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PSI Property and Casualty Exam |Questions with 100% Correct Answers
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PSI Property and Casualty Exam |Questions with 100% Correct Answers
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PSI Property and Casualty Exam|Questions with 100% Correct
Answers
while driving on a country road an insured individual hits a deer that ran infront of
the car
a. specified cause of loss
b. collision coverage
c. comprehensive coverage
d. liability insurance - ✔ ✔ comprehensive
which coverage would a condominium owner purchase - ✔ ✔ HO-6
FORK LIFT is a mobile endorsement - ✔ ✔
the standard deductible under the businessowners policy (BOP) is $500 and
applies to which of the following
a. fire department service charge
b. business personal property
c. civil authority
d. extra expense - ✔ ✔ b personal property
Optional Coverages in a BOP
insured can cover - ✔ ✔ outdoor signs; money & securities; employee
dishonesty and equipment breakdown. In order for coverage to apply MUST be
shown in the Declarations.
,BOP SECTION I - ✔ ✔ employee dishonesty; equipment breakdown; money
& securities; outdoor signs; vacancy.
Businessowners Section II - Liability
Businessowners Section II - Liability - ✔ ✔ covers the insured's legal liability that
arises from bodily injury, property damage, and personal and advertising injury.
(Personal and advertising injury includes consequential bodily injury);that arises
out of:False arrest, detention, imprisonment or Malicious prosecutionWrongful
eviction from:or Wrongful entry into; or Invasion of the right of private occupancy
of a place a person occupies, by or on behalf of its owner, landlord, or lessorOral
or written publication of material that slanders or libels a person or organization;
disparages a person's or organization's goods, products, or services; or violates a
person's right of privacyUse of another's advertising idea in the insured's
advertisement Infringement of copyright, trade dress, or slogan For a policy to
cover any of the injuries or offenses,loss must take place in the coverage territory
and occur during the policy period.
water damage for BOP - ✔ ✔ Water Damage and Other Liquids, Powder, or
Molten Material Damage
The policy will pay for the cost to tear out and replace any part of the building or
structure to repair damage to the system or appliance from which the water or
other substance escaped. The cost to repair the defect that caused the escape
of water or other substance is not covered by this Additional Coverage
BOP new construction - ✔ ✔ Newly acquired or constructed buildings are
insured for up to $250,000, and newly acquired business personal property in
those buildings is insured for up to $100,000 per building. Coverage applies for
up to 30 days after acquiring the property or beginning construction.
, - ✔ ✔ The Personal Auto policy was designed to provide insurance for vehicles
owned by one or more individuals and intended for personal use. Eligible vehicles
include private passenger autos, which are four-wheeled vehicles like cars and
SUVs. Passenger vans and pickups are also eligible if they meet certain gross
vehicle weight requirements, usually 10,000 pounds or less. These vehicles must
be owned by the named insured, but vehicles leased to the named insured are
also eligible if the vehicle has been leased for a continuous period of at least 6
months.
Like other personal lines policies, incidental business use is allowed, such as
making sales calls while in the vehicle. Approved incidental business use also
includes delivering or transporting goods and materials for farming or ranching,
and delivering or transporting goods and materials that are incidental to a
business that involves installing or repairing furnishings or equipment. Making
other business deliveries, carrying passengers for a fee, or any other business
use would make the vehicle ineligible for Personal Auto coverage, and
commercial auto insurance would be needed
the RMA is responsible for - ✔ ✔ approving premium rates, adminsitering
subsidies and funding educationo n agricultural risk managementt
reinsured by FCIC
coverage available for over 120 crops
homeowner policy endorsement (without the endorsement these arent covered)
water backup and sump discharge or overflow ENDORSEMENT - ✔ ✔ covers
water or waterborne material that backs p through sewers or drains, or that
overflows or is discharged from a sump pump or related equipment
, homeowner policy exclusion - ✔ ✔ gov
earthquake
war
intentional loss
A power failure caused by a car hitting a utility pole a mile away from the
residence is not covered. A power failure caused by a tree falling on a power
line leading from the utility pole to the residence premises would be covered.
water (damage by flood, surface water, tidal waves
sewer sump pump
homeowner special form - ✔ ✔ Water damage resulting from putting out a fire
in the living room, an overflowing dishwasher, or a leaking fire protective
sprinkler system would all
covers everything including theft and vandalism
accidental discharge of water from a plumbing system. covered by Special
Form Homeowners policy.
8. The ONLY exclusion to the right of recovery of benefits as the
employee's exclusive remedy for a personal injury is
a. Mini tort claim
b. Punitive damage claim
c. Intentional tort
d. Unintentional tort - ✔ ✔ c
10. Under a Commercial Package policy (CPP) the first named insured possess all
of the following responsibilities EXCEPT
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