Chapter 7, 8, & 9 Questions

What is correct about the Personal Jewelry Floater?

Automatic coverage for newly acquired items is only provided for 30 days

What is covered by the personal effects floater?

Personal property carried by travelers

Section 1 of the Boatowners policy provides what type of coverage for the hull?

Open Perils

What is correct about Difference in Conditions (DIC) Insurance?

Flood is a peril that can be covered by this policy

In order to be considered a single occurrence, the Earthuake endorsement covers all earth movement within what time period?

72 Hours

The national flood insurance program (NFIP) sells flood insurance in which of the following types of communities?

Participating communities

A single family dwelling may purchase up to what amount of flood insurance in the NFIP's emergency program?

35,000

What is not eligible for coverage undner a fair access to insurance requirements program?

farm property

All are true about the personal umbrella policy except:

The umbrella acts as a contributory liability policy (it doesnt)

Which peril is covered under the personal umbrella?

Personal injury

The self-insured retention in the Umbrella is described as which of the following?

A method of cost-sharing

The Common Policy Conditions in commercial property insurance includes all of the following, except:

Fire department service charge

Which is excluded under the Basic Causes of Loss form?

Utility Services

Which is NOT one of the three included on the broad causes of loss?

Steam boiler explosion

What 3 perils are included on the broad causes of loss form?

water damage form accidental discharge, falling objects, weight of ice, snow, or sleet

How much can be paid under the Business and Personal Property Coverage Form for debris removal due to a covered loss?

25% of the loss

What is the limit of coverage for business personal property away form the premises under the business and personal property coverage form?

10,000

A building is considered vacant unless what percentage of the building's total square footage is rented or used to conduct customary operations?

31%

The builder's risk coverage form automatically ends at the earliest of all the following except:

60 days after construction is complete

The condo association coverage form is used in place of which coverage form when insuring a condo building insured by the association?

Building a personal property coverage form

The Condo Commercial Unit Owners coverage covers each of the following except:

Personal Property

In the business income coverage form, period of restoration begins ____ after the time of the loss

72 hours

Each of the following is covered under the legal liability coverage form except:

loss of income

The ordinance or law coverage endorsement covers each of the following losses, except:

loss of value in the damaged portion of the building

Which of the following is not considered a product liability exposure?

Goods stored on the insured premises

Which of the following legal liability exposures is covered if a business employs an independent contractor?

Contingent liability

Which of the following legal liability exposures is covered if bodily injury or property damage is caused by the insured's negligent or faulty work?

Completed operations

Which form provides coverage for a loss that takes place during the policy period and is not required to be reported within a certain time frame?

Occurrence Form

Which of the following is NOT an exclusion int he CGL policy?

Host Liquor Liability for those with incidental exposure

Which of the following is not a peril covered by personal injury?

Breach of contract

Who is insured under the CGL?

Volunteer worker acting on behalf of insured, partner, stockholder. NOT a person participating in an athletic event

The condition that states that the insurance applies separately to each insured is called____________

severability

What is not included in the definition of an insured contract?

Tenant agreement

Each of the following provides buy back coverage for the insured except:

modified pollution extension endorsement