Final Exam - Ohio Property and Casualty Insurance Updated.
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Module
Ohio
Institution
Ohio
Final Exam - Ohio Property and Casualty Insurance Updated.
Sarah has a homeowner's policy which covers stolen property, and she has a computer stolen. Her insurer pays her 1k to replace the computer. Two weeks later, Sarah's computer is recovered by the police. Which of the following would be tr...
Final Exam - Ohio Property and Casualty
Insurance Updated.
Sarah has a homeowner's policy which covers stolen property, and she has a computer stolen. Her
insurer pays her 1k to replace the computer. Two weeks later, Sarah's computer is recovered by the
police. Which of the following would be true in this scenario? - CORRECT ANSWER Sara would have a
choice of returning either the benefit or the computer to her insurer
Colin is driving the company car on the way to meet a new client when he is involved in an accident. The
accident claim would fall under? - CORRECT ANSWER His company commercial line auto insurance policy
Michelle barrows Lisa's car and causes an accident while driving it. How will insurance apply? - CORRECT
ANSWER Lisa's policy applies first and Michele's applies to any excess
Uninsured motorist coverage is NOT provided for bodily injury sustained by a covered person if? -
CORRECT ANSWER Injury results while a covered person is occupying a covered auto property for a fee.
Which of the following describes why insurance agents should carry Errors and Omissions insurance
coverage? - CORRECT ANSWER E&O insurance protects an agent from loss in case a customer files a
lawsuit claiming she provided inappropriate advice or failed to inform him
Who is responsible for paying a Commercial Package policy? - CORRECT ANSWER The First Named
Insured
On a business auto coverage form, insureds select coverage from various types of autos. Each coverage
type has a numerical symbol. Which symbol adds UIM coverage in states that require it? - CORRECT
ANSWER 6
,J has rented a room in his home to a tenant and has helped furnish the rented room with a carpet,
fridge, and sofa costing him 4k. Less than one month later these furnishings were detroyed in a small
fire. How much will Jcollect from his HO-2 policy for this loss? - CORRECT ANSWER 2.5k
When Paula's property was damaged by widespread flooding, her policy covered which of the following
losses? - CORRECT ANSWER A portable air conditioner
J owns an antique, historic home that has a custom priceless stained glass window.... - CORRECT
ANSWER Functional Replacement Cost
Sky Leasing Company rented an apartment to Louisa - CORRECT ANSWER Yes , because wrongful
eviction is covered under CGL policies
How long are benefits payable under the loss of use coverage on the homeowners policy? - CORRECT
ANSWER The shortest time it takes to repair or replace the dwelling.
Which of the following statements is INCORRECT regarding Workers Compensation Insurance? -
CORRECT ANSWER Workers Compensation contracts consist of 3 parts
When hidden decay caused a wall of the garden supply firms equipment hangar to collapse - CORRECT
ANSWER The fire damage to the greenhouse
A carrier has a expense ration of 120%. This indicates - CORRECT ANSWER An underwriting loss has
occurred.
When franks 200k farmhouse was damaged the replacement cost was 50k - CORRECT ANSWER 50k
A required part of a contract that stipulates the insured must make premium payments on time in
exchange for coverage by the insurer is known as: - CORRECT ANSWER Consideration
,Which of the following is INCORRECT about insureance fraud regulations? - CORRECT ANSWER Those
providing testimony in a fraud investigation are immune from any civil liability
In 1980, G had a custom home built and purchased an HO-5 policy. - CORRECT ANSWER X is the only
person that can collect loss because they were the insured at the time of loss.
What does NOT need to be in place in order to be self-insured under Ohio Workers' Compensation? -
CORRECT ANSWER An adequate human resources department to handle claims
Tyler has a business owner policy with electronic data additional coverage on his policy. - CORRECT
ANSWER Valuable information tyler had stored on a CD-ROM was wiped out during a thunderstorm
If an agent is charged with a misdemeanor involving theft, any felony, or crimes of moral turpitude, he
or she must report the charge to the department of insurance. - CORRECT ANSWER Within 30 days of
being charged.
Which of the following is INCORRECT about insurance fraud regulations? - CORRECT ANSWER Those
providing testimony in a fraud investigation are not immune from civil liability
If a violation has caused or is about to cause substantial and material harm, the Superintendent may
issue an order that the person in violation cease and desist from the activity. Notice of the order must
be mailed. - CORRECT ANSWER By certified mail
An underwriter viewing a map to determine the nature of the gerneral area in which the insured's
property is located is known as: - CORRECT ANSWER Inspection reports
Statements made by an applicant for property insurance which, in the opinion of the applicant, are true
to the best of theri knowledge are called: - CORRECT ANSWER Representations
, Commercial Package Policies may be written for any of the following term lengths EXCEPT - CORRECT
ANSWER 4 years
If Michael has a comprehensive auto insurance policy with a 500 deductible and he gets into an accident
where the repairs total 300 which of the following would be true - CORRECT ANSWER His insurer would
pay nothing.
The answers on an insurance application are best described as - CORRECT ANSWER Representations
All of the following are considered farm personal property under the terms of a Farm Property Insurance
Policy, EXCEPT: - CORRECT ANSWER Grave Markers
Under the terms of an DP-2 policy, the peril of Freezing of Pipes - CORRECT ANSWER Requires that the
insured must take reasonable steps to heat the building and shut off the freezing water supply or drain
any systems of water.
A short term proof of insurance coverage is know as a - CORRECT ANSWER Binder
The Ohio Fair plan is not intended to compete with the standard insurance marketplace. - CORRECT
ANSWER 2 insurers
The specific start date before which an insurance company will not pay claims in a claims-made form is
known as what? - CORRECT ANSWER The retroactive date
In lieu of license suspention, denial or revocation, the Superintendent of insurance may require the
agent sign and adhere to a consent agreement - CORRECT ANSWER That is public record
An insurer will give ___ days notice of cancellation under the terms of a Businessowner's policy for a
building that has been vacant for 60 days or more - CORRECT ANSWER 5 days
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