The term "marine" in the Business of Insurance refers to:
...
In the Commercial Inland Marine Mail Coverage form when could Bonds, Stock Certificates, Securities and Money Orders be covered?
IS CORRECT...All the choices
When sent by registered mail
When sent by express mail
When sent by certified mail
Which Commercial Inland Marine Form covers maps, mortgages and abstracts?
Mail Coverage Form
Signs Coverage Form
Electronic Data and Processing Form
Valuable Papers and Records Coverage Form
What covers merchandise being shipped across oceans?
Hull Coverage
What law made ship-owners responsible for bodily injuries to seamen?
Jones Act
All of the following are implied warranties under an Ocean Marine Policy EXCEPT:
Vessel must be seaworthy
Cost of Insurance Coverage
Cargo must be properly packed
There must be no deviation in normal route of voyage
In Ocean Marine if the captain and crew steal the ship and cargo without the ship-owners knowledge it is referred to as:
Barratry
The type of inland marine coverage which insures merchandise for sale which is financed up to the time it is sold is called:
floor plan
In Boiler and Machinery Insurance a substantial portion of the premium is used for:
oss payee and address
Mortgage holders and address
Mailing Address of named insured
EXCEPT: Boiler and Machinery Exclusions
The Boiler and Machinery limit of insurance is written as:
A single limit of insurance per policy period
As an Aggregate Limit
Any of the choices
A single limit of insurance per accident
Which of the following is NOT a party to a surety bond?
Bondsman
In a surety bond the party that pays the premium would be:
Principal
What is a difference between surety bonds and insurance policies?
Surety bonds are 3 party contracts, insurance policies are 2 party contracts
Who would be in least need of purchasing professional liability insurance?
School teacher
Physicians
Insurance agents
Financial planner
Which of the following is usually excluded under errors and omissions insurance?
Bodily injuries
Which of the following Perils would NOT be covered under difference in conditions?
Fire
Which of the following would NOT be considered live stock in a Farm Coverage Plan?
Chickens
What type of bond guarantees that a principal will complete and deliver work free of liens?
Payment bond
The type of insurance written with property coverages to supplement the protection and fill gaps in insurance is called:
difference in conditions insurance
Which of the following is true regarding commercial umbrella insurance policies?
They are written on an excess basis
Farm liability coverage includes all of the following, except
Products and completed operations
Which of the following is NOT one of the seven major farm property coverage form coverages?
Extra expense after a loss
What is true about Workers Comp. Insurance?
Employers are responsible for the cost of their employee
All of the following were common law defenses under previous employer defenses except:
Assumption of risk
Fellow servant rule
Comparative negligence
Contributory negligence
What is true about the California State Compensation Insurance Fund?
A company run by the federal government that competes with private carriers
Is only used when employers cant purchase workers comp. from a private carrier
Monopolizes workers comp. in California
A company run by the state that competes with private carrie
All of the following are exempt classifications EXCEPT:
Construction workers
:Who is the insured under a workers comp. policy?
Employer
Workers Comp. Part. I covers:
All sums the insurer is required to pay by state law
What is true about workers comp. medical benefits?
There is no time limit
There is no time or dollar limit
There is no dollar limit
There is no time limit but may have a dollar limit
Under workers comp. a disabled workers weekly wage is limited to what percent?
66 2/3%
What is true about workers comp. rehabilitation benefit?
Provided by all states
Workers comp. provides all the following EXCEPT:
Punitive Damages
Which of the following most accurately defines the Fellow Servant Rule?
Another employee was responsible for the employees injuries
Which employer defense said that the employee knew the risks when he took the job, so he is responsible for his own injuries?
Assumption of risk
All of the following are types of workers compensation benefits,
Medical expense benefits
Death benefits
Income benefits
What types of injuries are covered under the Employers Liability section of the Workers Compensation policy?
Bodily injuries
Mary's husband Stan sues Mary's employer for loss of consortium for work-related injuries that left her in a wheelchair. His lawsuit is an example of a
Family Member Services
Which of the following is not one of the limits of liability under employers liability?
Bodily injury by accident, policy limit
After an audit the estimated premium becomes the:
Final premium
Most workers compensation policies are written for 1 year t
True