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Massachusetts Personal Lines Questions And Answers With Verified Solutions Already Passed!!!
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Massachusetts Personal Lines Questions And Answers With Verified Solutions Already Passed!!!
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Massachusetts Personal LinesQuestions And Answers With Verified
Solutions Already Passed!!!
Severability of Insurance - ANSWERS✔✔the insurance applies separately to each
insured. this condition does not increase the insurer's liability for any one
occurrence.
Mobile Home Endorsement - ANSWERS✔✔when an auto that is shown on the
declarations page is a mobile home, coverage extends to include certain
permanently installed equipment and accessories
Speculative Risk - ANSWERS✔✔when a person has both the chance of winning
or losing
Liability limits - ANSWERS✔✔$20,000/$40,000/
$5,000
MA Financial Responsibility Law - ANSWERS✔✔requires that the insurance
policy provides coverage limits not less than the following:
$20,000 on account of injury or death to any 1 person in a single accident
$40,000 on account of injury or death to 2 or more persons in a single accident
$5,000 for damage to property of others arising out of a single accident
,What is the minimum amount of coverage that should be carried on an HO-2 on a
home that was purchased 4 years ago for $75,000, which today has a replacement
value of $100,000? - ANSWERS✔✔$80,000
A homeowner, at the time of loss, must be insured for at least ____ %
of replacement cost in order to collect the full replacement cost of a partial loss -
ANSWERS✔✔80%
Not a cover auto - ANSWERS✔✔a mobile home
(if someone is injured exiting a friend's mobile home this is classified as a
premises exposure)
What does Massachusetts Automobile Insurance policy cover? -
ANSWERS✔✔Medical Payments: paying for injuries arising out of an auto event,
regardless of fault
Substitute Transportation will reimburse the insured for transportation expenses if:
- ANSWERS✔✔the insured's auto is out of service due to collision damage and
the auto is covered for collision
Personal Injury Protection Coverage - ANSWERS✔✔will only pay $2,000 in
benefits if the insured has medical coverage that will pay some of the medical
expenses. If the insured has more expenses after $2,000 PIP and the insurance has
paid the limit will be returned to $8,000
Earthquake Damage - ANSWERS✔✔damage by earthquake is specifically
EXCLUDED from coverage in all homeowners forms. However, coverage may be
purchased by endorsement.
, Farm Property is - ANSWERS✔✔specifically excluded under the liability section
of a HO policy
Under the HO-4 and HO-6 homeowner policy forms, property is insured against: -
ANSWERS✔✔broad form perils
Exclusions on a Dwelling Policy - ANSWERS✔✔All Homeowner Policy
Exclusions apply to All Dwelling Policies
to legally transact insurance in this state, an insurer must obtain: -
ANSWERS✔✔Certificate of Authority
Vandalism and Malicious Mischief - ANSWERS✔✔Coverage provided in many
property insurance policies that protects property against damage caused by
vandals
but will NOT be covered if vacant for more than 60 days immediately prior to the
loss
A participating insurance policy may .. - ANSWERS✔✔Pay dividends to the
policy owner
Personal Injury - ANSWERS✔✔may be added as an endorsement
Risks that contain farming exposure - ANSWERS✔✔are not eligible for
homeowners insurance
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