Exam (elaborations)
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
CORRECT ANSWERS
2 nnClasses nnof nnproperty nn- nnAnswer nnReal nnproperty: nnBuildings
Personal nnproperty: nnMoveable nncontents
Covered nnproperty nn- nnAnswer nnSpecific nn/ nnscheduled nn- nndetailed nnlist nnof
nncovered nnitems nn
Blanket
- nnNo nndetailed nnlist
- nnSingle nnlimit nnof nncoverage
Limits nnof nninsurance nn- nnAnswer nn- nnmaximum nncoverage nnlimits
- nnlisted nnon nndeclarations nnpage
Named nnvs. nnOpen nnPerils nn- nnAnswer nnNamed: nn"broad," nneverything nnis nncovered
nnas nndescribed nn(on nna nnlist) nn(less nnexpensive)
Open: nn"comprehensive," nncover nnany nncause nnof nnloss nnunless nnits nnexcluded
nn(more nnexpensive)
3 nnlevels nnof nncoverage nn- nnAnswer nnBasic
Broad
Special
Basic nncoverage nn(Property) nn- nnAnswer nnFire- nnmust nnbe nnhostile; nnintentional nnloss
nn(arson) nnis nnnot nncovered
Lightning- nnnatural nnelectricity
Internal nnexplosion- nnany nnexplosion nninside nna nncovered nnlocation
Basic nnExtended nnCoverage nnperils nn- nnAnswer nnExtension nnof nnbasic nnperils:
nnWCSHAVVER nnand nnV&MM)
, Wind
Civil nnCommotion
Smoke
Hail
Aircraft
Vehicles
Volcanos
Explosion
Riot nn
Vandalism nn& nnmalicious nnmischief
Broad nnperils nn- nnAnswer nnBroad nnperils nninclude nnbasic nnform nnperils,
nnWSCHAVVER, nnand nnV&MM, nnplus nnBIGAFFECT:
Burglary
Ice
Glass
Accidental nnrelease nnof nnwater
Freezing nnpipes
Falling nnobjects
Electrical nncurrent
Collapse
Tearing nnasunder
Broad nnPeril nnExclusions nn- nnAnswer nnExcludes:
- nnWeight nnof nnice, nnsnow, nnor nnfalling nnobjects nnONLY nnON nnawnings, nnfences,
nnpatios, nnswimming nnpools, nndocks, nnand nnretaining nnwalls
- nnAccidental nndischarge nnover nnwater nnfrom nncontinuous nnleaking
- nnFlooding nnfrom nnriver nnor nnlake
- nnBurglary nnif nnproperty nnvacant nnmore nnthan nn60 nnconsecutive nndays
Special nnPerils nn- nnAnswer nnCoverage nninsures nnagainst nnall nnrisks nnof nndirect
nnphysical nnloss nnunless nnthey nnare nnspecifically nnexcluded
Special nnPerils nnExclusions nn- nnAnswer nn- nnFlooding
- nnEarthquake
- nnIntentional nndamage nncaused nnby nnan nninsured
- nnLosses nndue nnto nnenforcement nnof nnbuilding nncodes
- nnDamage nncaused nnby nna nnpower nninterruption nnoccurring nnoff nnpremises nn
- nnGovernment nnseizure
Direct nnloss nn- nnAnswer nnThe nnimmediate nndamage nncaused nnby nnthe nnperil
Indirect nnloss nn- nnAnswer nnLoss nnthat nnis nna nnresult nnor nnconsequence nnof nna nndirect
nnloss
- nnLoss nnof nnincome nna nnbusiness nnsuffers nnwhen nnthe nnbuilding nnburns
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