Exam (elaborations)
2-20 General Lines License Questions with Solutions
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2-20 General Lines License
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2-20 General Lines LicenseThe most accurate description of pure risk - answer Insurable
Which of the following can be found in definitions - answer Who is an insured
Which of the following can be found in "conditions" - answer Duties of the insured at the
time of loss
All of the following choices are found on the declarations page EXCEPT - answer
Exclusions
What is an exclusion? - answer Events not payable under the policy
What is a deposit premium? - answer Partial premium placed as a down payment at the
start of the policy
What best describes a "binder" - answer Temporary insurance
The most accurate definition of a contract of adhesion - answer Contract created by
insurance company; insured cannot negotiate terms; ambiguities in favor of insured
What section in the PAP describes payments to other is the insured damages other? -
answer Liability
What is not a source of underwriting? - answer Exclusions
Fire loss in the insured home would be considered what? - answer Peril
Spoilage of food resulting from loss of power is known as what? - answer Consequential
damage
A tree hits the insured's house, the damage is covered because of what concept? -
answer Direct loss
If there are not enough contents in the structure, the building is considered? -
answerVacant
If an employee steals from their employer, what kind of hazard does this represent? -
answerMoral
Maximum amount the insurer is obligated to pay under the insurance coverage? -
answerLimit of insurance
, Under Lender's Interest, what is a mortgagee? - answerPerson or financial institution
which loans money on a real property
What is the definition of a "hazard"? - answerIncreases the likelihood of loss
An insurer agrees in advance to a stated amount, this is known as - answerAgreed
value
The vanishing of insured property in an unexpected manner is - answerMysterious
disappearance
Any act of stealing is - answerTheft
One limit for all items is - answerBlanket insurance
Insured agrees to carry a certain amount of the property value in insurance. if the
insured is penalized because he does not maintain adequate coverage, this is -
answerCoinsurance
What type of risk is known for unconsciousness attitude (accidental proneness) -
answerMorale
Burglary is defined as - answerThe taking of property by a person unlawfully entering or
leaving the premises with visible signs of forcible entry or exit
Insured is liable for directing the actions of others - answerVicarious liability
Vicarious liability is also known as - answercontingent liability
Failure to act as a prudent person would have acted in the same situation is the what -
answerNegligence
An accident included continuous and repeated exposure to the same harmful conditions
is - answerOccurrence
What law authorizes banks, credit unions, and insurance to be in each other's industry,
and is concerned with privacy between financial institutions and insurance services? -
answerGramm-Leach-Bliley Act
If revision in policy form broadens coverage, the insured is provided the additional
benefits without premium, this is - answerLiberalization
What provides a procedure when the insurer dispute the true value of the property loss?
- answerAppraisal
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