RMIN 5100S Exam 2 Coverage
Limitations Questions and Answers |
Latest Update | 2024/2025 | 100% Verified
What are some common exclusions in a typical commercial property insurance policy?
Common exclusions may include damages from floods, earthquakes, or acts of terrorism
unless specificall...
What are some common exclusions in a typical commercial property insurance policy?
✔✔ Common exclusions may include damages from floods, earthquakes, or acts of terrorism
unless specifically added as endorsements.
Why might a standard homeowner's insurance policy exclude coverage for business property?
✔✔ Homeowner's policies often exclude coverage for business property to avoid overlapping
with commercial insurance policies designed for business risks.
How do liability insurance policies typically handle intentional acts by the insured?
✔✔ Liability policies usually exclude coverage for intentional acts, which are considered outside
the scope of accidental or unintended liability.
What limitations might apply to coverage for high-value items like jewelry or artwork in a
homeowner's insurance policy?
✔✔ Coverage for high-value items may be limited due to sub-limits, requiring additional
endorsements or separate policies for full coverage.
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, Why might a business interruption insurance policy exclude coverage for losses due to a
pandemic?
✔✔ Pandemics are often excluded from business interruption policies due to the widespread and
unpredictable nature of their economic impact.
How do professional liability insurance policies typically handle punitive damages?
✔✔ Professional liability policies may exclude coverage for punitive damages as they are
intended to punish rather than compensate for losses.
What are some limitations of coverage under an umbrella insurance policy?
✔✔ Umbrella policies may have deductibles or self-insured retentions and may only provide
coverage after primary policy limits are exhausted.
Why might a health insurance policy exclude coverage for elective cosmetic surgery?
✔✔ Health insurance policies often exclude coverage for elective procedures that are not
considered medically necessary.
How do auto insurance policies typically handle coverage for rental vehicles?
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