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Personal Lines Questions And Answers With Verified Solutions Already Passed!!! Latest Updated 2024
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Personal Lines Questions And Answers With Verified Solutions Already Passed!!! Latest Updated 2024

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  • October 2, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • personal lines questions and answers with verified
  • one purpose of a deductible is to
  • an insureds homeowners broad form ho 2 provides
  • ten years ago insured purchases a building for 50

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  • Personal lines
  • Personal lines

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Personal Lines Questions And Answers
With Verified Solutions Already
Passed!!! Latest Updated 2024
One purpose of a deductible is to
A- prevent underinsurance
B- Eliminate small claims
C- Prevent catastrophic claims
D- penalize the insured for physical hazards - ANSWERS✔✔B- Eliminate small
claims
An insureds Homeowners Broad form (HO-2) provides 40,000 coverage on her
dwelling and 25,000 coverage on its contents. If vandals cut down a tree on her
propter valued at 1000, the maximum amount she will receive is which of the
following, assuming a 250 deductible?
A- 0
B- 250
C- 400
D- 500 - ANSWERS✔✔D- 500
Which of the following best describes the concept of risk?
A- Result of loss
B- Amount of loss
C- Uncertainty of loss
D- Cause of loss - ANSWERS✔✔C- Uncertainty of loss
Ten years ago insured purchases a building for 50,000 that would cost 100,000 to
rebuild today. If the physical value of the building has depreciated 2,000 each year,
the buildings present admitted cash value is
A- 100,000
B- 80,000

, C- 50,000
D- 30,000 - ANSWERS✔✔B- 80,000
Additional coverages in a homeowners policy would cover
A- the dwelling
B- materials and supplies
C- other structures
D- debris removal - ANSWERS✔✔D- debris removal
Which of the following would NOT be covered under the Section 1 of an HO-3
form?
A- The insureds 2000 collie
B- Personal property of the insureds daughter who is away at college
C- The insureds driveway if damaged by a falling object
D- Losses caused by the sudden and accidental leaking of a water heater -
ANSWERS✔✔A- The insureds 2000 collie
An insured carries 25,000 property insurance with 80 percent coinsurance on a
building worth 40,000. how much would she collect in the event of a total loss?
A- 20,000
B- 25,000
C- 32,000
D- 40,000 - ANSWERS✔✔B- 25,000
A person may be considered negligent if he
A- fails to do what a reasonably prudent person would do
B- commits a deliberate act that injures another
C- injures another person even though he acted prudently
D- assists to the best of his ability another person who is in distress -
ANSWERS✔✔A- fails to do what a reasonably prudent person would do

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