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13 Cards in this Set
- Front
- Back
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In situations where the insured and the insurer may disagree on the value of an item, it would be best to insure that item as:
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Agreed Value
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Which of the following would be covered by flood insurance?
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Reasonable expenses to protect the property when endangered by flood.
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In ocean marine insurance, each of the following is considered to be an "implied warranty" EXCEPT:
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General average. .
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Within ___ after the insurer receives properly executed proof of loss, the first party claimant must be advised of acceptance or denial of the claim.
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15 days
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Which of the following types of carriers must assume the broadest liability under common law?
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Common carriers.
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The insured has an HO–3 homeowner policy. During the night the water line in the wall to the upstairs bath room burst and water ruined the walls, floor and other furniture. In this situation all of the damaged will be covered except:
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Replace the pipe that broke .
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The deductible under the "regular" flood insurance program for each coverage (building and contents) is:
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$1,000.
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Dwelling forms include a liberalization clause. It says that any revision of coverage which broadens the insurance without an additional premium charge will be automatically applied to existing policies, if the revision is adopted during the policy period or within:
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60 days prior to the effective date. .
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All of the following are covered under the Equipment Breakdown coverage form, except:
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The breakdown of any structure or materials supporting the equipment..
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Which of the following coverages may be added by endorsement to an Equipment Breakdown Policy?
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Business Income
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An insured sells heavy equipment to contractors. He needs coverage for the inventory on the premises and while it is off the premises on a trial basis. What type of policy would fit the insured's needs?
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An Equipment Dealers Inland Marine Form
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What is the standard deductible under an Equipment Breakdown policy?
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$500..
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After a fire loss, which of the following is the duty of the adjuster?
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Obtain salvage of the damaged property.
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