Under a Crime Insurance discovery form, a loss is "discovered"? - ANSWER-When the insured first becomes aware that a loss has occurred or gives notice of an actual claim of a covered loss
When the triggering event threshold has been met under the Terrorism Risk Insurance Program Reauthorization ...
Under a Crime Insurance discovery form, a loss is "discovered"? - ANSWER-When the
insured first becomes aware that a loss has occurred or gives notice of an actual claim
of a covered loss
When the triggering event threshold has been met under the Terrorism Risk Insurance
Program Reauthorization Act of 2015 (TRIPRA), the insurer's deductible amount: -
ANSWER-The insurer's deductible is calculated at 20% of the insurer's direct earned
premiums for commercial insurance.
Jones Manufacturing produces a product for resale. They sell all of the items during the
2014 calendar year. During the year 2014 they are insured by ABC Insurance
Company. In 2015 they change coverage to XYZ Insurance Company. Late in 2015, a
consumer is injured because of a defect in the insured's product. Who is responsible for
the claim? - ANSWER-The XYZ Insurance Company as Jones' liability carrier.
All of the following are excluded under CGL coverage for bodily injury and property
damage liability, EXCEPT: - ANSWER-Bodily Injury or Property Damage caused by the
operation of mobile equipment..
All of the following statements are TRUE regarding eligibility to file a claim with the New
York Motor Vehicle Accident Indemnification Corporation, EXCEPT: - ANSWER-The
injured person may collect no-fault benefits under their own policy and file a claim with
the New York MVAIC if they have suffered a defined serious injury..
The chief deputy of the county auditor steals $2.5 million from the county and gambles it
away. What bond if any would the county need to have in place in order to try and
recoup this loss? - ANSWER-Blanket Public Official Bond
Which of the following is not a true statement regarding the use of non-original
equipment manufactured replacement parts for vehicles? - ANSWER-Insurers
specifying the use of non-original equipment manufacture replacement crash parts shall
not be required to pay the cost of any modifications to the parts which may become
necessary to affect the repair..
Which of the following buildings is considered to be vacant? - ANSWER-A house with
no furnishings or occupants for over 60 days..
The endorsement to the homeowner policy for water that backs up through a sewer or
drain including mechanical breakdown of a sump pump contains which of the following?
- ANSWER-A separate stated limit of coverage and a separate stated deductible for
covered losses.
, Adrianna owns a dwelling that is covered under a DP-3 form and located in a rural area
close to a small wooded area. While grazing outside of Adrianna's picture window one
day, a deer sees its own reflection and jumps through the picture window to scare off
the "other" deer. Once inside the dwelling, the deer realizes he is trapped and causes
significant damage to the walls, floor and furniture. Adrianna is covered for $100,000
under Coverage A and for $50,000 under Coverage C. Which of the following
statements is TRUE regarding this loss? - ANSWER-The insurer would deny the claim
for the personal property and pay the loss to the dwelling on an RCV basis..
Underground gasoline tanks on an insured's property leak damaging the property next
door. Which policy would pay for clean up? - ANSWER-Pollution Liability endorsement.
Adverse selection occurs when: - ANSWER-Applicants are accepted by the insurer with
little or no attention given to underwriting. .
Carson is working in his employer's warehouse, when a large heavy box falls off the
shelf and he is forced to quickly jump out of the way to avoid being struck in the head.
Which of the following body systems is responsible for Carson's rapid heart beat after
he was very nearly injured? - ANSWER-The sympathetic nervous system as part of
peripheral nervous system. .
Which of the following statements is TRUE regarding nonwaiver agreements and
reservation of rights letters? - ANSWER-The are used only with first-party claimants to
protect the rights of insureds and insurers.
Which of the following statements is NOT TRUE of a fidelity bond written on a
"scheduled basis"? - ANSWER-Schedules a single amount to cover all employees..
Which of the following would be considered "compensatory" or "special damages" paid
to an injured party when the insured is negligent and causes the injury? - ANSWER-
Lost wages
Ocean marine protection and indemnity (P&I) coverage usually insures the ship owner
against liability for all of the following EXCEPT: - ANSWER-Damage to or loss of
another ship caused by a negligent collision.
Anne has been diagnosed with a disease characterized by degenerative and sometimes
hypertrophic changes in the bone and cartilage of the joints and a progressive wearing
down of apposing joint surfaces. Anne has been diagnosed with: - ANSWER-
Osteoarthritis
Which of the following would be covered by the NFIP? - ANSWER-Reasonable
expenses to protect the property when endangered by flood.
All the following are covered under Section II of a Homeowners policy, EXCEPT: -
ANSWER-Intentional bodily injury to others by the insured..
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