ACA EXAM WITH COMPLETE QUESTIONS AND CORRECT
VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY
GRADED A+ 100% GUARANTEED TO PASS CONCEPTS!!!.
Both commercial property and liability were combined into one policy, thus
saving money on underwriting expense. What is this combination called? -
ANSWER-A package policy
A property policy covers "fire" as a peril. A small fire starts, fortunately, the fire
department quickly arrives and puts out the fire. Unfortunately, there is water
damage due to the water from the fire hoses. This water damage would be
covered because - ANSWER-Fire was the proximate cause of damage
A florist wanted coverage on business contents, which vary in amount over the
course of a year. Which form best covers this situation? - ANSWER-The value
reporting endorsement
A community applied to be part of the National Flood Insurance Program. Until
they are approved, what is the status of the community of the community? -
ANSWER-They are in the emergency program
The coverage for damage due to an aircraft under the care, custody, or control
of the insured while the plane is in for storage or service is: - ANSWER-
Hangarkeepers liability
, Under the commercial property form, what length of time must expire before a
building is considered "vacant" -- thereby suspending some coverages, while
reducing payment on others? - ANSWER-60 days
What is the smallest amount of liability insurance under the business-owners
policy (BOP)? - ANSWER-$300,000
Which of the following would be excluded under a personal articles floater on
an "all risks" basis? - ANSWER-Insects destroy a valuable postage stamp worth
$500
A ship loaded with lumber encountered a terrible storm, and some of the
lumber was thrown overboard to save the ship - this action is called: -
ANSWER-Jettison
A contracted was concerned some of his tools, such as a welder, could be
stolen from the job site. What inland marine form is best suited for this
exposure? - ANSWER-The contractors equipment floater
All of the following are exclusions under the Personal Inland Marine Policy
EXCEPT: - ANSWER-Theft from and "off site" location
An Umbrella Policy may be broader than the underlying policies and respond as
primary coverage. When the Umbrella is primary, there is an amount to be paid
by the insured - this is called: - ANSWER-The self-insured retention
If a person does not own an auto, but must provide Auto Liability, for what
would he ask his agent? - ANSWER-A named non-owned policy
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