days
10 days
45 days
This Standard Mortgage clause states that a __________ has the right to file a claim, make premium payments, and be notified of any cancellations or non-renewals.
Mortgage broker
Insurance company
Lienholder
Policy Owner
Lienholder
Under personal lines insurance, dwelling insurance, which of the following perils is NOT covered on a standard fire policy?
Fire
Removal
Lightening
Earthquake
Earthquake
Which of the following homeowners policies covers renter`s insurance?
HO 4
HO 8
HO 1
HO 2
HO 4
When an insured holds more than one identical policy for the same property, but the policies differ in coverage amount or length of coverage period, this is known as:
Concurrent Policy Coverage
Standard Policy Coverage
Standard Mortgage Clause
Special Lines Surplus Lines
Concurrent Policy Coverage
A fire that is intentionally set and remains within its intended limits is:
the definition of a fire
a hostile fire
covered by fire insurance
not covered
not covered
Which of the following homeowners policies covers condominium units?
HO 6
HO 4
HO 8
HO 2
HO 6
What is the difference between an HO 2 and an HO 3?
An HO 2 has both dwelling and personal property on a special peril form, while an HO 3 has dwelling and personal property on a broad form.
An HO 2 has dwelling coverage on a special form and personal property on a broad form, while an HO 3 has coverage for both dwelling and personal property on a broad form.
An HO 2 has dwelling and personal property coverage on a broad peril form, while an HO 3 has dwelling coverage on a special form and personal property on a broad peril form.
Both an HO 2 and an HO 3 have dwelling and personal property on a broad peril form.
An HO 2 has dwelling and personal property coverage on a broad peril form, while an HO 3 has dwelling coverage on a special form and personal property on a broad peril form.
Cancellation for property and casualty policies for other than nonpayment is:
Both 30 days except auto and 20 days for auto are correct.
30 days except auto
20 days for auto
50 days except auto
Both 30 days except auto and 20 days for auto are correct.
What is the difference between an HO 3 and an HO 3 with an HO 15 endorsement?
An HO 3 is a policy that covers all risks, except those excluded, on the dwelling, and personal property is covered with broad form perils, whereas an HO 3 with an HO 15 endorsement covers all perils with both dwelling and personal property.
An HO 3 is a policy that covers all risks, except those excluded, on both dwelling and personal property, whereas an HO 3 with an HO 15 endorsement is a policy that covers all risks on the dwelling.
An HO 3 covers only broad form perils on a broad form, whereas the HO 3 with an HO 15 endorsement covers all perils.
An HO 3 covers the building under renters insurance, while an HO 3 with an HO 15 endorsement covers the building and all the property inside the building under renters insurance.
An HO 3 is a policy that covers all risks, except those excluded, on the dwelling, and personal property is covered with broad form perils, whereas an HO 3 with an HO 15 endorsement covers all perils with both dwelling and personal property.
