Massachusetts personal lines
Severability of Insurance - answer the insurance applies separately to each insured. this
condition does not increase the insurer's liability for any one occurrence.
Mobile Home Endorsement - answer when an auto that is shown on the declarations
page is a mobile home, coverage extends to include certain permanently installed
equipment and accessories
Speculative Risk - answer when a person has both the chance of winning or losing
Liability limits - answer$20,000/$40,000/
$5,000
MA Financial Responsibility Law - answerrequires that the insurance policy provides
coverage limits not less than the following:
$20,000 on account of injury or death to any 1 person in a single accident
$40,000 on account of injury or death to 2 or more persons in a single accident
$5,000 for damage to property of others arising out of a single accident
What is the minimum amount of coverage that should be carried on an HO-2 on a home
that was purchased 4 years ago for $75,000, which today has a replacement value of
$100,000? - answer$80,000
A homeowner, at the time of loss, must be insured for at least ____ %
of replacement cost in order to collect the full replacement cost of a partial loss -
answer80%
Not a cover auto - answera mobile home
(if someone is injured exiting a friend's mobile home this is classified as a premises
exposure)
What does Massachusetts Automobile Insurance policy cover? - answerMedical
Payments: paying for injuries arising out of an auto event, regardless of fault
, Substitute Transportation will reimburse the insured for transportation expenses if: -
answerthe insured's auto is out of service due to collision damage and the auto is
covered for collision
Personal Injury Protection Coverage - answerwill only pay $2,000 in benefits if the
insured has medical coverage that will pay some of the medical expenses. If the insured
has more expenses after $2,000 PIP and the insurance has paid the limit will be
returned to $8,000
Earthquake Damage - answerdamage by earthquake is specifically EXCLUDED from
coverage in all homeowners forms. However, coverage may be purchased by
endorsement.
Farm Property is - answerspecifically excluded under the liability section of a HO policy
Under the HO-4 and HO-6 homeowner policy forms, property is insured against: -
answerbroad form perils
Exclusions on a Dwelling Policy - answerAll Homeowner Policy Exclusions apply to All
Dwelling Policies
to legally transact insurance in this state, an insurer must obtain: - answerCertificate of
Authority
Vandalism and Malicious Mischief - answerCoverage provided in many property
insurance policies that protects property against damage caused by vandals
but will NOT be covered if vacant for more than 60 days immediately prior to the loss
A participating insurance policy may .. - answerPay dividends to the policy owner
Personal Injury - answermay be added as an endorsement
Risks that contain farming exposure - answerare not eligible for homeowners insurance
Does the homeowners policy cover a collapse cause by foundation cracks? - answerNO
The foundation cracks would take years to cause collapse, meaning there would have
been plenty of time to fix them
Required to participate in the Insolvency Fund - answerAuthorized Insurers are required
to participate in the Fund as a condition of their certificate of authority
Specific Coverage - answerone location is insured for a specific amount of insurance on
the structure and contents
Severability of Insurance - answer the insurance applies separately to each insured. this
condition does not increase the insurer's liability for any one occurrence.
Mobile Home Endorsement - answer when an auto that is shown on the declarations
page is a mobile home, coverage extends to include certain permanently installed
equipment and accessories
Speculative Risk - answer when a person has both the chance of winning or losing
Liability limits - answer$20,000/$40,000/
$5,000
MA Financial Responsibility Law - answerrequires that the insurance policy provides
coverage limits not less than the following:
$20,000 on account of injury or death to any 1 person in a single accident
$40,000 on account of injury or death to 2 or more persons in a single accident
$5,000 for damage to property of others arising out of a single accident
What is the minimum amount of coverage that should be carried on an HO-2 on a home
that was purchased 4 years ago for $75,000, which today has a replacement value of
$100,000? - answer$80,000
A homeowner, at the time of loss, must be insured for at least ____ %
of replacement cost in order to collect the full replacement cost of a partial loss -
answer80%
Not a cover auto - answera mobile home
(if someone is injured exiting a friend's mobile home this is classified as a premises
exposure)
What does Massachusetts Automobile Insurance policy cover? - answerMedical
Payments: paying for injuries arising out of an auto event, regardless of fault
, Substitute Transportation will reimburse the insured for transportation expenses if: -
answerthe insured's auto is out of service due to collision damage and the auto is
covered for collision
Personal Injury Protection Coverage - answerwill only pay $2,000 in benefits if the
insured has medical coverage that will pay some of the medical expenses. If the insured
has more expenses after $2,000 PIP and the insurance has paid the limit will be
returned to $8,000
Earthquake Damage - answerdamage by earthquake is specifically EXCLUDED from
coverage in all homeowners forms. However, coverage may be purchased by
endorsement.
Farm Property is - answerspecifically excluded under the liability section of a HO policy
Under the HO-4 and HO-6 homeowner policy forms, property is insured against: -
answerbroad form perils
Exclusions on a Dwelling Policy - answerAll Homeowner Policy Exclusions apply to All
Dwelling Policies
to legally transact insurance in this state, an insurer must obtain: - answerCertificate of
Authority
Vandalism and Malicious Mischief - answerCoverage provided in many property
insurance policies that protects property against damage caused by vandals
but will NOT be covered if vacant for more than 60 days immediately prior to the loss
A participating insurance policy may .. - answerPay dividends to the policy owner
Personal Injury - answermay be added as an endorsement
Risks that contain farming exposure - answerare not eligible for homeowners insurance
Does the homeowners policy cover a collapse cause by foundation cracks? - answerNO
The foundation cracks would take years to cause collapse, meaning there would have
been plenty of time to fix them
Required to participate in the Insolvency Fund - answerAuthorized Insurers are required
to participate in the Fund as a condition of their certificate of authority
Specific Coverage - answerone location is insured for a specific amount of insurance on
the structure and contents
