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Property |! and |! Casualty |! Insurance |!
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What |! is |! a |! peril? |! - |! Correct |! answer |! ✔A |! Peril |! is |! a |! cause |! of |! loss What |! is |! a |! hazard? |! - |! Correct |! answer |! ✔Something |! that |! increases |! the |! chance |! of |! a |! loss What |! is |! the |! difference |! between |! a |! Moral |! hazard |! and |! a |! Morale |! Hazard? |! - |! Correct |! answer |! ✔Moral |! Hazard |! - |! dishonesty, |! against |! the |! law Morale |! Hazard |! - |! carelessness What |! is |! the |! method |! of |! handling |! risk |! that |! involves |! a |! deductible? |! - |! Correct |! answer |! ✔Retention |! (loss |! or |! portion |! of |! loss) If |! a |! fire |! causes |! damage |! to |! a |! building, |! what |! is |! the |! fire |! considered? |! - |! Correct |! answer |! ✔A |! Peril What |! are |! the |! elements |! of |! an |! insurable |! risk? |! - |! Correct |! answer |! ✔CANHAM Calculable, |! Affordable, |! Non-Catastrophic, |! Homogeneous, |! Accidental, |! Measurable
If |! an |! insurance |! company |! is |! housed |! in |! Tennessee, |! what |! type |! of |! insurer |! are |! they |! considered? |! - |! Correct |! answer |! ✔Domestic An |! insurance |! company |! incorporated |! in |! Wisconsin |! and |! conducting |! business |! in |! Minnesota |! is |! know |! as |! what |! type |! of |! insurer? |! - |! Correct |! answer |! ✔Foreign What |! is |! it |! meant |! by |! "Express |! Authority"? |! - |! Correct |! answer |! ✔Authorities |! are |! written |! in |! agent |! contract What |! is |! a |! term |! that |! is |! typically |! used |! to |! describe |! an |! Insurance |! Agent? |! - |! Correct |! answer |! ✔Fiduciary |! - |! a |! person |! in |! a |! position |! of |! financial |! trust What |! is |! a |! contract |! or |! device |! for |! transferring |! risk |! from |! a |! persons, |! business, |! or |! organization |! to |! an |! insurance |! company? |! - |! Correct |! answer |! ✔Insurance What |! is |! Reinsurance? |! - |! Correct |! answer |! ✔When |! insurance |! companies |! purchase |! insurance |! to |! cover |! their |! own |! exposures |! to |! loss What |! is |! a |! fiduciary? |! - |! Correct |! answer |! ✔A |! person |! in |! a |! position |! of |! financial |! trust What |! is |! it |! meant |! by |! a |! contract |! of |! adhesion? |! - |! Correct |! answer |! ✔Policy |! written |! by |! the |! insurer |! with |! the |! insured |! having |! no |! input
What |! is |! the |! difference |! between |! a |! direct |! loss |! and |! an |! indirect |! loss? |! - |! Correct |! answer |! ✔Direct |! - |! immediate |! damage |! caused |! by |! peril Indirect |! - |! loss |! over |! time |! as |! a |! result |! of |! the |! direct |! loss How |! is |! ACV |! calculated? |! - |! Correct |! answer |! ✔Replacement |! Cost |! - |! depreciation |! = What |! is |! the |! coinsurance |! clause |! and |! what |! is |! the |! percentage |! required |! by |! the |! insurer? |! - |! Correct |! answer |! ✔Requires |! the |! insured |! to |! carry |! the |! standard |! coinsurance |! amount |! of |! the |! insurance |! policy; |! 80% What |! is |! the |! method |! called |! when |! the |! insured |! and |! insurance |! company |! cannot |! agree |! on |! a |! settlement? |! - |! Correct |! answer |! ✔Appraisal |! method What |! is |! a |! bailee? |! - |! Correct |! answer |! ✔A |! person |! or |! organization |! that |! has |! temporary |! possession |! of |! someone |! else's |! personal |! property What |! is |! a |! tort? |! - |! Correct |! answer |! ✔A |! civil |! wrong |! that |! causes |! someone |! else |! to |! suffer |! a |! loss What |! is |! Vicarious |! Liability? |! - |! Correct |! answer |! ✔Liability |! for |! the |! actions |! of |! another What |! are |! the |! five |! property |! coverages |! and |! associated |! lettering? |! - |! Correct |! answer |! ✔A |! - |! Dwelling B |! - |! Other |! structured |! (detached, |! appurtenant)
C |! - |! Insured's |! personal |! property |! (off-premises |! covered |! up |! to |! 10% |! of |! C) D |! - |! Fair |! Rental |! Value E |! - |! Additional |! Living |! Expense Property |! coverage |! B |! provides |! coverage |! for |! what? |! - |! Correct |! answer |! ✔Other |! structures; |! 10% |! of |! A How |! much |! will |! DP-2 |! and |! DP-3 |! cover |! for |! trees, |! shrubs, |! and |! other |! plants? |! - |! Correct |! answer |! ✔$500 |! for |! any |! one |! tree/shrub/plant Which |! dwelling |! form |! covers |! collapse? |! - |! Correct |! answer |! ✔DP-2 |! and |! DP- For |! Dwelling |! insurance, |! how |! long |! will |! the |! insured |! cover |! medical |! payments |! to |! others |! after |! the |! policy |! expires? |! - |! Correct |! answer |! ✔ 3 |! years |! after |! the |! accident Which |! section |! of |! the |! Homeowners |! policy |! does |! not |! contain |! a |! deductible? |! - |! Correct |! answer |! ✔Section |! II |! - |! Liability What |! are |! the |! three |! perils |! covered |! in |! a |! basic |! form |! for |! homeowners? |! - |! Correct |! answer |! ✔WCSHAVVER For |! a |! homeowners |! policy, |! how |! much |! is |! covered |! for |! the |! fire |! department |! service |! charge? |! - |! Correct |! answer |! ✔Up |! to |! $500, |! no |! deductible
$2,000 |! deductible What |! type |! of |! coverage |! covers |! a |! mobile |! home |! in |! transit? |! - |! Correct |! answer |! ✔Trip-Transit |! coverage When |! does |! mobile |! home |! coverage |! take |! effect? |! - |! Correct |! answer |! ✔As |! soon |! as |! the |! mobile |! home |! is |! set |! on |! a |! permanent |! foundation What |! is |! Jettison? |! - |! Correct |! answer |! ✔When |! the |! crew |! of |! a |! ship |! tosses |! cargo |! over |! the |! side |! of |! the |! ship What |! is |! Barrity? |! - |! Correct |! answer |! ✔When |! a |! ship's |! crew |! commits |! criminal |! acts What |! is |! the |! special |! limit |! of |! watercraft |! under |! a |! homeowners |! policy, |! if |! not |! large |! enough |! to |! be |! excluded? |! - |! Correct |! answer |! ✔$1, Which |! inland |! marine |! form |! provides |! open |! peril |! coverage |! for |! the |! same |! categories |! of |! property |! covered |! under |! the |! homeowners |! scheduled |! personal |! property |! endorsement? |! - |! Correct |! answer |! ✔Personal |! articles |! form What |! is |! the |! standard |! deductible |! under |! the |! emergency |! program |! of |! the |! National |! Flood |! insurance |! program? |! - |! Correct |! answer |! ✔$2,
What |! type |! of |! coverages |! can |! be |! included |! in |! a |! Commercial |! Package |! Policy? |! - |! Correct |! answer |! ✔Property, |! CGL, |! Auto, |! Inland |! Marine What |! is |! an |! interline |! endorsement? |! - |! Correct |! answer |! ✔An |! endorsement |! that |! may |! be |! used |! with |! more |! than |! one |! line |! of |! insurance What |! is |! subrogation? |! - |! Correct |! answer |! ✔A |! legal |! right |! that |! allows |! one |! party |! to |! make |! payment |! that |! is |! actually |! owed |! by |! another |! party, |! and |! then |! collect |! the |! money |! from |! the |! party |! that |! owes |! the |! debt |! after |! the |! fact When |! does |! coverage |! stop |! for |! vandalism |! in |! a |! vacant |! building |! under |! a |! property |! policy? |! - |! Correct |! answer |! ✔ 60 |! days Business |! personal |! property |! is |! covered |! while |! it |! is |! in |! within |! how |! many |! feet |! of |! the |! main |! premises? |! - |! Correct |! answer |! ✔ 100 |! feet What |! does |! a |! builders |! risk |! policy |! expire? |! - |! Correct |! answer |! ✔When |! the |! project |! is |! completed, |! occupied, |! or |! abandoned In |! an |! extra |! expense |! coverage |! form, |! what |! amount |! of |! days |! are |! meant |! if |! the |! coverage |! states: |! 40%/80%/100% |! - |! Correct |! answer |! ✔ 30 |! days |! or |! less |! will |! pay |! 40% 31-60 |! days |! will |! pay |! 80% 61+ |! days |! will |! pay |! 100%
How |! long |! does |! the |! insured |! have |! to |! report |! expenses |! of |! medical |! payments |! under |! a |! Commercial |! General |! Liability |! policy? |! - |! Correct |! answer |! ✔ 1 |! year |! of |! the |! date |! of |! the |! accident What |! is |! the |! purpose |! of |! a |! retroactive |! date? |! - |! Correct |! answer |! ✔Excludes |! claims |! made |! before |! the |! policy |! effective |! date How |! long |! does |! an |! Extended |! Reporting |! Period |! cover |! claims |! made |! after |! the |! expiration |! date |! of |! the |! policy? |! - |! Correct |! answer |! ✔Extended, |! 60 |! days Covered |! up |! to |! 5 |! years |! with |! basic |! tail |! extension What |! territory |! is |! typically |! not |! part |! of |! the |! definition |! of |! the |! coverage |! territories? |! - |! Correct |! answer |! ✔Mexico What |! is |! a |! Messenger? |! - |! Correct |! answer |! ✔Someone |! who |! has |! care |! and |! custody |! of |! property |! while |! it |! is |! OUTSIDE |! the |! premises What |! is |! a |! Custodian? |! - |! Correct |! answer |! ✔Someone |! who |! has |! care |! and |! custody |! of |! property |! while |! it |! is |! INSIDE |! the |! premises What |! act |! specifies |! a |! theft |! as |! a |! burglary? |! - |! Correct |! answer |! ✔Signs |! of |! forced |! entry/exit Theft |! excludes |! what |! type |! of |! coverage? |! - |! Correct |! answer |! ✔Mysterious |! Disapearance
Regarding |! bonds, |! who |! has |! the |! obligation |! to |! complete |! a |! contract? |! - |! Correct |! answer |! ✔Principle, |! or |! Obligor How |! many |! parties |! are |! typically |! involved |! in |! a |! bond? |! - |! Correct |! answer |! ✔Three |! parties Which |! business |! auto |! coverage |! form |! symbol |! is |! the |! "any |! auto" |! symbol |! used |! only |! to |! designate |! liability |! coverage? |! - |! Correct |! answer |! ✔Symbol |! 1 What |! is |! the |! most |! restrictive |! business |! auto |! coverage |! form |! symbol? |! - |! Correct |! answer |! ✔Symbol |! 7 Which |! auto |! coverage |! symbol |! covers |! a |! customer's |! auto |! left |! with |! the |! insured |! for |! service? |! - |! Correct |! answer |! ✔Symbol |! 30 What |! form |! is |! used |! to |! prove |! truckers |! liability |! and |! proof |! of |! financial |! responsibility? |! - |! Correct |! answer |! ✔MCS-90 |! endorsement What |! are |! four |! examples |! of |! Professional |! Liability |! insurance? |! - |! Correct |! answer |! ✔Medical |! malpractice Errors |! and |! omissions Directors |! and |! officers Fiduciary |! liability
How |! much |! are |! signs |! attached |! to |! the |! building |! covered |! for |! in |! a |! BOP |! policy? |!
- |! Correct |! answer |! ✔$1, What |! is |! the |! minimum |! fire |! legal |! liability? |! - |! Correct |! answer |! ✔$50, What |! is |! the |! largest |! office |! building |! risk |! that |! may |! be |! eligible |! for |! a |! Business |! Owners |! Policy? |! - |! Correct |! answer |! ✔ 6 |! stories |! and |! 100,000 |! sqft In |! Tennessee, |! how |! many |! employees |! can |! an |! insured |! have |! before |! Workers |! Compensation |! becomes |! mandatory? |! - |! Correct |! answer |! ✔ 5 |! employees Who |! would |! be |! excluded |! or |! exempt |! from |! Workers |! Compensation? |! - |! Correct |! answer |! ✔Farm |! workers/employees |! and |! domestic |! household |! servants What |! is |! something |! that |! would |! NOT |! be |! covered |! under |! Workers |! Compensation |! laws? |! - |! Correct |! answer |! ✔Pain |! and |! suffering What |! claim |! is |! not |! covered |! under |! Workers |! Compensation? |! - |! Correct |! answer |! ✔Gross |! misconduct What |! are |! the |! three |! parts |! to |! Employers |! Liability? |! - |! Correct |! answer |! ✔- |! Policy |! limit |! per |! accident
- |! Policy |! limit |! for |! all |! bodily |! injury |! claims |! by |! disease
- |! Policy |! limit |! per |! employee |! for |! bodily |! injury |! by |! disease
What |! part |! of |! workers |! Compensation |! covers |! premium? |! - |! Correct |! answer |! ✔Part |! five
