In order for forms HO-2, HO-3, and HO-5 to provide coverage, a dwelling must be insured for at least
what percentage of replacement cost? - 80%
Coverage for medical payments under a Personal Auto Policy applies to expenses following a covered
accident that are incurred and services rendered with...
Wisconsin Casualty
In order for forms HO-2, HO-3, and HO-5 to provide coverage, a dwelling must be insured for at least
what percentage of replacement cost? - 80%
Coverage for medical payments under a Personal Auto Policy applies to expenses following a covered
accident that are incurred and services rendered within what time period? - 3 years
An agent offers a client free tickets to a sporting event in exchange for the purchase of an insurance
policy. What is the agent guilty of? - Rebating
A businessowners policy is sold as a package. what does that mean? - Coverage includes both
property and liability
A person or business that requires coverage for all liability exposure should purchase what type of
insurance? - Commercial General Liability and Professional Liabilty
A policy that covers all causes of loss except for those specifically excluded is know as what type of
policy? - Open Peril (Special) Form
A situation in which a person can experience only a loss and no gain presents what type of risk? -
Pure Risk
A tornado that destroys a property would be an example of what? - Peril
A vehicle rented from a commercial rental company is known as what type of auto? - Hired Auto
According to the Laws of Agency, who represents the principal? - The Agent or producer
A businessowners policy is mostly similar to what other insurance form? - Homeowners
,An insured with a HO policy has removed property from the insured location to protect it from loss that
could be caused by a covered peril. The removal coverage applies for how many days? - 30 days
An insured's business is damaged because of a fire, and he is forced to close the business temporarily for
repairs. As a result, the insured lost income. What type of loss is this? - Indirect or Consequential
Employers liability insurance protects the insured from situations that are not covered under a state's
workers compensation laws - To pay benefits to employees for injuries arising out of employment
How are direct and indirect losses related? - Direct losses can cause indirect losses.
How are supplementary payments paid in liability insurance policies? - In addition to the limits of
liability
How are the dwelling and other structures covered in an HO 3 policy form? - On an open-peril
basis
How is the coverage usually written for HO-8 forms? - For the market value of the property
How is the premium paid for the businessowners policy? - As one indivisable premium
How many owner-occupied residences per covered home are allowed by Homeowners Policies? -
An HO policy may insure a property that has 1 - to 4 family owner-occupies residences
How much will a physical damage policy pay for transportation expenses due to a theft of a covered
auto? - The policy will pay $20 per day up to a max of $600 for transportation expenses incurred
by the insured
If a producer makes maliciously critical statements about another insurer, what is this illegal practice
called? - Defamation
, If an auto policy has liability limits of 40/60/20, what would be the equivalent combined single limit? -
$80,000
If an auto policy has split limits of 30/50/25, how much will the policy pay for property damage in a
single accident? - 25,000
If an auto policy has split limits of 30/50/25, what is the maximum amount the policy will pay for injuries
to one person in a single accident? - $30,000
If an insured is injured driving his own car, what coverage in his personal auto policy will pay for the loss?
- Part B: Medical Payments
If an insured peril was the proximate cause of loss, what type of loss is it? - Direct
If an insurer holds a Certificate of Authority, it is know as what type of insurer? - Authorized or
admitted
If an insurer meets the state's financial requirements and is approved to transact business in the state, it
is considered what type of insurer? - Authorized or admitted
If the Commissioner/Superintendent finds a licensee engaging in an unfair method of competition or an
unfair practice, what order will be issued? - Cease and Desist order
In commercial crime policy, what does employee theft cover? - Losses resulting from theft by
employees
In Commercial Package Policies, who may cancel the policy in writing and make changes to the policy
with the consent of the insurer? - First-names insured
In general, what do HO policies cover? - Dwellings used primarily as private residences
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