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extra ?'s
Ga P& C Insurance Exam - Extra ?'s
| Question | Answer |
|---|---|
| If a spouse moves out of an insured's household, how long will she still be covered under the insured's pers auto policy? | 90 days |
| How are liability loss payments for policies with a single limit always figured- per person or per occurrence? | per occurrence |
| If a Pers Auto policy has liability limits of $100k/$300k/$100k, what does each category represent and how is each paid- per person or per occurrence? | The categories are respectively BI limit for each person/ total BI limit for all persons/ property damage limit. They are paid respectively as per person/ per occurrence / per occurrence. |
| If a house is insured for $100 and burns down as a total loss and value of house is $80, then how much will the claim pay the insured? | $100k (Valued Policy Law) |
| If a bank has mortgage on an insured's house worth $100 when it burns down, but with a principle of $55k remaining on mortgage, how much payment will the bank receive? | $55k |
| Can a van weighing 10k lbs qualify for a per auto policy? | No- must be LESS than 10k lbs |
| What is the term for the damages from a rock flying off road and damaging a windshield? | missile damage |
| WOuld a car's damages from hitting a bird or other animal be covered under collision or comprehensive portion of Cov D Phys Damage on a pers auto policy? | comprehensive |
| Would a handicapped lift on a van be covered against loss automatically under a pers auto policy? | No- needs specialized equipment endorsement |
| Would fancy wheels on a car be covered against loss automatically under a pers auto policy? | No- needs specialized equipment endorsement |
| Are transportation expenses automatically included with Cov D Phys Damage under a pers auto policy? | Yes |
| A couple has a joint auto policy with two vehicles listed- one with Cov D Phys Damage and the other without. If they rent a car do they need to purchase ins from car co? | No- as long as one car on SAME policy has Cov D Phys Damage then rentals are covered for phys damage for both spouses |
| Under a dwelling fire policy's Cov B Other Structures, are claims paid per structure or per occurrence? | per occurrence |
| Would a dwelling policy cover a home against a loss resulting form soot building up on roof over several years? | No- only sudden and unexpected losses are covered |
| If a dwelling's pipes burst after neglect of repairs and flood house with water, is the water damage covered? Is damage to pipes covered? | Water damage is covered but not pipes since accident was due to neglect of repairs |
| If a dwelling's pipes burst after freezing and flood house with water, is the water damage covered? Is damage to pipes covered? | Yes- both are covered |
| If an old hot water heater cracks apart and oozes sludge on floor, will the sludge damage be covered under a dwelling policy? The hot water heater? | sludge damage is covered but hot water heater is not |
| What are the differences in theft coverage for the three dwelling forms? | DP1- not available; DP2- only burglar damage covered; DP3- available with endorsement |
| If a home covered by a dwelling fire policy suffers lightning damage to two trees, will the loss be covered and if so what is the limit? | Yes- 5% Cov A = limit |
| If a home covered by a dwelling fire policy suffers wind damage to two trees, will the loss be covered and if so what is the limit? | No- no coverage for wind damaged trees |
| If a home covered by a dwelling fire policy suffers lightning damage to one tree, will the loss be covered and if so what is the limit? | Yes- $500 = limit |
| If a house covered with a dwelling policy but no earthquake endorsement is struck by earthquake and subsequently burns to ground, will the policy still pay for the fire damages? | Yes |
| For a comm property policy, what is the limit for debris removal? | smaller amt between $10k or 10% Cov A |
| What is the limit on Pers Prop losses with a homeowners policy? | 50% Cov A Dwelling |
| What is the limit on losses to other structures with a homeowners policy? | 10% Cov A |
| A scheduled personal property endorsement usually calculates loss payments according to what rules? | All Risk |
| What is a synonym for All Risk? | Open Perils |
| What does NFIP stand for? | National Flood Insurance Program |
| What is the limit on expediting expenses for equipment repair with a Machine and Boiler Form? | $25k |
| Which dwelling policy forms contain coverage for broken glass? | only DP2 and DP3 |
| What form covers a business owner when their accounts receivable documents are destroyed? | accounts receivable coverage form |
| Which endorsement that can be attached to an Equipment Breakdown policy provides coverage for perishable property for spoilage or damage caused by contact with refrigerant? | Refrigeration interruption coverage |
| Are loans required to offset uncollectible amounts covered by the accounts receivable coverage form? | Not the principal, only the interest |
| How much coverage is provided under a homeowners policy for theft or unauthorized use of a credit card? | $500 |
| The Physicians and Surgeons Equipment Floater in NOT intended for what locations? | hospitals |
| What is covered with valuable papers and records losses on a comm prop policy?? | Valuable papers and records are valued at the cost of blank materials for reproducing the records and labor to copy the records. |
| Are newly acquired buildings automatically covered under a BOP? | No- it's a coverage extension available under the BOP; applies to personal property at those premises with a limit of $100,000 at each location, and newly acquired or constructed buildings up to $250,000. |
| What is the limit for attached outdoor signs coverage on a commercial property policy? | $2500 |
| Under the broad form of a building and personal property policy, each glass plate will be covered for up to what amt? | $100 for each plate or $500 per occurrence if caused by a covered cause of loss. |
| What is a monoline policy? | A monoline policy is a policy that contains only one coverage part. |
| What is a bill of lading? | A bill of lading is a contract between the carrier and the shipper detailing the carrier's responsibilities and duties |
| Is medical malpractice a crime or a tort? | tort |
| Would a product recall be covered under a CGL's Cov A BI & Prop Liab? | No- it's excluded |
| Under which part of a CGL would a wrongful eviction loss be covered? | Cov B (Personal Injury portion) |
| What type of policy would cover wrongful termination/ firing? | Employment Practices Liab Policy |
| What type of policy would cover sexual harassment in workplace? | Employment Practices Liab Policy |
| What is another term for maxi tail coverage? | supplemental tail or full tail |
| What is the limit for med expenses on worker's comp? Waiting period? | No limit; No waiting period |
| What is contractual Liability? | assumption of the other contracting party's liability under specified conditions |
| Can a supplemental/ extended reporting period coverage be cancelled? | No |
| Can an injury covered by workers comp also be covered by a CGL's BI and Prop Liab coverage? | No |
| Will general liability policies provide coverage for damage to prop owned or occupied by the insured? | No |
| Will general liability policies provide coverage for personal property in the care or control of the insured? | No |
| What are two types of civil law? | contract law and tort law |
| Will general liability policies provide coverage for aircraft owned by the insured? | No |
| Can a general liability policy ever provide coverage for Liquor Liability? | Yes |
| Can a general liability policy ever provide coverage for Pollution Liab? | Yes |
| Do CGL claims-made forms cover losses occurring after the end of the policy period? | No |
| What is the other insurance clause? | establishes how a loss is to be apportioned among insurers when more than one policy covers the same loss |
| Define occurrence | an accident with continuous or repeated exposure to substantially the same general harmful conditions |
| Define discovery period | The period of time after policy expiration that an insured mayidentify and report losses occurring during the period of a policy or a bond |
Created by:
jkbick
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