Under the additional coverages of a business owner's policy, property remove to protect it from loss will be covered at another location for up to....
30 days
Which of the following describes the transfer of a legal right or interest in an insurance policy?
Assignment
An insured is applying for a casualty insurance policy. One of the conditions of the policy allows the insurance company to inspect the insured's books at the end of the policy to make sure the sufficient premium has been collected for the exposure she pl
Deposit Premium Audit
Which is NOT an element of negligence?
Libel, duty, breach, unbroken chain
Libel
(It is a type intentional tort)
Somthing of value exchanged between the insurer and the insured is considered an
Consideration
The basic dwelling for DP-1 provides all of the following coverages without an endorsement EXCEPT
-coverage for personal property
-coverage for the dwelling
-coverage for other structures
-Coverage for additional living expenses
Coverage for addtional living expenses
Robbery is
taking property by use of force, violence, or fear
What insurance policy provision defines how the policy will respond if there is more than on insurance policy written on the same risk?
Other insurance
Who is responsible for filling out a notice of claim form?
Insured
What is the business auto coverage territory for?
United States and its territoties, Canada, or worldwide for private passenger hired autos
Which of the following personal auto coverages would pay for the insured's travel expenses and loss of earnings while involved in the settlement process of a covered loss?
Liability coverage
In a dwelling policy, which of the following provides coverage for additional living expenses incurred by an owner-occupant in the event a covered peril makes the premises uninhabitable due to a covered loss?
Coverage E
A homeowner sells his house to a friend. The friend wants to keep the homeowner's current policy in effect. Under the assignment provision, which of the following is most likely?
-The friend will have to apply for coinsurance from another insurance compan
The homeowner will need to get written consent from the insurer before the policy can be reassigned.
(In Property and casualty insurance, assignments of policies are sually valid only with the prior written consent of the insurer.)
Losses cause by continuous or repeated exposure to conditions resulting in injury persons or damage to property that is neither intended nor expected is the definition of which of the following terms?
-Occurrence
-Peril
-Hazard
-Accident
Occurrence
An auto dealer reported $500k worth off automobiles on its lot at the end of May to its insurer. ON June 10, it received $200k worth of cars. By June 20, the dealership sold $100k worth of cars. A hailstorm on June 21 caused $50k worth of damage to the in
$41,700
(Inventory at the time of the damage exceeded the reported inventory at the end of the previous month. Therefore, the insurer will only pay a portion of the total damages.
Reported inventory = 500,000+200,000=700,000
700,000-100,000 (worth cars so