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UNIT 4 ( BASICS OF PROPERTY INSURANCE) QUESTIONS WITH CORRECT ANSWERS
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UNIT 4 ( BASICS OF PROPERTY INSURANCE) QUESTIONS WITH CORRECT ANSWERS
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UNIT 4 - BASICS OF PROPERTYINSURANCE QUESTIONS WITH
COMPLETE ANSWERS
What ppare ppthe pp2 pptypes ppof ppproperty? pp- ppAnswer pp-Real: pppermanent ppstructures
ppand ppbuildings
-Personal: ppfurniture, ppappliances, ppclothing, pptools, ppand ppother ppmoveable
ppproperty
*both ppindividuals ppand ppbusinesses ppneed ppcoverage ppfor pptheir ppphysical
ppbuildings ppand ppthe ppcontents ppwithin ppthose ppstructures*
What ppare ppthe pp2 pptypes ppof ppcoverage ppfor ppproperty? pp- ppAnswer pp- ppSpecific
pp(scheduled) pp- ppdiamond ppring
- ppBlanket pp- ppsingle pplimit ppof ppcoverage ppof ppall ppitems ppof ppa ppcertain ppproperty
pptype
*all ppof ppthe ppitems ppin ppyour pphouse ppare ppcovered ppw/ ppblanket ppcoverage
The ppdeclarations pppage ppdescribes ppthe pppolicy pplimit ppwhich ppis ppalso ppknown ppas:
pp- ppAnswer ppthe pplimit ppof ppcoverage, ppthe pplimit ppof ppliability, ppor ppthe pplimit ppof
ppinsurance ppwhich ppall pprepresent ppthe ppmaximum ppamount ppthe ppinsurance
ppcompany ppwill pppay ppfor ppa pploss
Open ppperil pppolicy pp- ppAnswer ppinsures ppagainst ppall pprisks ppof ppdirect ppphysical
pploss ppexcept ppthose ppspecifically ppexcluded ppin ppthe pppolicy. ppThis pptype ppof
ppcontract ppis ppsometimes ppcalled ppall ppright, ppspecial, ppor ppcomprehensive
ppcoverage
-Covers ppEVERYTHING pp(more ppexpensive)
Named ppPeril ppPolicy pp- ppAnswer pp-can ppalso ppbe ppcalled ppa ppspecified ppperil pp
-lists ppthe ppperils ppor ppcauses ppof pploss ppinsured ppagainst ppunder ppthe ppcontract pp
Ex: pplightning, ppfire, ppwindstorm, pphail, ppvandalism, ppand ppother ppsimilar ppnatural ppor
ppman ppmade pplosses
(less ppexpensive)
, What ppare ppthe pp3 pptypes ppof ppcovered ppperils? pp- ppAnswer ppBasic(least
ppexpensive), ppBroad(middle), ppSpecial(most ppexpensive pp- ppcovers ppall ppperils
ppunless ppthey ppare ppspecifically ppexcluded)
Basic ppPerils ppCoverage ppPlan pp(+ ppExtended ppcoverage) pp- ppAnswer ppFire pp- ppmust
ppbe pphostile pp- ppintentional pploss ppis ppnot ppcovered
Lighting pp- ppnatural ppelectricity pp
Internal ppExplosion pp- ppany ppexplosion ppinside ppa ppcovered pplocation
Extended ppCoverage ppAcronym pp- ppAnswer ppWCSHAVVER pp+ ppV&MM
Wind pp
Civil ppCommotion
Smoke
Hail
Aircraft
Vehicle
Volcanic pperuption
Explosion
Riot
Vandalism pp& ppMalicious ppMischief
Broad ppPerils ppCoverage ppPlan pp- ppAnswer pp-All ppof ppthe ppbasic ppform ppperils pp+
ppextended ppcoverage ppare ppincluded ppin ppthis pp
Plus ppthe ppfollowing: ppBIG ppAFFECT
Burglary ppDamage
Ice, ppsleet pp& ppsnow
Glass ppbreakage pp
Accidental ppdischarge ppof ppwater pp(plumbing, ppheating, ppetc.)
Freezing ppobjects pp(plumbing, ppetc.)
Falling ppobjects
Electrical ppcurrent pp
Collapse
Tearing ppasunder pp(sudden ppand ppaccidental pptearing ppapart, ppcracking, ppor
ppburning ppof ppsteam ppor pphot ppwater, ppair-conditioning, ppetc.)
Special ppPerils ppCoverage ppPlan pp- ppAnswer pp- pppretty ppmuch ppcovers ppeverything
ppbut ppsome ppcommon ppexclusions ppare pp
Flood
Earthquake
Intentional ppdamage ppby ppthe ppinsured
Losses ppdue ppto ppenforcement ppof ppbuilding ppcodes
Damage ppcaused ppby pppower ppinterruption ppoccurring ppoff pppremises
Governmental ppseizure
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