Which of the following parties may assign a standard property policy?
The insured with prior written permission of the insurer
All of the following are methods of loss valuation, except:
Blanket value
B
Replacement cost
C
Actual cash value
D
Stated amount
Blanket value
All of the following statements regarding the property policy structure are correct, except:
A
The insuring agreement describes the perils that are covered under the policy
B
The Declarations Page lists other parties having an insurable interest in the pr
Additional coverages are added to the policy for an additional premium
Which of the following is attached to a property and casualty insurance policy to amend policy provisions or conditions?
A
Endorsement
B
Consideration
C
Exclusion
D
Warranty
Endorsement
All of the following are true regarding the structure of a property policy, except:
A
The Declarations include the insured's name, policy period, policy limits and the amount of premium
B
The insured's duties in case of loss are found in the Insuring Agre
The insured's duties in case of loss are found in the Insuring Agreement
(The Conditions list the general rules and duties in the event of a loss under the policy.)
When the insured and the insurer fail to agree on the amount to be paid for a property loss, the dispute resolution method is called a(n):
A
Approximate Clause
B
Agreement Clause
C
Abandonment
D
Appraisal
Appraisal
An appraisal is the procedure to be followed if the insured and insurer disagree on the amount of loss.
All of the following are insured's duties after a loss under a property policy, except:
A
Giving notice of loss as soon as possible
B
Submitting to examination by insurer
C
Furnishing inventory of damaged property
D
Abandoning the property to the insurer
Abandoning the property to the insurer
(The insured may not abandon property to the insurer.)
What is the term for continuous exposure to the same harmful conditions?
A
Occurrence
B
Proximate cause
C
Accident
D
Risk
Occurrence
(An occurrence is an accident that includes continuous or repeated exposure to the same general harmful conditions.)
The part of an insurance contract that varies with each individual policy, but is still a mandatory part of the policy, is the:
A
Insuring agreement
B
Conditions
C
Declarations
D
Exclusions
Declarations
(The Declarations section of the policy contains specific information about the insured, and thus will vary by policy, even when the type of coverage provided is the same.)
All of the following are methods of writing property insurance limits, except:
A
Specific coverage
B
Scheduled coverage
C
Blanket coverage
D
Concurrent coverage
Concurrent
(Specific, Scheduled and Blanket are all methods of writing property insurance limits. Concurrent coverage applies to separate policies covering a risk, such as a primary policy and an umbrella policy. It does not indicate a type of insurance l
The standard policy structure for insurance policies includes all of the following sections, except:
A
Insuring agreement
B
Conditions
C
Exclusions
D
Duties
Duties
(The duties of the insured and the insurer are found in the policy conditions.)
Which of the following may broaden the coverage found in an insurance policy?
A
Endorsements
B
Declarations
C
Insuring Agreement
D
Conditions
Endorsements
(Endorsements may be used to broaden, as well as restrict coverage set forth in the original policy.)
In addition to the named insured in a property policy, coverage is automatically provided for:
A
Persons who appraise the property
B
The insured's employer
C
Persons who purchase the insured's property
D
The insured's spouse
Insureds Spouse
(The insured's spouse is also an insured under the policy.)
When filing a claim, the insured is required to do all of the following, except:
A
Give notice of loss as soon as possible
B
Protect property from further damage
C
Hire an appraiser
D
Cooperate with the insurance company
Hire an appraiser
(An appraisal is only necessary when the insured and insurer disagree n the amount of the loss)
What is the term for a dwelling that is uninhabited but has household furniture inside?
A
Unoccupied
B
Vacant
C
Other Structure
D
Morale hazard
Unoccupied3
A property that uninhabited but which contains personal property is considered unoccupied. A property that is both unoccupied and has no personal property is considered vacant.