To be considered an insurable risk, a loss may NOT be - catastrophic
Which of the following persons would be required to hold a producer license? - a
nonresident agent who negotiates insurance contracts
Which of the following is the oldest known type of insurance? - ocean marine
The contents co...
Exam Fx -Property and Casualty Exam To be considered an insurable risk, a loss may NOT be - ✔✔catastrophic Which of the following persons would be required to hold a producer license? - ✔✔a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? - ✔✔ocean marine The contents coverage on a homeowners p olicy would pay how much after the loss of one of a pair of golden candlesticks? - ✔✔the difference in the actual cash value as a pair and as a single Which of the following additional perils is covered under both of the Basic and Broad forms in dwelling policies? - ✔✔internal explosion When would a misrepresentation on the insurance application be considered fraud? - ✔✔If it is intentional and material A bond is written for a set limit, and the surety will be liable only for this amount. This limit is k nown as the - ✔✔penalty In insurance, an offer is usually made when - ✔✔the application is submitted All of the following actions by a producer may be grounds for license revocation or non -
renewal EXCEPT - ✔✔participating in controlled business In perso nal auto policies, the term "you" refers to - ✔✔the named insured Business personal property coverage form covers all of the following except: - ✔✔automobiles held for sale in dwelling policies, automatic increase in insurance is - ✔✔coverage by endorsem ent To be eligible for businessowners policy (BOP) coverage, an office building CANNOT be higher than - ✔✔6 stories Elaborate homes with replacement costs greater than ACV or market value are insured on the - ✔✔HO-8 Form Which of the following dwelling coverage forms would pay replacement cost for the dwelling? - ✔✔DP-2 and DP -3 Business personal property coverage insures property out in the open if it is - ✔✔Within 100 feet of the described premises A runaway shopping c art injures a customer in a supermarket's parking lot. Coverage for this claim would be provided under - ✔✔premises and operations Which of the following businesses would be eligible for a businessowners policy? - ✔✔Hill & Morton Funeral Home The designa tion symbols used in commercial auto policies can be found in which policy section? - ✔✔covered auto Which of the following is used in the formula for calculating the actual cash value (ACV) of a property? - ✔✔replacement cost What type of bond guarantee s that the principal will complete the contract as agreed upon? - ✔✔performance bond Peril is most easily defined as - ✔✔The cause of loss insured against An insured building has had no residents for 10 years and it is empty of personal belongings. From an insurance standpoint, the building is - ✔✔vacant Under a workers compensation policy, premiums will be determined when - ✔✔the policy period ends Which commercial property form is used to insure buildings while under construction? - ✔✔Builders risk Which of the following information will be found in the Declarations page of the commercial property policy? - ✔✔description of the policy insured An insured is injured while driving his own car. Which personal auto coverage will pay for the loss? - ✔✔Part B-Medical Payments According to the BOP definitions, which of the following does NOT mean valuable papers and records? - ✔✔Securities Supplementary payments under the personal auto policy include all of the following EXCEPT? - ✔✔unlimited cost of bail bonds Items of property that would be difficult to appraise after a loss are best insured with - ✔✔stated -amount insurance
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