-$40,000 *Ans*✨An insured has A SPLIT limit liability policy with 10/20/10 limits. He owes the
following people liability bodily injuries claims of: Passenger 1 = $12,000, Passenger 2 = $10,000,
Passenger 3 = $18,000. How much liability insurance will his policy pay for these claims?
-10 Days
-30 Days
-45 Days
*60 Days* *Ans*✨Under the commercial property form, what length of time must expire before a
building is considered "vacant", thus suspending some coverage's, while reducing payment on others?
-A person who rents an apartment
-A condominium owner
-Owner-occupant of a four-family dwelling
*A beach house owned by Acme Corporation* *Ans*✨All of the following are eligible for a
Homeowners Policy EXCEPT:
-Aggregate Limit
-Split Limit
-Single Limit
*All of the above* *Ans*✨Liability limits may be expressed as a:
-An insured's suitcase and clothing, valued at $1,500, stolen from his motel room while at a convention.
-A fire breaks out in the residence and an overnight guest loses his clothes in the fire.
, -The insured's daughter's golf clubs are stolen from her locker at high school.
*The dead fish when the insured accidentally overturns his tropical fish tank and all the fish die from
lack of oxygen.* *Ans*✨Which of the following is NOT covered under the HO - Coverage C, Personal
Property?
-applies to school systems.
-must have failure to use "due care."
-considers the actions of a prudent person.
*is assigned by law or statute* *Ans*✨Strict or absolute liability:
-Barratry
*Jettison*
-Sue and labor
-Running down clause *Ans*✨A ship loaded with lumber encountered a terrible storm, and some of
the lumber was thrown overboard to save the ship - this action is called:
-Division of Interests
*Severability*
-Specific Insurance
-Insurability *Ans*✨An insurer may sever the interests of 2 insureds so that the insurer can protect
an innocent party - this is the Doctrine of:
-DP-1, or the basic form
-DP-2, or the broad form
*DP-3, or the special form*
-None of the above, since "all risks" is not available on a dwelling policy *Ans*✨Which of the
following forms is "all risks" on the dwelling policy?
-I only
-II only
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