Broad peril exclusions - Study guides, Class notes & Summaries

Standard Fire Policy - ANSWER basic foundation of all homeowner's and commercial policies ACV Named peril policy that only covered fire and lightning first used in 1918 in NY Line of Coverage - ANSWER A particular risk or group of risks covered by an insurance policy Monoline Policy - ANSWER an insurance policy that covers only one risk or type of risk Personal lines - ANSWER for possessions intended for personal use commercial lines - ANSWER for possessions intended for business...

Standard Fire Policy - ANSWER basic foundation of all homeowner's and commercial policies ACV Named peril policy that only covered fire and lightning first used in 1918 in NY Line of Coverage - ANSWER A particular risk or group of risks covered by an insurance policy Monoline Policy - ANSWER an insurance policy that covers only one risk or type of risk Personal lines - ANSWER for possessions intended for personal use commercial lines - ANSWER for possessions intended for business...

The Standard Fire Policy -1st used in 1918 in NY -Provided homeowner & commercial property protection. -ACV valuation -Named peril policy -Only covered fire & lightening "165 Line" Policy The original Standard Fire Policy spent 165 lines explaining new insurance concepts that are still used today: -Concealment & misrepresentation -Property & perils excluded from coverage -Insurance cancellation due to an increase in hazards -Obligations to a mortgagee -Insured's duties in th...

Pearson VUE: Property Insurance Practice Exam, Study questions insurance, Casualty FL Questions and Answers 100% Pass S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts? A. $100,000 B. $90,000 C. $80,000 D. $20,000 - Corr...

How many causes of Loss are on Basic Form (10 10) - Answer- 11 How many causes of Loss are on the Broad Form (10 20) - Answer- 14 + Additional Coverage for Collapse What specific coverage is only given on special form (10 30) - Answer- Theft When loss occurs on a basic or broad policy, the burden of proof is on who? - Answer- the insured Special Form covers what - Answer- all direct physical loss that is not excluded in the policy Name the 8 Sequential Causation Exclusions - Answe...

Surety Bond correct answers aka performance bonds. contract bond- guarantee that contractors perform according to contract court bond- required by court to enforce certain behavior license & permit bond- required by municipalities as a condition for granting a license to engage in activity Fidelity Bonds correct answers aka Honesty Bonds- cover employer from direct loss due to fraudulent & dishonest acts of employees Individual Bond- bond single employee None Schedule Bond- bond sever...

20-44 Personal Lines Agent PreXam Flashcards ALL SETS Exam Questions And Answers All Verified the cost to replace an item or property at the time of loss, minus depreciation - ANS Actual Cash Value (ACV) a type of policy limit which limits coverage to a specified total amount for all losses occurring w/in the policy period - ANS Aggregate Limit conviction of a 3rd degree felony, liability for all unpaid claims, suspension or revocation of all insurance licenses - ANS Aidi...

Automatic Increase in Insurance (Dwelling) Provide annual increase in Coverage A & B in 4%, 6%, or 8% Dwelling Under Construction Endorsement (Dwelling) Used when dwelling under construction - policy limit based on value of partially completed home, increases as home progresses Mobile Home (Dwelling) Allows mobile home to be insured, must be on permanent foundation Broad Theft Coverage (Dwelling) Broad for owner occupied (limited for not owner occupied) Exclusions: An...

Property and Casualty EndorsementsAutomatic Increase in Insurance (Dwelling) - correct answer Provide annual increase in Coverage A & B in 4%, 6%, or 8% Dwelling Under Construction Endorsement (Dwelling) - correct answer Used when dwelling under construction - policy limit based on value of partially completed home, increases as home progresses Mobile Home (Dwelling) - correct answer Allows mobile home to be insured, must be on permanent foundation Broad Theft Coverage (Dwelling) - corr...

NJ Property, Casualty, And Auto Licensing Exam Questions And Answers Rated A+. Insuring Agreement - correct answer. company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions - correct answer. what the policy will not pay for Definitions - correct answer. names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage -...