Insurance contracts are personal contracts where the focus is on?
the property being insured
the operations being insured
the person or persons being insured
all of the above
the property being insured
the operations being insured
the person or persons being insured
all of the above
Answer:
the person or persons being insured
Insurance contracts are "personal contracts" where the focus is on the person or persons, NOT the property or operations.
Category: Property & Liability Insurance Concepts
the person or persons being insured
Insurance contracts are "personal contracts" where the focus is on the person or persons, NOT the property or operations.
Category: Property & Liability Insurance Concepts
A potential customer has contacted you to purchase a Homeowners policy. She advises you she has a quote from an authorized insurer. Can you write her a Citizens policy?
Yes, the quote from the authorized insurer is not a bar to obtaining a Citizen’s policy
Yes, the quote from the authorized insurer is required before you can write a Citizen’s policy
No, the quote from the authorized insurer is a bar to obtaining a Citizen’s policy
None of the above
Yes, the quote from the authorized insurer is not a bar to obtaining a Citizen’s policy
Yes, the quote from the authorized insurer is required before you can write a Citizen’s policy
No, the quote from the authorized insurer is a bar to obtaining a Citizen’s policy
None of the above
Answer:
No, the quote from the authorized insurer is a bar to obtaining a Citizen’s policy
You cannot write the policy as the quote from the authorized insurer is a bar.
Category: Residual Markets: Citizens
No, the quote from the authorized insurer is a bar to obtaining a Citizen’s policy
You cannot write the policy as the quote from the authorized insurer is a bar.
Category: Residual Markets: Citizens
In the DP-1 “Other Coverages”:
Increase the limits of insurance for each coverage
Do not increase the limits of insurance for each coverage
The policy does not have any “Other Coverages”
None of the above
Increase the limits of insurance for each coverage
Do not increase the limits of insurance for each coverage
The policy does not have any “Other Coverages”
None of the above
Answer:
Do not increase the limits of insurance for each coverage
In the DP-1 “Other Coverages” do not increase the limits of insurance for each coverage.
Category: Property Insurance: Dwelling
Do not increase the limits of insurance for each coverage
In the DP-1 “Other Coverages” do not increase the limits of insurance for each coverage.
Category: Property Insurance: Dwelling
Jill cannot find her Gucci watch anywhere and there is no sign of forced or unlawful entry into her home. This occurrence can be best described as a ________________.
burglary
robbery
theft
mysterious disappearance
burglary
robbery
theft
mysterious disappearance
Answer:
mysterious disappearance
Jill's scenario is by definition a mysterious disappearance; property disappearance which cannot be explained and the probability of theft has been eliminated.
Category: Property & Liability Insurance Concepts
mysterious disappearance
Jill's scenario is by definition a mysterious disappearance; property disappearance which cannot be explained and the probability of theft has been eliminated.
Category: Property & Liability Insurance Concepts
In the Commercial Property policy the additional coverage, Fire Department Service Charge, pays up to $___.
$1,000
$10,000
$100,000
None of these apply
$1,000
$10,000
$100,000
None of these apply
Answer:
$1,000
The additional coverage, Fire Department Service Charge pays up to $1,000 of additional insurance for a fire department service call to protect covered property from a covered cause of loss.
Category: Commercial Property Insurance: Coverage Forms
$1,000
The additional coverage, Fire Department Service Charge pays up to $1,000 of additional insurance for a fire department service call to protect covered property from a covered cause of loss.
Category: Commercial Property Insurance: Coverage Forms
Admitted Aircraft Liability Coverage pays for death or dismemberment of...
A. Requested by named insured
B. Company is released from further liability
C. Both A & B
D. Neither A or B
A. Requested by named insured
B. Company is released from further liability
C. Both A & B
D. Neither A or B
Answer:
C. Both A & B
Admitted Aircraft Liability Coverage pays for death or dismemberment if (1) the named insured requests it and (2) the company is released from further liability.
Category: Aviation: Aircraft Policies
C. Both A & B
Admitted Aircraft Liability Coverage pays for death or dismemberment if (1) the named insured requests it and (2) the company is released from further liability.
Category: Aviation: Aircraft Policies
The ultimate objective of an insurance company and claimant in a claim is to get the claim __________.
resolved
litigated
arbitrated
mediated
resolved
litigated
arbitrated
mediated
Answer:
resolved
The ultimate objective of an insurance company and claimant in a claim is to get the claim resolved.
Category: Negotiating
resolved
The ultimate objective of an insurance company and claimant in a claim is to get the claim resolved.
Category: Negotiating
True or False? It is rude but lawful to solicit or otherwise taking advantage of a person who is emotionally upset as the result of a trauma, accident, or other similar occurrence.
True
False
True
False
Answer:
False
It is unlawful to solicit or otherwise taking advantage of a person who is emotionally upset as the result of a trauma, accident, or other similar occurrence.
Category: Ethical Requirements for a Public Adjuster
False
It is unlawful to solicit or otherwise taking advantage of a person who is emotionally upset as the result of a trauma, accident, or other similar occurrence.
Category: Ethical Requirements for a Public Adjuster
This Boiler and Machinery coverage extension providers 90 days automatic coverage at a newly acquired location for like kind objects.
Expediting Expenses
Automatic Coverage
Defense
Supplementary Payments
Expediting Expenses
Automatic Coverage
Defense
Supplementary Payments
Answer:
Automatic Coverage
Automatic Coverage – 90 days automatic coverage at a newly acquired location for like kind objects.
Category: Boiler & Machinery
Automatic Coverage
Automatic Coverage – 90 days automatic coverage at a newly acquired location for like kind objects.
Category: Boiler & Machinery
The Commercial Builders Risk Coverage Form insures buildings in the course of construction including:
Foundations; fixtures and machinery
Equipment to service the building
Owned materials and supplies used for construction
All of the above
Foundations; fixtures and machinery
Equipment to service the building
Owned materials and supplies used for construction
All of the above
Answer:
All of the above
Builders Risk Coverage Form insures buildings in the course of construction including: (a) foundations; fixtures and machinery; (b) equipment to service the building; (c) owned materials and supplies used for construction; (d) temporary structures on site are included if they are not covered by other insurance; (e) non-owned building materials and supplies in the insured’s care, custody, and control up to $5,000 (within 100 feet of the building)
Category: Commercial Property Insurance
All of the above
Builders Risk Coverage Form insures buildings in the course of construction including: (a) foundations; fixtures and machinery; (b) equipment to service the building; (c) owned materials and supplies used for construction; (d) temporary structures on site are included if they are not covered by other insurance; (e) non-owned building materials and supplies in the insured’s care, custody, and control up to $5,000 (within 100 feet of the building)
Category: Commercial Property Insurance
A Homeowners Declarations page lists a $1,000 All Peril and a 5% Hurricane Deductible. The policy has $625,000 Coverage A limit. What is the Hurricane Deductible dollar amount required to be listed on the Declarations Page?
$1,000
$5,000
$6,250
$31,250
$1,000
$5,000
$6,250
$31,250
Answer:
$31,250
$625,000 X 5% = $31,250.
Category: Homeowners
$31,250
$625,000 X 5% = $31,250.
Category: Homeowners
An insured has just purchased a DP-1 policy for a dwelling she owns and has asked what the Loss Settlement basis is, you advise her:
Loss Settlement on the DP-1 is Agreed Value
Loss Settlement on the DP-1 is Actual Cash Value
Loss Settlement on the DP-1 is Replacement Cost Value
Loss Settlement on the DP-1 is on a Stated Value
Loss Settlement on the DP-1 is Agreed Value
Loss Settlement on the DP-1 is Actual Cash Value
Loss Settlement on the DP-1 is Replacement Cost Value
Loss Settlement on the DP-1 is on a Stated Value
Answer:
Loss Settlement on the DP-1 is Actual Cash Value
Loss Settlement on the DP-1 is Actual Cash Value.
Category: Property Insurance
Loss Settlement on the DP-1 is Actual Cash Value
Loss Settlement on the DP-1 is Actual Cash Value.
Category: Property Insurance
The Citizens HO-3 policy has endorsements for:
Home day care
Personal injury
Scheduled personal property
Replacement cost on contents
Home day care
Personal injury
Scheduled personal property
Replacement cost on contents
Answer:
Replacement cost on contents
Citizens policies have limited endorsements but RCV on Coverage C is available.
Category: Residual Markets
Replacement cost on contents
Citizens policies have limited endorsements but RCV on Coverage C is available.
Category: Residual Markets
A Homeowners Declarations page lists a $1,000 All Peril and a 5% Hurricane Deductible. The policy has $625,000 Coverage A limit. What is the Hurricane Deductible dollar amount required to be listed on the Declarations Page?
$1,000
$5,000
$6,250
$31,250
$1,000
$5,000
$6,250
$31,250
Answer:
$31,250
$625,000 X 5% = $31,250.
Category: Homeowners
$31,250
$625,000 X 5% = $31,250.
Category: Homeowners
The standard deductibles for a Citizens Homeowners policy are?
$1,000 All Perils and 2% Hurricane
$1,000 All Perils and 5% Hurricane
$2,500 All Perils and 2% Hurricane
$5,000 All Perils and 5% Hurricane
$1,000 All Perils and 2% Hurricane
$1,000 All Perils and 5% Hurricane
$2,500 All Perils and 2% Hurricane
$5,000 All Perils and 5% Hurricane
Answer:
$1,000 All Perils and 2% Hurricane
The standard deductibles for a Homeowners policy is $1,000 All Perils and 2% Hurricane.
Category: Residual Markets
$1,000 All Perils and 2% Hurricane
The standard deductibles for a Homeowners policy is $1,000 All Perils and 2% Hurricane.
Category: Residual Markets
