Last Chance

Front 1

How long are oral contracts valid in Wisconsin

Back 1

3 business days

Front 2

An insurer decides to renewal policy but at a higher premium rate starting on the renewal date. How many days in advance must be ensured be notified?

Back 2

60 days

Front 3

What term is used for replacing insurance policies for the sole purpose of making commissions?

Back 3

CHURNING

Front 4

Which insurance option would be considered a risk sharing arrangement?

Back 4

Riciprocal

Front 5

Which insurance provides insurance only to its members?

Back 5

Fraternal

Front 6

All of the following are excluded in the equipment breakdown basic policy except

ordinance or law coverage, business interruption, loss of power lights heat steam or refrigeration, or explosion of steam boilers

Back 6

Explosion of steam boilers

Front 7

The pollutant clean up and removal coverage in the business on his policy has what limit?

Back 7

$10000 in any 12 month period

Front 8

The Wisconsin insurance plans maximum limit of coverage against a loss by burglary or theft on any dwelling is

Back 8

$5k

Front 9

A property form must contain all of the following clauses except

termination of the insurance contract, assignment clause, location and description of the insured property, or effect of other insurance on the coverage provided by the policy

Back 9

Assignment clause

Front 10

Residential structures including individual condominium units and their contents are insured by what part of the national flood insurance program?

dwelling policy form, basic coverage form, residential condominium building associates and policy, or general property policy form

Back 10

Dwelling policy form

Front 11

Section one of a boat owners policy covers

death, physical damage, liability or medical payments

Back 11

Physical damage

Front 12

And ensured with a homeowner's policy has removed property from the ensured location to protected from loss that could be caused by a covered peril what is the removal process duration?

5, 30 days, 60 days or 90 days

Back 12

30

Front 13

Which of the following terms refers to the other insurance that is written on the same risk but not on the same coverage basis?

A. Pro rata

B. Contributions by equal shared

C. Nonconcurrency

D. Primary and excess

Back 13

Nonconcurrency

Front 14

What is WIP's maximum limit of coverage for a fire policy on personal property at 1 location

Back 14

100,000

Front 15

What will happen if a house covered by your standard mortgage clause is a total loss

the mortgagee retains no rights to any contracts involving the policy,

the insured receives the full benefit and passes the mortgagees shares to the mortgagee,

the mortgagee receives a full benefit and passes the insureds share to the ensured, or

the ensure pays the mortgagee according to the mortgagee's interest in the property

Back 15

The insurer pays the market G according to the mortgagee's interest in the property

Front 16

Under covered C of a farm policy what is the limit payable on business property located away from the premises

Back 16

$500

Front 17

And individual construction company leaves mobile equipment and construction machinery on the job site until the project is completed. What could this individual use to insure it?

Back 17

Contractors equipment floater

Front 18

Equipment breakdown coverage is written with a single limit of insurance for accident. What is the sub limit for hazardous substance cleanup or repair or replace ment of contaminated property?

Back 18

$25k

Front 19

A covered at watercraft was damaged in an incident. The actual cash value of the damage property was assessed a $10000. The cost of repairs for the watercraft was assessed at $5000. The assurance watercraft policy is written with a $25000 limit. How much will the ensure pay for coverage to damage to the watercraft?

Back 19

$5k

Front 20

A surplus lines licensee must maintain records that are open and available for inspection by the commissioner for how long after the termineation of the contract?

Back 20

3 years

Front 21

Which of the following is not an allowable reason for policy cancelation prior to its expiration date?

Attainment of the limiting age, substantial change in the risk assumed by the insurer, nonpayment of premium, or any misrepresentation by the ensured

Back 21

Any misrepresentation by the ensured

Front 22

Which statement best describes agreement as it relates to insurance contracts?

One party accepts the exact terms of the other parties offer

the intent of the contract must be legally acceptable to both parties,

all parties must be capable of entering into a contract or

each party must offer something of value

Back 22

One party accepts the exact terms of the other parties offer

Front 23

Equipment breakdown coverage form provides coverage for all of the following except

expediting expenses following a covered loss

damage to the insured property,

damage to property of others in the insureds care and custody

or bodily injury liability

Back 23

Bodily injury liability

Front 24

Which of the following losses would be excluded from coverage under the farm property special form?

Back 24

Any fire losses caused by the curing of tobacco are specifically excluded

Front 25

Licensees obtaining surplus lines insurance must keep an office record of each surplus lines insurance contract obtained. How long must this record be kept after the contract is terminated?

Back 25

3 years

Front 26

Under business personal property limit seasonal increase if no percentage is specified in the declarations seasonal fluctuations will automatically increase the limit for business personal property by how much

Back 26

25%

Front 27

What following exclusion would specifically fall under coverage E

Back 27

Contractual liability

Front 28

Which homeowners form provides open peril coverage for a dwelling (coverage a) and contents (coverage C)

Back 28

Form 5

Front 29

WIP's maximum limit of coverage for a fire policy on any dwelling at 1 location is

Back 29

$200k

Front 30

Fair rental value coverage in the dwelling policy is similar to which homeowners policy form?

Back 30

Loss of use

Front 31

A car is stolen and left in a snow bank and the radiator freezes and does a lot of damage is the damage covered by the auto policy?

Back 31

Yes freezing exclusion is removed if the car is stolen

Front 32

Insureds covered under a mobile homeowners policy move their mobile home to prevent it being damaged by a fire. What is the maximum amount policy will pay for this

Back 32

$500

Front 33

According to business property coverage form vacancy condition if a policy is used to the owner of the building the building will be considered vacant if what portion of the square footage is unused

Back 33

70%

Front 34

In which type of commercial crime policy coverage is triggered by a loss that happens during the policy period But is not necessarily discovered during the policy.?

Back 34

Loss sustained form

Front 35

Auto liability policies issued in Wisconsin must contain a provision to provide coverage for medical payments for the protection of all persons using the ensured vehicle from losses resulting in bodily injury or death in the amount of at least how much

Back 35

$1,000