Property and Casualty Exam- Louisiana Verified Answers

Property and Casualty Exam- Louisiana Verified Answers A $100,000 house insured on a policy with an 80% coinsurance requirement has a fire that caused $40,000 of damage; the owner has a policy with $60,000 coverage. How much can the owner collect for his loss? ️$30,000 A beauty parlor burns to the ground. What type of loss is this to the owner? ️Direct loss A boatowners policy does NOT cover ️Nuclear hazards. A building insured with commercial property insurance has been vacant 90 days. Which of the following is NOT true? ️Payment for unnamed perils is reduced by 25%. A businessowner has a building and personal property policy that covers a shed in which he stores extra parts. If he buys a second shed for the same purposes, this will be automatically covered for how long? ️30 days A businessowners policy is ️A self-contained prepackaged policy. A commercial package policy (CPP) allows the insured to select the coverage needed and customize the policy to meet the needs of the insured's business. In a CPP, the business owner may select from all of the following types of coverage EXCEPT ️Workers compensation coverage A customer was injured in a supermarket parking lot when a grocery cart collided with the customer's leg. Coverage for this claim would be provided under ️Premises and operations. A deliberate act that causes harm to another person, regardless of whether the harm is intended is called a(n) ️Intentional tort A grave marker was damaged by vandals. It would cost $3,000 to have the damage repaired. Under these circumstances, how much would a homeowners policy pay? ️$3,000 A liability policy that provides coverage for a claim for injury or damage if the claim is first reported or filed against the insured during the policy period is called ️Claims-made form. A licensee just renewed his license. How much time will pass before he will have to renew it again? ️2 years A loss has occurred before the first report has been filed on a value reporting coverage form. Which is NOT true? ️Never more than 75% of the loss is paid. A participating insurance policy may do which of the following? ️Pay dividends to the policy-owner A plasterer has finished a job. What kind of liability coverage would protect him if the plaster falls and hurts someone because he did not do the job correctly? ️Completed operations A policy which insures all property at multiple locations for a single amount is referred to as ️Blanket. A policyholder has an equipment breakdown policy with a $200,000 limit. If a boiler explosion causes $100,000 damage to the boiler itself, $50,000 damage to the insured's building, and $30,000 of expediting expenses, how much will the insured collect under the policy? ️$175,000 A policyholder has an equipment breakdown policy with a $200,000 limit. If a boiler explosion causes $100,000 damage to the boiler itself, $50,000 damage to the insured's building, and $30,000 of expediting expenses, how much will the insured collect under the policy? ️$175,000 A producer has been notified by the Commissioner to stop using an unapproved trade name. How many days does the producer have to change the trade name before facing a fine? ️10 days A producer who fails to segregate premium monies from his own personal funds is guilty of ️Commingling A specialized type of insurance that guarantees the faithful performance of a trustee of employee benefit plans is called ️Fiduciary liability insurance. A specific coverage part is listed on the commercial package policy declarations page, but there is no premium shown. What does that mean? ️There is no coverage A temporary license is good for ️180 days A temporary license may be issued without examination to all of the following, EXCEPT