P & C

Front 1

The loss payment condition states that the insurance company has how many days to pay for a loss after reaching an agreement with the insured?

Back 1

60

Front 2

Personal liability supplement - -personal liability

-at fault

-bodily injury to others

-property damage to others

-on and off premises

Back 2

Coverage L

Front 3

Personal liability supplement

-medical payments to others

-medical and bills of others

-no fault

-3 years

-on and off premises

Back 3

Coverage M

Front 4

What does BAILED stand for?

Back 4

Bonds

Aid (first aid)

Interest

Loss earnings

Expenses

Defense costs

Front 5

Residential theft coverage

Back 5

-NOT automatically included in dwelling policy

-on and off premise

-broad — owner occupied

-limited — not owner occupied

Front 6

The DP-3 provides?

Back 6

Open peril coverage for the dwelling and broad coverage for personal property

Front 7

Which dwelling form pays losses to dwellings and other structures on an account basis?

Back 7

DP-1

Front 8

The policy limit for Coverage L - personal liability is?

Back 8

$100k

Front 9

Under coverage M - medical payments to others, the insurer will pay all necessary medical expenses incurred within?

Back 9

3 years after the accident

Front 10

In the broad theft coverage endorsement, what is the limit of liability for jewelry, watches, furs, and precious and semiprecious stones?

Back 10

$1500

Front 11

Damage to covered property caused by glass breakage is?

Back 11

Covered in DP-2 and DP-3

Front 12

Brad has a dwelling policy with broad theft coverage for on and off his premise. Which of the following theft losses would be covered?

Back 12

A $1k ring that received as a gift

Front 13

Which of the following other coverages are included in all dwelling forms?

Back 13

Debris removal

Front 14

The Johnson family home is covered by DP3. When a fire destroys the home, they are forced to live in a hotel for 2 months. What coverage would reimburse them for the hotel, dining, laundry, and transportations expenses during these 2 months?

Back 14

Coverage E

Front 15

An insured has a dwelling broad form on her home with a replacement value of $100k. How much insurance should the insured carry to obtain replacement cost coverage for the partial losses to the dwelling?

Back 15

$80k (80%)

Front 16

An explosion damaged the wall of the insureds garage. The insured paid to have the wall boarded up to protect the garage and the belongings in the garage from additional damage. Which other coverage would apply in this situation?

Back 16

Reasonable repairs

Front 17

Homeowners policy

Back 17

-package policy

-multiline

-includes both property and liability

Front 18

Homeowners insurance eligibility

Back 18

Owner occupied

No more than a 4 family dwelling

Primary purpose as a residence

Dwellings under construction are eligible

Mobile homes (require mobile home endorsement)

Farm dwellings not eligible

Front 19

When can the insurance company cancel a policy?

Back 19

During the first 60 days for any reason (10 day written notice)

After that:

Material misrepresentation

Substantial change in risk

No payment of premium

Front 20

Standard mortgage clause

Back 20

Specifies the rights and duties of the mortgagee under the policy.

Mortgagees May be named in the declarations if they have an insurable interest in the real property.

Can pay the premium

Dishonesty from insured doesn’t prevent mortgagee from collecting

Front 21

Homeowners policies forms

Back 21

HO2 - broad form; owner occupant

HO3 - special form; owner occupant

HO4 - tenants or renters

HO5 - comprehensive form; owner occupant

HO6 - condominium owners

HO7 - modified form for special risks

Front 22

Which homeowners form insured tenants in a rental property?

Back 22

HO4

Front 23

Under the cancellation condition, during the first 60 days of a policy term the insurance company can cancel for any reason as long as they give the insured __ days written notice?

Back 23

10

Front 24

The homeowners policy provides property and liability coverage in a single policy. For this reason, it is called?

Back 24

A multiline policy

Front 25

What 4 separate property coverages are provided by the homeowners policy under section I?

Back 25

Coverage A - dwelling

Coverage B - other structures

Coverage C - personal property

Coverage D - loss of use

Front 26

Coverage A - dwelling

Back 26

Including property attached

Materials on the premises used in construction

No coverage for a renter

Front 27

Coverage B - other structures

Back 27

Separated by a clear space

Not attached to dwelling

Not used for business purposes

Front 28

Coverage C - personal property

Back 28

Not attached to the dwelling

Anywhere in the world

Guests property (if requested)

Front 29

Front (Term)

Back 29

HO-5

Front 30

Front (Term)

Back 30

HO-5

Front 31

Front (Term)

Back 31

Smoke

Front 32

Front (Term)

Back 32

Firearms

Front 33

Front (Term)

Back 33

A replacement cost

Front 34

Front (Term)

Back 34

A barn rented to a neighbor for a retail craft store

Front 35

Front (Term)

Back 35

Clothing

Front 36

Front (Term)

Back 36

An actual cash value

Front 37

Front (Term)

Back 37

Accidental and sudden discharge of water from a plumbing system

Front 38

Front (Term)

Back 38

$100,000 per occurrence

Front 39

Front (Term)

Back 39

The home can not contain more than 2 families