s is purchasing a commercial property policy to co
the maximum amount a policy will pay in the event
the national flood insurance program provides cove
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Pearson VUE: Property Insurance Practice
Pearson VUE: Property Insurance Practice
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Pearson
VUE:
Property
Insurance
Practice
Exam
S
is
purchasing
a
Commercial
Property
policy
to
cover
a
commercial
building
with
a
replacement
cost
of
$100,000.
The
policy
includes
an
80
percent
Coinsurance
clause.
To
avoid
a
coinsurance
penalty
in
the
event
of
a
partial
loss,
S
should
purchase
a
policy
with
minimum
limits
of
AT
LEAST
which
of
the
following
amounts?
A.
$100,000
B.
$90,000
C.
$80,000
D.
$20,000
-
ANSWER
C
The
MAXIMUM
amount
a
policy
will
pay
in
the
event
of
a
loss
is
called
the:
A.
coinsurance
amount
B.
deductible
C.
limit
of
liability
D.
pro
rata
return
-
ANSWER
C
The
National
Flood
Insurance
Program
provides
coverage
for
losses
caused
by
all
of
the
following
occurrences
EXCEPT:
A.
mudslides
B.
runoff
from
heavy
rain
C.
overflow
of
tidal
waters
D.
water-main
breakage
-
ANSWER
D
Special
Form
or
Open
Perils
coverage:
A.
Provides
coverage
against
the
named
perils
B.
Provides
coverage
against
scheduled
risks C.
Is
limited
by
the
named
exclusions
D.
Includes
no
exclusions
-
ANSWER
C
Which
of
the
following
businesses
would
be
eligible
for
a
Businessowners
policy?
A.
Auto
body
shop
B.
Theater
C.
Branch
bank
D.
Barber
shop
-
ANSWER
D
During
a
tornado,
a
barn
is
destroyed
when
a
section
of
its
wall
is
blown
down,
knocking
over
a
lantern,
which
sets
the
barn
on
fire.
The
proximate
cause
of
loss
is
the:
A.
fire
B.
collapse
of
the
wall
C.
tornado
D.
smoke
-
ANSWER
C
A
fire
in
an
insured's
restaurant
burns
the
kitchen
walls
and
causes
smoke
damage
to
the
entire
interior.
Water
used
to
extinguish
the
fire
causes
extensive
damage
to
floors
and
furnishings.
The
water
damage
is
best
described
as:
A.
a
time
element
loss
B.
a
consequential
loss
C.
a
direct
loss
D.
an
indirect
loss
-
ANSWER
C
Which
of
the
following
terms
is
defined
as
the
uncertainty
of
future
outcome?
A.
Risk
B.
Hazard
C.
Peril
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