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Manny is purchasing a Commercial Property policy with a Business Income form included. Manny can select from any of the following as a method to provide coverage, while avoiding the coinsurance requirement, EXCEPT: (Ans- The maximum monthly limit of indemnity optional coverage The traditional def...

Liability Insurance PAP (Part A) (Ans- Pays all the sums and insured must legally pay as damage due to BI/PD caused by an accident and resulting from the ownership, maintenance or use of a covered auto. Coverage Part A through F of a PAP (Ans- A. Liability B. Medical Payments C. UM/UIM D...

Lender Interest Provisions (Ans- Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty (Ans- A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater tha...

Which kind of losses are covered under a standard fire policy? (Ans- Direct All fires are not covered by the Standard Fire policies, only those that: (Ans- are hostile and have a flame or glow At what time does a fire policy go into affect? (Ans- 12:01am standard time at the location of th...

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. (Ans- $30,000 Which of the following statements best describes an inland marine policy? (Ans- Pertains to Cargo with no fi...

Accumulated Depreciation (Ans- The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) (Ans- A valuation method used by insurers to reflect an item's current market value right before being damaged or destroy...

What is insurance? (Ans- protection against financial loss what is a premium (Ans- a scheduled amount to be paid for an insurance policy. What are premiums used for (Ans- premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies ...

Accumulated Depreciation (Ans- The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date (Ans- The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage need...

What is a homeowners policy? (Ans- multi-line policies with six different policy forms, only significant difference is the perils. What is Section I of the homeowners policy? (Ans- Property What is Section II of the homeowners policy? (Ans- Casualty aka Liability What is Section I-Pro...

Peril (Ans- Something that causes a loss. Hazard (Ans- Something that increases the probability that a loss will occur. Warranty (Ans- A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation...

The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as (Ans- A recipient location recipient locatio...

The amount the insured must pay in a loss before any payment is due is known as? (Ans- Deductible What is a partial legal defense that reduces the amount of damages that a person can recover based upon the amount that this person's own negligence contributed to the loss (Ans- Comparative Negl...

Law of Large Numbers (Ans- the more examples used to develop any statistic, the more reliable the statistic will be Underwriting (Ans- The process and insurance company uses to decide whether to except or reject an application for a policy insurance. underwriters evaluate the risk and exposur...