Exam (elaborations)
PERSONAL LINES PRACTICE TEST , CODES AND ETHICS
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PERSONAL LINES PRACTICE TEST , CODES AND ETHICS
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PERSONAL LINES PRACTICE TEST , CODES ANDETHICS
Boatowner policy would apply in which situation - Answers-an unofficial race or speed
constest
Which Commercial Inland Marine Form covers maps, mortgages and abstracts? -
Answers-
Under a typical homeowners policy, Coverage C is called: - Answers-personal property
coverage
A self-insured retention acts as a deductible and applies to claims covered by an
umbrella policy, but excluded by an underlying policy in a personal umbrella. The S.I.R.
ranges from $250 to: - Answers-$1000
Concerning the law of large numbers which of the following is true? - Answers-
The maximum limit for a residential structure covered by flood insurance is: - Answers-
A contract in which one seeks to indemnify another against loss, damage or liability is a
definition of: - Answers-insurance
The standard amount of coverage of homeowners insurance for other structures is
typically for what percentage of the dwelling amount? - Answers-10%
In which of these cases is there an insurable interest? 1. An insured in his own life, 2. A
businessman in the life of his business partner, 3. An employee in the life of his
employer, 4. A husband in the life of his spouse. - Answers-
The Coverage C limit is typically what percentage of the Coverage A amount under a
homeowners policy? - Answers-50%
What perils are covered by the Standard Fire Policy: - Answers-
As defined in the homeowners policy, real property would NOT include which of the
following? - Answers-Land
Which of the following would not be eligible for coverage under a personal auto policy? -
Answers-a
What is hazard? - Answers-
Every insured item may suffer a loss. Each item insured is referred to as: - Answers-
, Life - Answers-includes annuities
Fire - Answers-includes commercial property, homeowners, and dwelling policies
Surety - Answers-Guarantee of payment of one party for the fulfilment of obligation of a
second party:bond
disability - Answers-includes all forms of health insurance, and disability income and this
covers of the event of illness, injury, or death for those who cannot work
plate class - Answers-coverage of the breaking os glass, frames and lettering
Workers Compensation - Answers-payment of compensation to those injured or sick
while under employment
common carrier liability - Answers-insures against loss whole property is in the care of a
common carrier
Boiler and Machinery Insurance - Answers-Protection against injury or damages to
person or property caused by the explosion or breakdown of a boiler or other machinery
Mortgage guarany - Answers-includes insolvency insurance and legal insurance
if the insurance company providing of damages does insolvent, this is still guarantees
payment to the lender
Miscellaneous insurance - Answers-if the insurance company provides coverages
through earthquake, tornado etc.
Domestic Insurer - Answers-A company that conducts business in the state where it is
organized under
Foreign Insurer - Answers-an insurer organized under the law of another state with in
the United States whether or not it is admitted to do business
Alien insurer - Answers-An insurer organized under the laws of another jurisdiction other
than a state of the united states, whether of not admitted to do business.
Person - Answers-any person, association, organization, partnership, business trust,
limited liability company, or corporation
Insurer - Answers-any person capable of making a contract may be insurer, subject to
restrictions of the code
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