Who is ho 4 designed for - Study guides, Class notes & Summaries

CERTIFICATION EXAM Questions With Verified Answers. With regard to binders, which of the following statements is correct? A Binders are valid for 15 days after the policy is issued B A binder may be oral or written C A binder may be canceled by the insured with 2 days' notice D A Binder is not usually valid for more than 90 days - answerb ? Which of the following is NOT considered a fiduciary responsibility of an agent in Florida? A Have knowledge of state laws B Accept premiums ...

1 PROPERTY AND CASUALTY REVIEW EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A unique exclusion that is found only in the Fine Art Floater is: Correct Answer: Art on Exhibition (Due to most frequent thefts during gallery showings) Which section of a Special form policy determines whether a peril is covered? Correct Answer: Exclusions New zoning laws prevent an Insured from replacing a destroyed property. If the Insured transfers ownership of the property to the ...

An insured is sued under a CGL policy. The legal costs are $25,000, prejudgment interest is $9,000 and the judgment against the insured is $300,000. The insured has a $300,0000 CGL occurrence limit on the policy. How much will the insurer pay? ANS- $334,000 What is the order for claim payments if all of the following applied: Medical Payment, Workers' Compensation, Personal Injury Protection? ANS- WC, PIP, MP All of the following are penalties under the Florida No-Fault Law: ANS- Drivers L...

PAP Part C: Uninsured Motorist Coverage - Uninsured motorist (UM) coverage provides the insured with money for bodily injuries that the insured would be legally entitled to recover from the owner or operator of a vehicle that does not carry the required liability insurance coverage. A vehicle that does not carry the required insurance is defined in this section of the PAP as an uninsured vehicle Accounts receivable coverage form - One of the most important and popular of the inland marine c...

CPCU 553 - Chapter 5 Exam Questions with 100% Correct Answers Identify the 3 general categories into which parties eligible for coverage under the ISO 2011 HO insurance program fall. - Answer ️️ -1. Individuals and families who own a private home in which they reside 2. People who rent or lease the premises in which they reside 3. Individuals and families who own private condominium units used for residential purposes List the 6 policy forms the ISO HO program offers. - Answer ️️ ...

Defense Costs - •Defense costs can be huge. Good thing the Liability Section covers loss IN ADDITION to the policy limits. •This means that the costs of defense will not erode the coverage limits available for payment of claims. •But, the duty to defend ENDS when limits have been exhausted through actual payment of claims Part C: Why do we need this? - • A compulsory insurance law requires motorists to carry at least a minimum amount of liability insurance before the vehicle can be ...

Bailee An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buyer would pay for ...

What is a trade? - Skilled manual or mechanical work. Examples: Painter, Carpenter, Electrician, etc. What is a profession? - A vocation requiring advanced education and training. Examples: Physician, Dentist, Attorney, Veterinarian, etc. What is an occupation? - An activity or pursuit in which a person is engaged; a person's usual or principal work or business. What are the two parts of the definition of "Business"? - Part 1 - A business includes a trade, profession, or occupation...

Property and Casualty Licensing Exam - CH 5 (Homeowners Policy) Which HO forms require the named insured to be the owner? - Correct Answer -HO 2 - HO 3 - HO5 - HO 8 What are HO 4 and HO 6 written to insure? - Correct Answer - personal property and personal liability of named insured who does not own the building in which he/she lives Who is HO 4 designed for? - Correct Answer Tenants Who is HO 6 designed for? - Correct Answer owners and tenants of condos/cooperative units Wha...

Quorum requirements conflicts are resolved by: a. state statute b. the board of directors c. a vote of those present at a meeting d. appointment of a person as a proxy A Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. association will be covered for shortfalls in the reserve accounts. d. association will recover any funds lost through employee dishonesty D Br...