PROPERTY & CASUALTY INSURANCE, QUESTIONS & ANSWERS VERIFIED| ACCURATE
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Module
PROPERTY & CASUALTY INSURANCE
Institution
PROPERTY & CASUALTY INSURANCE
PROPERTY & CASUALTY INSURANCE, QUESTIONS & ANSWERS VERIFIED| ACCURATE
One night while driving home from dinner, Doug hits an animal on a dark stretch of road. He is carrying Part D-damage to your auto, on his vehicle with a $250 deductible for other than collision coverage and a $500 deductible...
PROPERTY & CASUALTY INSURANCE,
QUESTIONS & ANSWERS VERIFIED|
ACCURATE
One night while driving home from dinner, Doug hits an animal on a dark stretch
of road. He is carrying Part D-damage to your auto, on his vehicle with a $250
deductible for other than collision coverage and a $500 deductible for collision.
The damage to his vehicle is $3,250. How much will his policy pay? - ANSWER
$3,000
Any claim for which the Umbrella Policy is primary is subject to a deductible
known as the: - ANSWER Self-Insured Retention
During the first 60 days that an automobile policy is in effect the company can
cancel for any reason except non-payment of premium with how many days
notice? - ANSWER 45 days
Part B Medical Payments coverage applies to medical services rendered after an
accident up to how many years? - ANSWER 3 years
Commercial Package Policies combine or "package" individual lines of insurance
into this type of contract: - ANSWER A Single
All of the following are optional coverages under the Building and Personal
Property Coverage Form EXCEPT: - ANSWER Business income coverage
A policy condition, either based on information in the insureds application or
inserted by the insurer, is defined as: - ANSWER Warranty
Which of the following pays an agreed dollar limit for each day of total
interruption, or a proportionate part of that limit for partial interruption? -
ANSWER Valued Business Interruption
Which of the following is NOT a characteristic of the Small Business Boiler and
,Machinery Policy? - ANSWER Business interruption is 25% of the limit but not an
additional amount
In the Business Income Coverage Form, the Maximum Period of Indemnity option
gives coverage for how many days? - ANSWER 120 days
All licensed residential property insurance companies in Florida must accept this
form when reporting mitigation features: - ANSWER Uniform Mitigation
Verification Inspection Form
ABC Health Insurer does not renew your policy since renewals are being declined
on all similar policies within the state of Florida. What type of policy is this? -
ANSWER Conditionally Renewable
All of the following are rating elements for the Business Auto Coverage Form
EXCEPT: - ANSWER Age of the driver(s)
When the insured transfers his rights against the other party to his insurer it is
defined as: - ANSWER Subrogation
Which of the following is NOT covered under an Aircraft Liability Policy? -
ANSWER Cargo Liability
Declarations 6 P's (D in DICEE) - ANSWER Policy Number
Parties
Named insured and insurer
Mortgagee or lienholder (if applicable)
,Property Description and its location
Policy Limits and deductables
Premium
Insuring agreement (I in DICEE) - ANSWER Contains the insurer's promise to
pay which includes the covered perils
- named perils
- open perils
-combination of named and open perils
Conditions (C in DICEE) - ANSWER Contains the duties and rights of the parties:
Insured's Duties after a loss - ANSWER Prompt notificatin of the loss to the
insurer
Cooperation with the insurer
Submission of a proof of loss (within 91 days in Texas) if required
Proect the property from further damage
Insurers Subrogation Rights - ANSWER Under property and casualty contracts,
insureds are required to assign their rights to recovery after a loss to the insurance
company
- Insurer then has the right to recover the amount paid for the loss from the at-fault
party and take any further legal action necessary.
-The deductible is returned to the insured if the insurer is able to recover from the
at-fault party
Mortgage Clause - ANSWER Rights of mortgagee
, -pay the preimium/file a proof of loss
-receive claim payment up to their insurable interest
-receive a cancellation notice
Nothing the insured does, even dishonestly, can prevent the mortgagee from
collecting under the policy
Termination of Policies - ANSWER Two types - Cancellations or Non-renewals
Exclusions (E in DICEE) - ANSWER Contains the property and perils that are
NOT covered.
- contraband
-intentional acts by the insured
These exposures are NOT contemplated by the rates
Endoresements (E in DICEE) - ANSWER Change the policy by:
-adding coverage
-modifying coverage-taking away coverage
Endoresements are NOT used to cancel a policy
Subrogation - ANSWER The act of assigning or substituting the rights of one
party to another in collecting a debt or claim.
Accident - ANSWER An event that is sudden and unexpected
Occurence - ANSWER An event that happens over time
- can be a series of accidents
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