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Property And Casualty Exam Questions And Answers
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Property And Casualty Exam Questions And Answers 2024-2025How many days under the builder's risk form until policy ends if construction is
completed? - Answer 90 days
Protective Safeguards Endorsement - Answer Under BOP endorsement that requires
insured to have fire or security service as a condition
Under the protective safeguards endorsement how long until you would have to notify the
insurance company about an issue with a sprinkler system? - Answer 48 hours
BOP - Commercial package policy that provides property and liability insurance to certain
types of small businesses
Who is the ideal BOP prospect? - The small, well managed, one location business with
easily predicted coverage needs
Under the BOP what sq footage and gross sales can eligible risks not exceed? - 25,000 ft
in total floor area or $3 million in annual gross sales at each location
What is the building size limit to qualify for a BOP? - Answer Building cannot be more
than 6 stories in height or contain more than 100,000 sq ft
What is coverage A and coverage B under a BOP? - Answer Coverage A - Buildings
Coverage B - Business Personal Property
Liability policies normally pay damages for the insured liabilities for
Bodily injury
Property damage
,Personal injury
Intentional torts - Answer A B and C
Aggregate limit The most a company will pay
For any one event
Over the policy year
For any one person or item of property -Answer Over the policy year
What are the four components needed to have negligence? - Answer Duty to others
Breach of this duty
Damages
Proximate cause
Compensatory damages - Answer Damages that reimburse the injured party only for
losses that were actually sustained
Name and define the two types of compensatory damages - Answer Special and general
Special damages include all direct and specific expenses involved in a particular loss
(medical expenses, lost wages)
General damages compensate other things like pain and suffering and disfigurement
What are the four coverages of a basic dp form? - Answer Coverage A - Dwelling
Coverage B - other structures
Coverage C - personal property
D - fair rental value
,What are the extended perils covered under a dwelling policy? - Answer Wind
Hail
Aircraft
Riot / civil commotion
Volcanic eruption
Explosion
Smoke
What four Other Coverages are covered under the DP-2 and 3? - Answer Plants
Collapse
Glass
Ordinance or law
What is the Ordinance Or Law? - Answer Coverage that pays up to 10% of coverage A
limit of liability for the increased cost to repair or rebuild a dwelling or other structure to
conform with applicable building and land use codes
Which dwelling form covers losses to the dwelling and other structures on a replacement
cost basis? - Answer DP-2 and DP-3
Under the dwelling policy, what coverage would pay to reimburse a family for having to
stay in a motel because they had a fire? - Answer Coverage E - additional living expense
What's the percentages paid for losses under Coverage B, C, and D under the dwelling
policy? - Answer Coverage B other structures is 10% of coverage A limit
Coverage C personal property is 20%
Coverage D fair rental value is 20% divided by 12 months
What does the HO-5 policy provide and what's another name for its form? - Answer
, Comprehensive form that provides open peril coverage for dwellings, other structures,
and personal property
What for of homeowners insurance is good for tenants and what does it provide? -
Answer HO-4 and provides broad coverage for personal property and no coverage for the
dwelling
Which homeowners form provides broad coverage for both the dwelling and its
contents? - Answer HO-3
An extension of coverage is good for what? How long is it good for? - Answer Newly
acquired property coverage
Hansen
14 days before you need to contact your insurance company
What's the formula for a co-insurance penalty? - Answer Insurance carried over
insurance required times loss equals the amount paid
Liability losses are known as - first party, second party, or third party losses? - Answer
Third party - the insurance company is the second party and you're the first
Insurance is a contract by which one seeks to protect another from ______________. -
Answer Loss.
An insured has a property policy on her home in the amount of $250,000. A bank is
named as the mortgagor on the policy. Last month the insured made her final mortgage
payment but failed to remove the bank from the policy. In the event of a covered loss to
her home, how much will the bank receive? - Answer Nothing
Aggregate Limit of Liability - State the maximum limit of coverage available under a
liability policy during a policy year regardless of the number of claims that may be made
or the number of accidents that may occur
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