Property & Casualty

Front 1

Under The Dwelling '89 Policy the isured dwelling cannot have more than ___ roomers or boarders.

Back 1

5

Front 2

Definition of Insurance

Back 2

the transfer of the possibility of a loss (risk) to an insurance company, which in turn spreads the costs of unexpected losses to many individuals.

Front 3

Definition of "Insurable Interest"

Back 3

any interest an insured may have in property that is the subject of insurance, so that damage or destruction of that property would cause the insured financial loss.

Front 4

Define "Risk"

Back 4

uncertainty or chance of a loss occurring.

Front 5

Name the 2 types of risk

Back 5

1. Pure Risk2. Speculative Risk

Front 6

What Type of Risk is insurable

Back 6

Pure Risk

Front 7

What is a Hazard?

Back 7

a condition or situation which creates or increases the probability of or extent of a probable loss froma peril.

Front 8

What are the 3 types of hazards?

Back 8

1. Physical2. Moral3. Morale

Front 9

What is a Physical Hazard

Back 9

A condition of the subject of insurance which creates or increases the chance of loss, such as structural defects, occupancy, poor housekeeping or location.

Front 10

What is a Moral Hazard?

Back 10

A dishonest predisposition on the part of an insured which increases the chance of loss. This could include an applicant who has been previously convicted of arson, falsifing an insurance claim, etc.

Front 11

What is a Morale Hazard?

Back 11

Applicants who demonstrate a careless attitutde that could inicrease the chance of loss that would be greater than otherwise be the case.

Front 12

What is a peril?

Back 12

The cause of a possible loss.

Front 13

what is a "Named Peril?"

Back 13

Cause of loss specifically covered by the insurance policy.

Front 14

True or False:Covereage is provided for unlisted perils.

Back 14

False

Front 15

What is an "Open Peril?"

Back 15

Term used inproperty insurance to describe the breadth of coverage provided under an insurance policy form that insures against "any risk of loss" that is not specifically excluded.

Front 16

What is a dwelling policy used to insure?

Back 16

can insure the dwelling only, contents only, or both.

Front 17

How many coverage forms are available under the dwelling program?

Back 17

There are 3 separate coverage forms available under the Dwelling program that provides basic, broad, or special form coverage.

Front 18

When is the Dwelling '89 Policy used?

Back 18

when residential dwellings are not eligible for coverageunder the regular Homeowners program because of age, location, value, or other factors.

Front 19

True or False: The dwelling's construction must be completed in order to be eligible for Dwelling Coverage.

Back 19

False:Under the Dwelling Program, The dwelling can be completed or in the course of construction

Front 20

What are permissible incidential occupancies, and what do they include?

Back 20

Certain incidental business occupancies may be covered by endorsement if they are conducted by theinsured on the dwelling premises, and there are no more than 2 persons working at any time. Permissibleincidental occupancies include small service operations, such as barber and beauty shops, tailors anddressmakers, shoe repair operations, telephone answering services, offices, music or photographicstudios and private schools.

Front 21

What are the 3 coverage forms applicable to the Dwelling ('89) Policy

Back 21

1. DP 00 01 - Basic2. DP 00 02 - Broad3. DP 00 03 - Special

Front 22

The Dwelling '89 Policy is used to insure __ to __ unit residential dwellings

Back 22

The Dwelling '89 Policy is used to insure 1 to 4 unit residential dwellings

Front 23

Dwelling Form DP 00 01 is a _____ peril coverage form

Back 23

Dwelling Form DP 00 01 is a named peril coverage form and provides the most limited coverage of thethree forms

Front 24

Losses under the basic form DP 00 01 will be paid on an _________ basis

Back 24

Losses under the basic form will be paid on an actual cash value basis.

Front 25

What is the minimum amount of insurance required for the basic form DP 00 01?

Back 25

Unlike the broadand special forms, there is no minimum amount of insurance required for the basic form

Front 26

Name the perils insured against under the basic form DP 00 01

Back 26

1. Fire2. Ligtning3. Internal Explosion

Front 27

What are extended covereage perils?

Back 27

WHARVES1. Windstorm or Hail2. Explosion3. Smoke4. Aircraft and Vehicles5. Riot or Civil Commotion6. Volcanic Eruption

Front 28

What is covered in Burglary Damage?

Back 28

Burglary Damage expands the coverage included for vandalism and malicious mischief. Coverage isprovided for damage to any covered property (not just the building) if caused by burglary. There is nocoverage for property taken by burglars (theft) or if the dwelling has been vacant for 30 or more daysbefore the loss.

Front 29

Under The broad form coverage (DP 00 02) Losses to the dwelling are covered on a _________ basis as long as the insured maintains coverageequal to at least 80% of the dwelling replacement cost.

Back 29

Replacement Cost Basis

Front 30

Name the 7 additional perils insured in the broad form DP 00 02,besides the basic form perils, the extended coverage perils, and vandalism and malicious mischief.

Back 30

1. Burglary Damage2. Falling Objects3. Weight of Ice or Snow4. Tearing apart cracking, burning or bulging5. Accidental Discharge or Overflow of Water or Steam6. Freezing of Plumbing7. Artificially Generated Electricity

Front 31

What perils are insured against in a special form policy?

Back 31

Unlike the basic and broad forms which are named peril forms, the special form (DP 00 03) is an openperil form. In other words, all perils are insured against except those specifically excluded

Front 32

Why is The Dwelling policy often the policy of choice to insure rental properties?

Back 32

The Dwelling policy is often the policy of choice to insure rental properties because it does not contain avacancy clause. While certain coverage may be suspended after 30 days of vacancy (V&MM, glassbreakage), other perils are not affected by vacancy.

Front 33

What are The primary differences between the broad form and special form coverages?

Back 33

Theft of property that is a part of the dwelling or other structure is covered in the special form._x0001_ The coverage for accidental discharge or overflow of water and steam is expanded to cover lossas the result of accidental discharge or overflow of water or steam that occurs off the insuredpremises. For example, if the overflow of a neighbor's plumbing system causes damage to theinsured premises, there would be coverage._x0001_ There is no exclusion to antennas, outdoor equipment, fences, or awnings from the peril of fallingobjects in the special form.

Front 34

Name The 5 coverages the Dwelling Policy has for the insured to select from to cover the dwelling:

Back 34

_x0001_ Dwelling;_x0001_ Other structures;_x0001_ Personal property;_x0001_ Fair rental value; and_x0001_ Additional living expenses.

Front 35

Which coverages are included in all 3 policy forms (basic broad or special)

Back 35

_x0001_ Dwelling;_x0001_ Other structures;_x0001_ Personal property;_x0001_ Fair rental value;additionalliving expenses which is not included in the basic form, but may be attached by endorsement

Front 36

Which coverage is not included in the 3 policy forms (basic, broad or special)

Back 36

additionalliving expenses which is not included in the basic form, but may be attached by endorsement

Front 37

Under the DP policy A standard deductible of $____ applies to all property coverage

Back 37

A standard deductible of $250 applies to all property coverageexcept fair rentalvalue, additional living expense, and the fire department service charge

Front 38

On what basis does the deductable applly under the DP polciy?

Back 38

The deductible applies only onan occurrence basis, regardless of how many types of property are involved in the loss;

Front 39

What does Fair Rental Value include?

Back 39

Coverage D - Fair Rent ValueIf property under Coverage A, B or C becomes damaged or destroyed and unfit for normal use, thepolicy will pay the fair rental value of the described premises under Coverage D - Fair Rental Value,or part of it used as rental property. Fair rental value does not include expenses that would not continuewhile the premises are unfit for use (such as heat and electricity). Coverage continues until repairs arecompleted and will not stop if the policy expires first.

Front 40

What is the purpose of removal, and how long does coverage last in a Dewlling Policy?

Back 40

The policy will pay for loss or damage to property removed from the insured premises when threatened by a peril insured against. Perils insured against in converted to "open peril" coverage during the process of removal. The basic form policy provides coverage for 5 days, while the broad and special forms provide 30 days coverage.

Front 41

True or False?There are numerous conditions found in the Commercial Property Coverage Part which are in addition to the conditions contained in the Common Policy Conditions Form.

Back 41

True Some of these conditions are found directly in the individual coverage forms, while others are attached by a separate endorsement, called the Commercial Property Condtions.

Front 42

The following are the common _________ found in Commercial Property Conditions Forms:_x0001_ Concealment, Misrepresentation or Fraud Coverage - Coverage will be voided in the event theinsured committed fraud as it relates to the policy at any time._x0001_ Control of Property - This condition states that any act or negligence by persons not under thedirection of the insured will not void coverage._x0001_ Insurance Under Two or More Coverages - If more than one coverage under the policy canrespond to the same loss, the insurer will pay no more than the actual loss._x0001_ Legal Action Against the Insurer - No person may bring legal action against the insurer until allpolicy terms have been complied with, and then only if the legal action is brought within 2 yearsof the loss (this time may vary from state to state)._x0001_ Liberalization - If the insurer adopts any provisions which would broaden coverage during thepolicy period or within 45 days prior to the effective date, the broadened coverage will also applywithout having to be endorsed on the policy._x0001_ No Benefit to Bailee - No person who has custody of covered property, other than the insured,can benefit from the insurance._x0001_ Other Insurance - If the insured has other insurance with the same terms, conditions, andprovisions, the policy will contribute by limits. If the other insurance is other than that describedabove, the policy will respond on an excess basis, paying only for the amount of any loss inexcess of the other insurance._x0001_ Policy Period, Coverage Territory - The policy territory includes the United States, itspossessions and territories, Puerto Rico, and Canada._x0001_ Transfer of Rights of Recovery Against Others (Subrogation) - The insured must transfer anyrights he/she has to recover damages from another person to the insurer after the insurer makespayment for the loss.

Back 42

Conditions

Front 43

What are coverage forms used for?

Back 43

coverage forms tell what property is being covered

Front 44

Building and Personal Property Coverage Form is the main form used to cover ____________________________

Back 44

Building and Personal Property Coverage Form (coverage forms tell what property is being covered)is the main form used to cover buildings, business personal property, and property of others on theinsured's premises.

Front 45

What is The most common form used to insure commercial property

Back 45

The most common form used to insure commercial property is the Building and Personal PropertyCoverage Form

Front 46

Can the insured have replacement cost coverage under the Building and Personal Property Coverage Form?

Back 46

Replacement cost coverage can be written at the option of theinsured for the building and business personal property, but not for personal property of others.

Front 47

What does Building Coverage cover under the Commercial Building and Personal Property Form?

Back 47

insures the building described, including outdoor fixtures and furniture, items usedto service the property, permanently installed machinery and equipment, and additions underconstruction, including the materials, supplies and equipment within 100 feet of the premises. There is a$1,000 limitation for loss or damage to outdoor signs attached to the building.

Front 48

Commercial Building Coverage covers materials, supplies and equipment within ____ feet of the premises.

Back 48

100 feet

Front 49

What is the limitation for loss or damage to outdoor signs attached to the building under Commercial Building Coverage?

Back 49

There is a $1,000 limitation.

Front 50

Under the Commercial Building and Personal Property Form what does "Personal Property of Others" cover?

Back 50

covers personal property if located at the described premises and in the insured's care, custody or control.

Front 51

Under the Commercial "Personal Property of Others" coverage, personal property is only covered if it meets the following criteria.1. __________2. __________

Back 51

1. If located at the described premises and 2. in the insured's care, custody or control.

Front 52

True or False:Accounts, bills, currency, money or securities is not covered in the Building and Personal Property Coverage Form.

Back 52

True. This is not covered under this form.

Front 53

True or False:Animals are covered in the Building and Personal Property Coverage Form.

Back 53

False. Animals (unless owned by others and boarded, or owned by the insured as "stock" while inside abuilding);

Front 54

True or False:Automobiles held for sale are covered under the Building and Personal Property Coverage Form

Back 54

False.True or False:Automobiles held for sale are not covered under the Building and Personal Property Coverage Form

Front 55

True or False:The costs of excavating are not covered under the Building and Personal Property Coverage Form

Back 55

True. This is not covered under the Building and Personal Property Coverage Form

Front 56

The Building and Personal Property Coverage Form includes the following 5 additional Coverages

Back 56

1. Debris Removal2. Preservation of Property3. Fire Department Service Charge4. Pollutant Clean Up and Removal5. Increased Cost of Construction

Front 57

Under the Building and Personal Property Coverage Form Debris Removal is limited to not more than ____% of the loss

Back 57

25%

Front 58

Under the Building and Personal Property Coverage Form Debris Removal covers the cost of removing debris following a covered loss. Theses expenses must be reported to the insurer within ______ 180 days of the loss for coverage to apply.

Back 58

180 days

Front 59

What happens If the 25% limit for Debris Removal under the Building and Personal Property Coverage is insufficient?

Back 59

A grant of an additional $10,000 coverage is available.

Front 60

What is the Preservation of Property Coverage under Building and Personal Property

Back 60

The policy will also pay for any damage to property moved to protect it from further damage, but only for 30 days after the property is first moved.

Front 61

How many days will the insurer pay for the "Preservation of Property" under The Building and Personal Property Coverage Form?

Back 61

30 days after the property is first moved.

Front 62

If the insured is under an obligation to pay for fire department service calls, the Building and Personal Property Coverage will reimburse the insured for up to $_______

Back 62

$1,000 and the deductible does not apply.

Front 63

The Building and Personal Property Coverage Form will pay up to $______ for "Pollutant Clean Up and Removal"

Back 63

$10,000 is the most an insurer will pay in any 12 month period

Front 64

The insurer will cover Pollutant Clean Up and Removal under "The Building and Personal Property" coverage form if1. _________2. _________

Back 64

1. the discharge is caused by a covered cause of loss2. It is reported in writing within 180 days of occurance.

Front 65

How many days does the insured have to report a covered loss for Pullutant Clean up and Removal under the Building and Personal Property Coverage Form?

Back 65

covered cause of loss must be reported within 180 days of occurance.

Front 66

The Increased Cost of Construction coverage under Building and Personal Property Coverage Form will pay the ________ of $______ or ___% of the limit of insurance applicable

Back 66

The policy will pay the lesser of: $10,000 or 5% of the limit ofinsurance applicable to the building for increased cost of construction resulting from building lawsenforcement.

Front 67

Under "The Building and Personal Property Coverage Form" Newly Acquired or Constructed Property coverage is for ____ days

Back 67

30 days

Front 68

Under "The Building and Personal Property Coverage Form" Newly Acquired or Constructed Property will pay up to ___% of the building limit to a maximum of $_______ for newly acquired buildings and ___% of the personal property limit for a maximum of $_____for personal property

Back 68

This extension willpay up to 25% of the building limit to a maximum of $250,000 for newly acquired buildings, and10% of the personal property limit for a maximum of $100,000 for personal property.

Front 69

The Building and Personal Property Coverage FormPersonal Effects and Property of Others - Coverage is for up to $_____ for personal effects ofthe insured or his employees (coverage does not apply to theft). This coverage can also be appliedto personal property of others in the insured's care, custody, and control.

Back 69

Personal Effects and Property of Others - Coverage is for up to $2,500 for personal effects ofthe insured or his employees (coverage does not apply to theft). This coverage can also be appliedto personal property of others in the insured's care, custody, and control.

Front 70

The Building and Personal Property Coverage FormValuable Papers and Records - $_____ for the cost to research, replace or restore lostinformation from valuable papers and records can be covered.

Back 70

Valuable Papers and Records - $2,500 for the cost to research, replace or restore lostinformation from valuable papers and records can be covered.

Front 71

The Building and Personal Property Coverage FormProperty Off Premises - Up to $______ for property, excluding stock, which is temporarily at apremises the insured does not own, lease or operate. This coverage does not apply to personalproperty in a vehicle, or in the possession of a salesperson.

Back 71

Property Off Premises - Up to $10,000 for property, excluding stock, which is temporarily at apremises the insured does not own, lease or operate. This coverage does not apply to personalproperty in a vehicle, or in the possession of a salesperson.

Front 72

The Building and Personal Property Coverage FormOutdoor Property - Up to $_____ for fences, radio and television antennas, and detached signs,or $___ for trees, shrubs and plants damaged or destroyed by fire, lightening, explosion, riot orcivil commotion or aircraft.

Back 72

Outdoor Property - Up to $1,000 for fences, radio and television antennas, and detached signs,or $250 for trees, shrubs and plants damaged or destroyed by fire, lightening, explosion, riot orcivil commotion or aircraft.

Front 73

The Building and Personal Property Coverage FormNonowned Detached Trailers - $_____ coverage applies only if the loss occurs when the traileris in the insured's custody and only if the insured is contractually obligated to pay for the loss ordamage. A higher limit may be shown in the declarations. This coverage is considered excess overother insurance.

Back 73

Nonowned Detached Trailers - $5,000 coverage applies only if the loss occurs when the traileris in the insured's custody and only if the insured is contractually obligated to pay for the loss ordamage. A higher limit may be shown in the declarations. This coverage is considered excess overother insurance.

Front 74

The Building and Personal Property Coverage Form.What is the most the insurer is obligated to pay?

Back 74

he limit of insurance specified in the policy declarations,minus any applicable deductible

Front 75

The Building and Personal Property Coverage FormHow often does the deductible apply?

Back 75

The deductible applies only once per occurrence, regardless of thenumber of different properties involved

Front 76

What is the standard deductible on The Building and Personal Property Coverage Form

Back 76

The standard deductible is $500 on most policies, but may behigher or lower in some states.

Front 77

What is the "abandonment" condition?

Back 77

Abandonment - The insured cannot abandon property to the insurer.

Front 78

What is the appraisal condition?

Back 78

Appraisal - If the insurer and insured cannot agree on the value of property, both parties maymake written demand for an appraisal of the loss. The decision agreed upon by the appraisalprocess will be binding on both parties.

Front 79

What is the "Coinsurance" condition?

Back 79

Coinsurance - The coinsurance clause defines how much will be paid in the event the insurancelimits do not meet the policy coinsurance requirement.

Front 80

_x0002_ Notify the police if a law has been broken;_x0002_ Give the insurer prompt notice of the loss;_x0002_ Give the insurer a description of how, when and where the loss occurred;_x0002_ Take all reasonable steps to protect property from further damage;_x0002_ At the insurer's request, provide an inventory of both damaged and undamaged property;_x0002_ Permit the insurer to inspect the property as often as necessary;_x0002_ Send the insurer a signed, sworn proof of loss within 60 days of their request; and_x0002_ Cooperate with the insurer in the investigation.

Back 80

What are the Duties in the Event of Loss or Damage

Front 81

_x0002_ Notify the police if a law has been broken;_x0002_ Give the insurer prompt notice of the loss;_x0002_ Give the insurer a description of how, when and where the loss occurred;_x0002_ Take all reasonable steps to protect property from further damage;_x0002_ At the insurer's request, provide an inventory of both damaged and undamaged property;_x0002_ Permit the insurer to inspect the property as often as necessary;_x0002_ Send the insurer a signed, sworn proof of loss within 60 days of their request; and_x0002_ Cooperate with the insurer in the investigation.

Back 81

Duties in the Event of Loss or Damage

Front 82

Loss Payment - In the event of loss or damage, the insurance company has the option to:

Back 82

_x0002_ Pay the value of the lost or damaged property;_x0002_ Pay the cost of repairing or replacing the lost or damaged property;_x0002_ Take all or any part of the property at an agreed or appraised value; or_x0002_ Repair, rebuild or replace the property with other property of like kind and quality.

Front 83

Vacancy under the Building and Personal Property Coverage Form - If the building has been vacant for more than ___ consecutive days before the loss, theinsurer will not pay for damage caused by vandalism, sprinkler leakage, glass breakage, waterdamage, theft, or attempted theft. If the loss is caused by any other peril, the insurer will reducethe amount they would have otherwise paid by ___%.

Back 83

Vacancy - If the building has been vacant for more than 60 consecutive days before the loss, theinsurer will not pay for damage caused by vandalism, sprinkler leakage, glass breakage, waterdamage, theft, or attempted theft. If the loss is caused by any other peril, the insurer will reducethe amount they would have otherwise paid by 15%.

Front 84

Valuation under "The Building and Personal Property Coverage Form" - The insurer will settle the loss on an _________ basis except under certain conditions

Back 84

actual cash value

Front 85

Commercial property coverage can be written with 1 of __ Causes of Loss Forms

Back 85

3

Front 86

What are the 3 cause of loss forms for Commercial Property?

Back 86

1. Basic2. Broad3. SpecialThese are similar to the coverage forms discussedfor the Dwelling and Homeowners policies in that each form covers a wider range of perils than theprevious form. In addition, a fourth cause of loss form can be attached to the policy to cover the peril ofearthquake. However, when earthquake is covered, 1 of the other Causes of Loss Forms must also beattached to the policy.

Front 87

Under Commercial Property Coverate The Basic form is a named peril form that covers __ causes of loss.

Back 87

11 causes of loss1. Fire2. Lightning3. Explosion - Does not include explosion of pressure relief vessels or if caused by water4. Windstorm or Hail - Typical types of property not covered include outdoor crops, signs, radio andtelevision antennas, plants and shrubs. Loss to the interior of the building is not covered unlessthere is first damage to the exterior of the building.5. Smoke6. Aircraft or Vehicles - There is no coverage for loss or damage caused by a vehicle owned oroperated by the insured in the course of their business.7. Riot or Civil Commotion8. Vandalism - Glass breakage or damage to an outside sign caused by vandals, or other damageresulting from theft (except the damage caused by breaking in or exiting the premises) is notcovered.9. Sprinkler Leakage - Covers discharge or leakage from an automatic fire protective sprinklersystem, including collapse of a tank.10. Sinkhole Collapse - Covers direct loss caused by the sudden sinking or collapse of land created bythe action of water on limestone. If the collapse is into a man-made hole, there is no coverage.Coverage also does not include filling the sinkhole.11. Volcanic Action - Covers direct loss from volcanic eruptions if caused by lava, ash, dust, orairborne shockwaves. The cost to remove ash or dust that does not cause a direct loss is notcovered. All volcanic eruptions that occur within any 168-hour period are considered 1 event.

Front 88

Commercial Lines:Utility Services - Direct Damage endorsement provides coverage for ...

Back 88

direct damage caused by utlity service disruption stemming from a covered peril. The insured's location and utility service must be indicated in the endorsement.

Front 89

Commercial Lines;Utility Services - Direct Damage; what utility services are included?

Back 89

water services, communication services and power supply services.

Front 90

Which of the following would not be considered to be a flood?a. runoff of surface watersb. sewer backupc. Overflow of tidal watersd. Mudslides

Back 90

B. Sewer BackupFlood is defined as a general and temporary condition of partial or complete inundation of normally dry land areas from overflow of inland or tidal waters or from the unusual and rapid accumulation or runoff of surface waters from any source.

Front 91

What is the definition of "Flood"

Back 91

General and temporary condition of partial or complete inundation of normally dry land areas from overflow of inland or tidal waters or from the unusual and rapid accumulation or runoff of surface waters from any source.

Front 92

Commercial Lines:Utility Services-Time Element endorsement covers ...

Back 92

Utility Services-Time Element Endorsement covers the insured's loss of business income or extra expense in the event of a direct physical loss to a utility service. The insured's location and utility service must be indicated in the endorsement.(pg. 73)

Front 93

Inland Marine:According to the Nationwide Marine Definitions that were developed by NAIC, all of the following properties may be insured under a Marine form EXCEPTa. TV Transmitting Towersb. Money and Securitiesc. Importsd. Exports

Back 93

B. Money and Securities are insured under bonds or crime forms

Front 94

What is the "Nationwide Marine Definition"

Back 94

a statement about the types coverage that may properly be written on Inland Marine and Ocean Marine insurance forms.

Front 95

The Nationwide Marine Definition is used principally for _____________ rather than as a definition of underwriting powers.

Back 95

classification purposes

Front 96

Inland Marine:The extension of coverage under the Commercial Fine Arts Floater includes coverage for newly acquired property for a maximum of $______

Back 96

an extension of coverage is included for newly acquired property for 30 days for up to 25% of the total limit of insurance, to a maximum of $10,000

Front 97

Inland Marine:The extension of coverage under the Commercial Fine Arts Floater includes coverage for newly acquired property for _____ days for up _____% of the total limit of insurance, to a maximum of $____________

Back 97

an extension of coverage is included for newly acquired property for 30 days for up to 25% of the total limit of insurance, to a maximum of $10,000

Front 98

Inland Marine:Commmercial Fine Art Coverage Form is used to cover ....

Back 98

fine arts owned by the insured or similar property of others in the insured's care, custody or control

Front 99

Inland Marine:Commercial Fine Art Coverage form does not cover what property?

Back 99

property while on exhibit at a fair or exhibition and contraband or property in illegal tade or transportation.

Front 100

Inland MarineCommercial Fine Art Coverage Form provides coverage on a ________ basis

Back 100

all-risk basis(pg. 88)

Front 101

How much coverage is provided under a Homeowners Policy for theft or unauthorized use of a credit card?

Back 101

$500 is provided automatically but may be increased by endorsement.

Front 102

Theft Coverage under an HO-8 is restricted to

Back 102

Theft Coverage under an HO-8 is restricted to the actual cash value of what was stolen, with limits for certain classes of property.

Front 103

Personal Lines:How does the mobilehome endorsement effect the Law or Ordinance other coverage in a Homeowners Policy?

Back 103

It removes the coverage;The mobilehome endorsement makes the coverage of Law or Ordinance inapplicable to the policy. (pg.40)

Front 104

How does The mobilehome endorsement cahnge the additional coverage of Property Removed?

Back 104

The additional coverage or Property Removed is changed to add up to $500 for reasonable expenes incurred in the removal and return of the mobilehome when it is necessary to avoid damage or endangered by a peril insured against.

Front 105

Harry's construction company leaves mobile equipment and construction machinery on the job site until the project is completed. What could Harry use to insure it?

Back 105

Contractor's Equipment Floater covers equipment left unattended on a job site until the project is completed(pg. 80)

Front 106

What is the Contractors Equipment Floater?

Back 106

The Contractor Equipment Floater is an unfiled Inland Marine Coverage Form that is used to insure mobile equipment and contractor's equipment owned, rented or borrowed by contactors (as opposed to dealers). It provides coverage for the equipment not only while it is located on the job site, but also during trans[portation to and from the job site, or while it is temporarily stored between jobs.(pg. 80)

Front 107

Inland Marine:The Contractors Equipment Floater usually includes coverage for newly acquired equipment for ____ days. This coverage extension is usually limited to ____% OF THE LIMIT OF INSURANCE.

Back 107

The coverage form usually includes coverage for newly acquired equipment for 30 days. This coverage extension is usually limited to 25% of the limit of insurance.(pg.80)

Front 108

What type of business would use the Mail Floater?

Back 108

This coverage is necessary for banks, trust companies, insurance companies, fiduciaries and others.(pg.90)

Front 109

Which of the following is covered under the Mail floater of a Commercial Inland Marine Policy ONLY if it is sent by registered mail?a. Currency and unsold travelers checksb. Postage and revenue stampsc. Money Orders, Checks, Drafts, Notesd. Bonds, Stocks, Stock Certificates, Coupons attached to bonds

Back 109

A. Currency and and unsold Travelers Checks(pg.90)

Front 110

The Mail floater of a Commercial Inland Marine Policy covers property divided into what 2 categories?

Back 110

1. Property sent by first class, certified, express or registered mail2. Property covered only when sent by registed mail

Front 111

Mail floater of a Commercial Inland Marine Policy covers what property only when sent by registered mail?

Back 111

1. Bullion2. Platinum & other precious metals3. Currency and unsold travelers checks4. Jewelry, watches, precious and semiprecious stones and similar property.

Front 112

Mail floater of a Commercial Inland Marine Policy covers what property sent by first class, certified, express or registered mail?

Back 112

1. Bonds, stocks, stock certificates, coupons attached to bonds.2. Postage and revenue stamps3. Money Orders, checks, drafts, notes.4. Bills of ladin, warehouse receipts and other commercial paper5. Other valuable documents and papers, except unsold travelers checks and money.

Front 113

The Business Income Coverage Form covers consequential loss of business income that occurs when a business must suspend operations because of a direct loss. Because of the direct relation of the time a business is unable to operate to the amount of such a loss, this form is also called ________

Back 113

Time ElementThe Business Income Coverage Form covers the consequential loss of business income that occurs when a business must suspend operations because of a direct loss. These forms are also called time element forms because of the direct relation of the time a business is unable to operate to the amount of the loss.

Front 114

What Dwelling Policy insures a structure on an Actual Cash Value Basis?

Back 114

DP-1DP-2 and 3 insures the structure on a replacement cost basis.

Front 115

True or False:Flood Insurance Coverage is provided for dwelling or commercial property.

Back 115

True;NFIP is available for buildings and there contents in designated geographic areas only.

Front 116

True or False:Flood Insurance Coverage may be provided for growing crops and livestock.

Back 116

False

Front 117

True or False:Flood Insurance Coverage is excluded for money and securities.

Back 117

True

Front 118

True or False:Flood Insurance Coverage is available in designated areas only.

Back 118

NFIP is available for buildings and there contents in designated geographic areas only.

Front 119

Inland Marine:What is the "Accounts Receivable" Coverage Form?

Back 119

an Inland Marine Coverage Form that provides protections for losses of accounts due from customers that become ncollectible because of a loss to the insured's accounts receivable records. Coverage is for property at a fixed location unlike most inland marine coverage.

Front 120

Inland Marine;What are the 3 additional coverage included in the Accounts Receivable Form?

Back 120

1. Interest on loans the insured must take out to offset the impaired collection.2. Expenses the insured incurs to reestablish records3. Additional collection expenses that are more than normal expenses.(pg. 78-79)

Front 121

Inland Marine;Accounts Receivable Coverage form is written on _____ risk basis

Back 121

Coverage is written on a all-risk basispg.79

Front 122

Losses caused by Vandalism & Malicious Mischief are excluded under a Homeowners Policy if ...

Back 122

The dwelling had been vacant for more than 60 days.

Front 123

What is a "Common Carriers"

Back 123

Common Carriers transport the property of anyone who hires them

Front 124

What is a Contract Carrier

Back 124

Contract Carriers only transport property of others in which they have a written contact

Front 125

What is "Private Carriers"

Back 125

Private carriers tranport their own property.

Front 126

What are the 3 types of carriers for Inland Marine Coverage?

Back 126

1. Common Carriers2. Contract Carriers3. Private Carriers

Front 127

Inland Marine;In addition to the 3 types of carriers, there are 3 different parties that may have a financial interest in the property being transported. They are ...

Back 127

1. Shipper2. Consignee3. Carrier

Front 128

Inland Marine:The Shipper is ...

Back 128

This is the person or company that is sending the goods

Front 129

Inland Marine;The Consignee is ...

Back 129

This is the person or company that will receive the goods

Front 130

Inland Marine;The Carrier is ...

Back 130

This is the company that is transporting the goods

Front 131

Inland Marine.With transportation coverage; what does the contract "F.O.B. - Shippers Location" mean?

Back 131

the shipper owns the property only until it is transferred to the carrier. Once the carrier has possesion, the conignee owns the property and will suffer any loss if the property is damaged during shipment.

Front 132

Inland Marine.With transportation coverage; what does the contract "F.O.B. - Congignee's Location" mean?

Back 132

The shipper owns the property until it is delivered to the consignee

Front 133

Inland Marine.With transportation coverage; what does the "F.O.B." mean?

Back 133

Free on Board

Front 134

Inland MarineCommon Carrier Cargo Liability covers ...

Back 134

Common Carrier Cargo Liability covers the carrier's legal liability for damage or loss to property in the insured's care and custody for transportation.pg.85)

Front 135

What is a Bill of Lading?

Back 135

a contract for the transport of goods between the shipper and the carrier.

Front 136

Inland Marine;When are common carriers required to issue a Uniform Bill of Lading?

Back 136

to every person (shipper) that it transports good for.

Front 137

When a regular bill of lading is issued who will be responsible for the invoice cost of any damaged property?

Back 137

The carrier will be responsible.

Front 138

When a regular bill of lading is issued does the shipper have to specifically declare a value?

Back 138

No, However the carrier may issue a released bill of lading in which the shipper must specifically declare the values of the property being shpped.

Front 139

A Dwelling Policy has a standard deductible of $_____ that applies to all property coverage, except fair rental value, additional living expenses, and the fire department service charge.

Back 139

A standard deductible of $250 applies to all property coverage, except fair rental value, additional living expenses, and the fire department service charge.

Front 140

If an insured is in the process of moving to a new location, his personal property coverage under the dwelling policy will apply on pro-rata basis at both location for how long?

Back 140

Personal Property being moved to a new location can be covered for up to 30 days without notice to the insurer.

Front 141

The Inland Marine Coverage Form for Outdoor Signs provides "open peril" coverage and excludes coverage for breakage when ...

Back 141

The open peril coverage provided under Outdoor Signs excludes damage done while transporting, repairing, installing or dismantling the sign.

Front 142

The Commercial Property Coverage Forms for signs, usually limits coverage to $______ for attached outdoor signs.

Back 142

$1,000

Front 143

Under the Commercial Property Coverage Forms for Signs how much coverage is provided for detached signs?

Back 143

no coverage is provided for detached signs.

Front 144

Commercial Lines;Equipment Breakdown Coverage is written with a single limit of insurance per accident. However, what is the sublimit for hazardous substance cleanup, or repair or replacement or contaminated property?

Back 144

$25,000

Front 145

What is the Business Income Coverage Form?

Back 145

Covers the consequential loss of business income that occurs when a business must suspend operations because of a direct loss

Front 146

Business Income Coverage Forms are also known as _____________ forms

Back 146

Time Element Forms because of the direct relation of the time a business is unable to operate to the amount of the loss

Front 147

What is the waiting period for Business Income Coverage?

Back 147

72 hours

Front 148

How many Business Income Coverage Forms are avaiable?

Back 148

2 forms are avaiable; 1 with and 1 without extra expense coverage.

Front 149

What is meant by Business Income?

Back 149

Net income (net profit before income taxes) that would have been earned or incurred, and continuing normal operating expenses incurred, including payroll.

Front 150

Regarding Business Income Coverage; what is the period of restoration?

Back 150

the period of time that begins with the date of direct physical loss and ends on the date the property should be reapired or rebuilt with reasonable speed and similar quality.

Front 151

What 4 additional coverage are INCLUDED in the Business Income Coverage Form?

Back 151

1. Expenses to Reduce Loss2. Civil Authority3. Alteration and New Buildings4. Extened Business Income

Front 152

Business Income Coverage Form:What is the "Expenses to Reduce Locc" coverage?

Back 152

the insurer will pay for necessary expenses incurred to reduce the amount of loss. the coinsurance clause does not apply to this additional coverage

Front 153

Business Income Coverage Form:What is the "Civil Authority" coverage?

Back 153

The insurer will also pay for the actual loss of business income caused by the action of a civil authority that prohibits acccess to the damaged premises. This coverage will only apply for up to 3 weeks

Front 154

Business Income Coverage Form:How long will the "Civil Authority" coverage last?

Back 154

up to 3 weeks

Front 155

Business Income Coverage Form;What is the "Alterations and New Buildings" coverage?

Back 155

under this additional coverage, the insurer will pay for loss of business income resulting from loss to any of the following;- New buildings or structures whether completed or under construction.- Alterations or additions to existing buildings.- Machinery, Equipment, supplies or building materials located on the described premises or within 100 feet, used in the construction or incidental to the occupancy of the building.

Front 156

Business Income Coverage Form - Alterations and New Buildings Coverage;If the direct physical damage delays the start of operations when will the period of restoration begin?

Back 156

The period of restoration will begin on the date operations would have begun.

Front 157

Business Income Coverage Form - Alterations and New Buildings Coverage;Machinery, equipment, supplies or building materials are covered if ______ or _____, used in the construction or incidental to the occupancy of the building

Back 157

located on the described premises or within 100 feet

Front 158

Which of the following lines of insurance CANNOT be included in the Commercial Package Policy?a. Crimeb. Boiler & Machineryc. Inland Marined. Ocean Marine

Back 158

D. Ocean MarineThere are no Commercial Package Policy coverage forms for Ocean Marine and none for Aviation.

Front 159

When one or more coverage is included in a single commercial policy under the ISO format, it is considered to be a _________

Back 159

Commercial Package Policy.

Front 160

Business Income Coverage Form;The Extended Business Income Covers ...?

Back 160

the actual loss of business income that the insured incurs during the period that- begins on the date the property is actually repaired and operations are resumed and- ends on the earlier of the date the insured could restore operations with reasonable speed and diligence, or 30 days after the date operations are actually resumed.

Front 161

The Mail Coverage Form is always written on a _______ form basis

Back 161

Reporting Form Basis

Front 162

The Mail Coverage Form is always written on a reporting form basis, with reports due within ______ after the end of each reporting period shown in the declarations.

Back 162

30 days

Front 163

Extra Expense Coverage Form covers ....?

Back 163

consequential losses. It will reimburse the insured for extra expenses they incur to keep the business operational following a direct loss to the business property.It provieds the necessary extra expenes to resume operations at another locations or with new equipment.

Front 164

Business LinesTrue or FalseDoes the Extra Expense Coverage Form include coverage for Business Income

Back 164

False. it does not include coverage for business income

Front 165

What is the primary purpose of the Business Income Coverage Form?

Back 165

Loss of income resulting from property damage at the insured's property.

Front 166

The Basic Dwelling Program automatically provides coverage against fire, lightning and ______?

Back 166

Internal Explosion

Front 167

Would Large Pleasure Boats be covered under Inland Marine Coverage?

Back 167

No; Large pleasure boats would be covered under a Boatowners policy or if large enough, under yacht insurance

Front 168

How would an insurer add "Theft of personal property" coverage to an existing dwelling policy

Back 168

By endorsement only

Front 169

Personal Lines;What Coverage (A, B, C, D, E) would provide coverage to a garage not attached to the primary insured dwelling?

Back 169

Coverage B

Front 170

What are the essential elements of the Commercial Package Policy, regardless of how the policy is written?

Back 170

- Common Policy Declarations Page- Common Policy Conditions- Interline Endorsement(if required)- Coverage Parts

Front 171

What are the coverage parts that may be included in the Commercial Package Policy?

Back 171

1. Commercial Property Coverage2. General Liability Coverage3. Crime4. Equipment Breakdown Coverage5. Auto Coverage Part6. Inland Marine Coverage7. Farm Coverage

Front 172

What are the coverage parts that may be included in the Commercial Package Policy?

Back 172

1. Commercial Property Coverage2. General Liability Coverage3. Crime4. Equipment Breakdown Coverage5. Auto Coverage Part6. Inland Marine Coverage7. Farm Coverage

Front 173

What are the coverage parts that may be included in the Commercial Package Policy?

Back 173

1. Commercial Property Coverage2. General Liability Coverage3. Crime4. Equipment Breakdown Coverage5. Auto Coverage Part6. Inland Marine Coverage7. Farm Coverage

Front 174

What information does the Declarations Page of a policy provide?

Back 174

who, what, when, where, and how much this is consistent in all of the policies. When is 12:01 am at the mailing address of the who

Front 175

Commercial Lines;what are interline endorsements?

Back 175

endorsements that apply to more than one coverage part.Designed to eliminate redundancy

Front 176

Commercial Lines;The Equipment Breakdown Coverage Form, formerly called the ________

Back 176

Boiler and Machinery coverage

Front 177

Commercial Lines;The Equipment Breakdown Coverage Form is used to insure ....?

Back 177

most types of business risks and all industrial risks.

Front 178

Commercial Lines;What is covered by the Equipment Breakdown Coverage Form?

Back 178

1. Loss to property owned by the insured.2. property of others in the insured's care or is legally liable3. Expediting expenses (up to $25,000)4. Newly Acquired Locations for 90 days5. Supplementary Payments (defending a law suit, costs of bonds to release attachements, loss of earnings up to $250/day, costs from a judgement

Front 179

Commercial Lines;What is the minimum limit required for bodily injury liability under the Equipment Breakdown Coverage form.

Back 179

The Equipment Breakdown Coverage form does not cover bodily injury liability.

Front 180

Commercial LinesEquipement Breakdown coverage is written with a single limit of insurance per accident. However, within this limit the policy has sublimits. What is the sublimit for expediting expenses?

Back 180

$25,000

Front 181

Commercial LinesEquipement Breakdown coverage is written with a single limit of insurance per accident. However, within this limit the policy has sublimits. What is the sublimit for water damage?

Back 181

$25,000

Front 182

Commercial LinesEquipement Breakdown coverage is written with a single limit of insurance per accident. However, within this limit the policy has sublimits. What is the sublimit for hazardous substance cleanup, or repair or replacement of contaminated property?

Back 182

$25,000

Front 183

Commercial LinesEquipement Breakdown coverage is written with a single limit of insurance per accident. However, within this limit the policy has sublimits. What is the sublimit for ammonia contamination damage?

Back 183

$25,000

Front 184

Commercial Lines;True or FalseEquiment Breakdown Coverage includes losses that result from Ordinance or Law.

Back 184

False; this is specifically excluded

Front 185

Commercial Lines;Equipment Breakdown Coverage Form insures property on a _______ basis

Back 185

Replacement Cost Basis; however, if damaged property is not repaired or replaced within 18 months after the accident, settlement is at the smaller of Actual Cash Calue or the cost to repair or replace.

Front 186

Commercial Lines;Equipment Breakdown Coverage FormWhat happens if the damaged property is not repaired or replaaced within 18 months after the accident?

Back 186

settlement is at the smaller of Actual Cash Value or the cost to repair or replace.

Front 187

The ________ Policy is a package policy approach to insurance for business firms that meet the eligibility requirements.

Back 187

Businessowners Policy

Front 188

Commercial LinesThe _________ Policy is a stand-alone policy with its own forms.

Back 188

Businessowners Policy

Front 189

Commercial LinesLike the Homeowners Policy, the ___________ Policy provides property and liability coverage in a single contract.

Back 189

Businessowners Policy

Front 190

Commercial LinesLike the Homeowners Policy the __________ Policy there is a single premium with no division or itemization of premium charged for property or liability

Back 190

Businessowners Policy

Front 191

Commercial LinesThe ____________ Policy is a prepackaged policy designed to fit the needs of the small to medium size business.

Back 191

Businessowners Policy

Front 192

Commercial LinesInstead of selecting the individual's ocverages to be insured, the insurance company offers a package of coverage, which includes both property and liability.What Policy is this?

Back 192

Businessowners Policy

Front 193

Commercial LinesOn this prepackaged policy the insured usually cannot elect to exclude coverage that is automatically provided in the package

Back 193

Businessowners Policy

Front 194

BOP Eligibility:Office Buildings not exceeding ____ Stories

Back 194

6

Front 195

BOP Eligibility:Office Buildings with up to __________ square feet in total floor area

Back 195

100,000 square feet

Front 196

BOP Eligibility:Office Buildings not exceeding _____ stories in height or __________ square feet in total floor area.

Back 196

Office Buildings not exceeding 6 stories in height or 100,000 square feet in total floor area

Front 197

BOP Eligibility:Apartments and condominiums not exceeding ___ stories in height or ____ dwelling units

Back 197

Apartments and condominiums not exceeding 6 stories in height or 60 dwelling units

Front 198

BOP Eligibility:Mercantile, Processing and Service establishments if total floor area of the building does notexceed ________ square feet or annual gross sales of $____________

Back 198

Mercantile, Processing and Service establishments if total floor area of the building does notexceed 25,000 square feet or annual gross sales of $3,000,000

Front 199

BOP EligibilityContractors such as _________, _________, _________, __________

Back 199

Contractors including carpenters, electricians, painters, plumbers, etc

Front 200

BOP Eligibility:What type of restaurants are typically elibile for a Businessowners Policy? Up to how many square feet?

Back 200

Restaurants limited to fast food types up to 7,500 square feet

Front 201

BOP Eligibility:Are restaurants that are elibigle for a Businessowners Policy allowed to serve alcohol?

Back 201

and wine sales are permittedsubject to a limit of 25% of gross sales

Front 202

BOP Eligibility:Are Convenience Stores with Gasoline Pumps eligible for a Businessowners Policy?

Back 202

Convenience Stores with Gasoline Pumps, but gasoline sales are limited to 50% gross sales (noauto service, auto washing, or propane/kerosene filling permitted).

Front 203

BOP Eligibilityis a convenience store with gasoline pumps and an car wash eligible for a Businessowners Policy?

Back 203

NoConvenience Stores with Gasoline Pumps, but gasoline sales are limited to 50% gross sales (noauto service, auto washing, or propane/kerosene filling permitted).

Front 204

BOP:What are some advantages of a prepackaged policy?

Back 204

- Property and liability coverage is included in a single package- the most common options needed are included or available for a small premium- the rates for the entire package are more favorable

Front 205

BOP:What are some advantages of a prepackaged policy?

Back 205

- Property and liability coverage is included in a single package- the most common options needed are included or available for a small premium- the rates for the entire package are more favorable

Front 206

BOP:What are some advantages of a prepackaged policy?

Back 206

- Property and liability coverage is included in a single package- the most common options needed are included or available for a small premium- the rates for the entire package are more favorable

Front 207

BOP:True or FalseThere is a seperate premium for liability and property.

Back 207

FalseThe premium for the Businessowners Policy is indivisible, meaning that the liability rate is computedwith the property rate. There is not a separate premium for liability and property

Front 208

BOP Eligibility:What are some examples of business that are not eligibile for a Businessowners Policy?

Back 208

- Automobile sales and servicing operations- Manufacturing Operations- Places of amusement- Household personal property- 1 or 2 family dwellings- financial institutions

Front 209

BOP Eligibility:What are some examples of business that are not eligibile for a Businessowners Policy?

Back 209

- Automobile sales and servicing operations- Manufacturing Operations- Places of amusement- Household personal property- 1 or 2 family dwellings- financial institutions

Front 210

BOP Eligibility:What are some examples of business that are not eligibile for a Businessowners Policy?

Back 210

- Automobile sales and servicing operations- Manufacturing Operations- Places of amusement- Household personal property- 1 or 2 family dwellings- financial institutions

Front 211

The Businessowners Policy does not require the Common Policy Declarations or the Common Policy Conditions which are used on other Commercial Package Policies. Why is this.

Back 211

Because the BOP is a prepackaged policy and has its own set of endorsements.

Front 212

BOPIf the insurer cancels the policy by mail because the building is vacant or unoccupied for 60 or more consecutive days how many days prior to the date of cancellation must notice be mailed?

Back 212

5 days

Front 213

BOP; Cancellation by InsurerMust be mailed or delivered to the insured ___ days prior to the date of cancellation if Failure to pay property taxes owed or outstanding for more than 1 year

Back 213

5 days

Front 214

BOP Cancellation by insurerMust be mailed or delivered to the insured __ days prior to the date of cancellation ifnonpayment of premium is the cause of cancellation

Back 214

10 days

Front 215

BOP Cancellation by insurerMust be mailed or delivered to the insured 30 days prior to the date of cancellation for anyother reason other than certain conditions at the building and nonpayment of premium

Back 215

Must be mailed or delivered to the insured 30 days prior to the date of cancellation for anyother reason

Front 216

BOP Cancellation by insurerWhat does the insurer have to prove for notification of cancellation of an insured's policy.

Back 216

Insurer only has to prove that the notice was mailed to the first named insured to the mailingaddress on file with the company, not that the notice was actually delivered

Front 217

BOP: DefinitionThe insurer has the right to examine and audit theinsured's books and records that relate to the policy at any time during the policy period and for upto 3 years after the policy is no longer enforce

Back 217

Examination of Books & Records Condition

Front 218

BOP: DefinitionThe insurer has the right, but is not required, to inspect the insured'spremises and operations at any reasonable time during the policy period

Back 218

Inspections and Surveys Condition

Front 219

BOP DefinitionsWhat is the name of this condition?The insured cannot transfer any rights orduties under the policy to any other person or entity without the written consent of the insurer.Also, upon death, the insured's rights and duties under the policy are automatically transferred tothe insured's legal representative.

Back 219

Transfer of Rights and Duties Under the Policy

Front 220

DefinitionsThis condition allows the insurer the right to recover its claimpayment from a negligent third party.

Back 220

Subrogation

Front 221

Subrogation is also called

Back 221

Transfer of Rights of Recovery

Front 222

Transfer of Rights of Recovery can also be called the right of

Back 222

Subrogation

Front 223

BOP Definition:If the insurer adopts any revision that broadens coverage without additionalpremium within 45 days prior to or during the policy period, that coverage will immediately applyto the policy.This Condition is called?

Back 223

Liberalization

Front 224

DefinitionsIf a loss is covered by other insurance, the insurer will only pay the amount ofthe loss in excess of the other coverage, whether or not the insured can collect from the otherinsurance

Back 224

Other Insurance

Front 225

BOP DefinitionsThe policy is subject to audit if a premium designated as an advanced premiumis shown in the Declarations. The final premium due will be computed when actual exposures aredetermined. The first named insured must keep records of information needed for premiumcomputation and send copies to the insurer at the insurer's request.What is this condition called?

Back 225

Premium Audit

Front 226

BOP Definitions:for Business Income Coverage begins 72 hours after the direct loss, orimmediately for Extra Expense Coverage. Ends on the date the property has been repaired or business has resumed.

Back 226

Period of Restoration

Front 227

The Businessowners Policy is usually written on a a. replacement cost basisb. actual cash value basis

Back 227

replacement cost basis

Front 228

Businessowners Property CoverageDebris Removal - Coverage is provided for up to __% of the direct loss, plus the deductible if reported within ___ days of the loss or the end of the policy period, whichever is earliest

Back 228

Debris Removal - Coverage is provided for up to 25% of the direct loss, plus the deductible ifreported within 180 days of the loss or the end of the policy period, whichever is earliest

Front 229

Businessowners Property CoverageDebris Removal- If theamount of the debris removal and direct loss exceed the limit of insurance, or if the debris removalexpense exceeds the 25% limitations, the policy will pay an additional $_____ under the debrisremoval coverage.

Back 229

If theamount of the debris removal and direct loss exceed the limit of insurance, or if the debris removalexpense exceeds the 25% limitations, the policy will pay an additional $10,000 under the debrisremoval coverage.

Front 230

Businessowners Property CoverageWhat does "Preservation of Property" coverage do?

Back 230

Preservation of Property - This coverage, commonly called removal coverage, provides 30 dayscoverage for property that is temporarily removed to protect it from damage.

Front 231

Businessowners Property CoveragePreservation of Property - This coverage, commonly called removal coverage, provides 30 dayscoverage for property that is temporarily removed to protect it from damage.what is this coverage called?

Back 231

Preservation of Property

Front 232

BOP Property CoverageFire Department Service Charge - $_____ is included as an additional amount of insurance

Back 232

Fire Department Service Charge - $1,000 is included as an additional amount of insurance

Front 233

BOP Property CoverageCollapse - Collapse of a building is covered if caused by 1 of the specified causes of loss: hiddendecay, insect or vermin, weight of people or property, or use of defective materials if the collapseoccurs during construction. This additional coverage is only included in the ______ form.

Back 233

special form

Front 234

BOP Property CoverageBusiness Income - Loss of business income is included during restoration following a direct lossto covered property. Coverage is limited to ____ months following the loss for business income and___ days following the direct loss for ordinary payroll. This additional coverage is not subject tothe limit of insurance.

Back 234

Business Income - Loss of business income is included during restoration following a direct lossto covered property. Coverage is limited to 12 months following the loss for business income and60 days following the direct loss for ordinary payroll. This additional coverage is not subject tothe limit of insurance.

Front 235

BOP Property CoverageExtra Expense - Extra expense is also covered in the Businessowners Policy for up to ______following a direct loss to covered property. This additional coverage is not subject to the limit ofinsurance

Back 235

12 months

Front 236

BOP Property CoveragePollutant Clean Up and Removal - The policy will pay up to $______ for expenses incurred in a __ month period to extract pollutants from land or water at the described premises, if the pollution resulted from a covered cause of loss and is reported to the insurer within ___ days. This is an additional amount of insurance

Back 236

Pollutant Clean Up and Removal - The policy will pay up to $10,000 for expenses incurred in a12 month period to extract pollutants from land or water at the described premises, if the pollutionresulted from a covered cause of loss and is reported to the insurer within 180 days.

Front 237

BOP Property CoverageLoss of business income or extra expense that results from action of civilauthority that prevents access to the premises due to a direct loss elsewhere is also coveredwhat is this coverage called?

Back 237

Civil Authority

Front 238

BOP Property CoverageCivil Authority-Coverage for business income begins __ hours after the action and continues for up to _______

Back 238

Coverage for business income begins 72 hours after the action and continues for up to 3 weeks

Front 239

BOP Property CoverageCivil Authority-Coverage for extra expense begins ________ and lasts for ________ or until the business income coverage ceases, whichever is later

Back 239

Coverage for extra expense begins immediately and lasts for 3 weeks or until the business incomecoverage ceases, whichever is later

Front 240

BOP Property CoverageMoney Orders and Counterfeit Paper Currency - The policy will also pay up to $______ for losses that occur from the good faith acceptance of counterfeit currency or unpaid money orders

Back 240

Money Orders and Counterfeit Paper Currency - The policy will also pay up to $1,000 forlosses that occur from the good faith acceptance of counterfeit currency or unpaid money orders

Front 241

BOP Property CoverageForgery and Alteration - Up to $_______ for losses that result from altered or forged checks ordrafts is also covered.

Back 241

Forgery and Alteration - Up to $2,500 for losses that result from altered or forged checks ordrafts is also covered.

Front 242

BOP Property CoverageBusiness Income From Dependent Properties - Loss of business income due to physical loss ordamage at the premises of a dependent property caused by a covered cause of loss is covered up to$______

Back 242

$5,000

Front 243

BOPThe Business Property Coverage form contains 2 provisions that pertain to automtic increases in coverage.What are they?

Back 243

1. Building Limit - Automatic Increase2. Buisnes Personal Property Limit - Seasonal Increase

Front 244

BOP: DeductiblesThe deductible does not apply to ...

Back 244

- Fire Department Service Charge- Fire Extingquisher Systems Recharge Expense- Business Income- Extra Expense- Civil Authority

Front 245

BOP: DeductiblesThe deductible does not apply to ...

Back 245

- Fire Department Service Charge- Fire Extingquisher Systems Recharge Expense- Business Income- Extra Expense- Civil Authority

Front 246

BOP: DeductiblesThe deductible does not apply to ...

Back 246

- Fire Department Service Charge- Fire Extingquisher Systems Recharge Expense- Business Income- Extra Expense- Civil Authority

Front 247

BOPIs "Ordinance or Law" covered?

Back 247

No

Front 248

BOPIs Earth Movement covered?

Back 248

no

Front 249

BOP Is there an "Artificially Generated Electrical Current" coverage?

Back 249

no

Front 250

BOPIs there a coverage for Power Failure?

Back 250

No

Front 251

BOP-Selected EndorsementsHired Auto and Nonowned Auto Liability provides coverage for ...

Back 251

liability arising out of the use or maintenance of a hired or nonowned auto.

Front 252

BOP Definition.What is a Hired Auto?

Back 252

auto the insured leases, hires or borrows, but not from employees or any partners or executive officers

Front 253

BOP Definition:auto the insured leases, hires or borrows, but not from employees or any partners or executive officers

Back 253

Hired Auto

Front 254

BOP DefinitionsWhat is a Nonowned Auto?

Back 254

autos not owned, leased or borrowed by the insured, but used in business.Example: employee's use of their personal auto for business purposes

Front 255

BOP Definitionsauto nott owned, leased or borrowed by the insured but used in business

Back 255

Nonowned Auto

Front 256

BOP-Selected EndorsementsWhat is the Protective Safeguards endorsement?

Back 256

requires the insured to maintain safeguards such as an automatic sprinkler system or fire alarm as a condition for coverage.

Front 257

BOP-Selected EndorsementsUnder the protective safeguards endorsement if the automatic sprinkler system is shut down due to breakage, leakage, feezing or opening of the sprinler heads, the insured has how long to restore the system before they must notify the insurer?

Back 257

48 hours

Front 258

BOP-Selected Endorsementsthis endorsement provides coverage for direct damage caused by utility service disruption stemming from a covered peril.

Back 258

Utility Services - Direct Damage

Front 259

BOP-Selected Endorsementsthis endorsement covers the insured's loss of business income or extra expense in the event of a direct physical loss to a utility service.

Back 259

Utility Services - Time Element

Front 260

What do personal floaters refer to?

Back 260

An inland marine policy designed to cover movable property on an all-risk basis anywhere in the world.

Front 261

Inland MarineThis floater provides coverage to personal property on an all-risk basis anywhere inthe world, as long as the property is not specifically excluded by the policy

Back 261

Personal Property Floater

Front 262

Inland MarineThis floater is used to insure certain types of personal property on a scheduled basis.The types of property that may be covered are usually pre-printed on the form including jewelry, furs,cameras, musical instruments, fine arts, etc

Back 262

Personal Articles Floater

Front 263

Inland MarineThis floater is used to insure personal effects carried or worn by travelers anywhere inthe world, but not while the property is at home

Back 263

Personal Effects Floater

Front 264

Inland MarineWhat does a Commercial Floater refers to

Back 264

an inland marine policy desgined to cover movable commercial property, wherever it may be located

Front 265

Inland MarineMost of the filed forms include a $____ deductible that applies to any one loss.

Back 265

$250

Front 266

Inland MarineThe filed coverage forms are usually written on an _____ risk basis

Back 266

all-risk basis

Front 267

Inland MarineWhay are The Commercial Property Causes of Loss forms not applicable to Inalnd Marine Coverages?

Back 267

The exclusions are specifically contained in each of the coverage forms.

Front 268

Inland Marine: Accounts Receivable Is this a filed form?

Back 268

yes

Front 269

Inland Marine: Accounts Receivablewhat does this form provide protection for?

Back 269

losses of accounts due from customers that become uncollectible because of a loss to the insured's accounts receivable records

Front 270

Inland Marine: Accounts ReceivableCoverage is written with an ____ coinsurance clause

Back 270

80%

Front 271

Inland Marine: accounts receivableIn addition to covering accounts due from customers there are 3 additional coverages included; name them

Back 271

1. interest on loans the insured must take out to offset the impaired collection.2. expenses the insured incurs to restablish records3. additional collection expenses that are more than normal.

Front 272

Inland Marine: Bailee's Customerthis coverage form is used to cover ...

Back 272

losses to customer's property in the care, custody or control of the insured.

Front 273

Inland Marine: Bailee's CustomerIs this a filed form?

Back 273

No each of these coverage forms are unfiled

Front 274

Inland Marine: Bailee's Customerwhat is the Bailee's Customer Policy form

Back 274

covers loss to customers property without regard to the insured's ligal liability for the loss. covers both bailee and bailorthis coverage form is broader than typical liability coverage.

Front 275

What is a bailee?

Back 275

someone that has possession of personal property entrusted to them by the owner.ie. dry cleaner

Front 276

Defintions:someone that has possession of personal property entrusted to them by the owner is known as ...

Back 276

bailee

Front 277

Inland Marine: Bailee's CustomerFurriers Block form covers ...

Back 277

coverage for insureds in the fur business. covers merchandise held for sale and customer's property that the insured has temporary custody of for cleaning, repair, or storage.

Front 278

Inland Marine: Bailee's CustomerCleaners, Dryers, and Laundries form

Back 278

provides protection for insureds in the laundry or dry cleaning business for lsos or damage to customers' property while in their possession.

Front 279

Inland Marine: Bailee's CustomerWarehouseman's form

Back 279

covers customers property while it is stored at a warehouse.

Front 280

Inland Marine: Bailee's CustomerThis coverage form is broader than typical liability coverage. Itcovers loss to customers' property without regard to the insured's legal liability for the loss. Itcovers both the bailee's interest and the bailor's

Back 280

Bailee's Customers Policy

Front 281

Inland Marine: Bailee's Customerthis coverage is written for insureds in the fur business. Itcovers merchandise held for sale and customers' property that the insured has temporary custodyof for cleaning, repair, or storage.

Back 281

Furriers Block

Front 282

Inland Marine: Bailee's CustomerThis coverage form provides protection for insureds in thelaundry or dry cleaning business for loss or damage to customers' property while in theirpossession.

Back 282

Cleaners, Dryers, and Laundries

Front 283

Inland Marine: Bailee's CustomerThis bailee form covers customers' property while it is stored at a warehouse.This coverage form only covers the insured's legal liability for loss or damage to property ofothers, and is usually written to apply as excess over other valid and collectible insurance of theproperty owner.

Back 283

Warehousemen's

Front 284

Inland Marine: Commercial ArticlesWhat is the Commerical Articles form?

Back 284

filed form that covers the interest of the owners, as opposed todealers, of commercial cameras, musical instruments and similar property, including similar property ofothers in the insured's care, custody or control

Front 285

Inland Marine: Definitionsthis is a filed form that covers the interest of the owners, as opposed todealers, of commercial cameras, musical instruments and similar property, including similar property ofothers in the insured's care, custody or control

Back 285

Commercial Articles Form

Front 286

Inland Marine: Commercial Articles FormHow does the coinsurance clause found in this coverage form differ from other coinsurance clauses?

Back 286

It states that all items covered, but not specifically described or listed, must be insured for their totalvalue at the time of loss to avoid a coinsurance penalty.

Front 287

Inland Marine: Contactors Equipment FloatersThe Contractors Equipment Floater is an _______ Inland Marine Coverage Forma. filedb. unfiled

Back 287

unfiled

Front 288

Inland Marine: Contactors Equipment FloatersThis form is used to insure ...

Back 288

mobileequipment and contractor's equipment owned, rented or borrowed by contractors (as opposed to dealers).

Front 289

Inland MarineThis is used to insure mobileequipment and contractor's equipment owned, rented or borrowed by contractors (as opposed to dealers).

Back 289

Contractors Equipment Floater

Front 290

Inland Marine: Contractors Equipment FloatersThe coverage form usually includes coverage for newly acquired equipment for __ days

Back 290

30 days

Front 291

Inland Marine: Contactors Equipment FloatersThe coverage form usually includes coverage for newly acquired equipment for 30 days. This coverageextension is usually limited to __% of the limit of insurance.

Back 291

25%

Front 292

Inland Marine: Electronic Data ProcessingIs this an filed or unfiled form?

Back 292

unfiled

Front 293

Inland Marine: Electronic Data ProcessingThis form covers what 4 coverages?

Back 293

1. Computer hardware (specifically scheduled)2. Data processing media (magnetic tapes, punch cards, discs)3. Extra expense incured to continue the business following a loss4. business interruption to cover loss of income when the business is interrupted because of damage to equipment media

Front 294

Inland Marine:This form provides the following coverages1. Computer hardware (specifically scheduled)2. Data processing media (magnetic tapes, punch cards, discs)3. Extra expense incured to continue the business following a loss4. business interruption to cover loss of income when the business is interrupted because of damage to equipment media

Back 294

Electronic Data Processing

Front 295

Inland Marine: Equipment DealersIs this form filed or unfiled?

Back 295

filed

Front 296

Inland Marine: Equipment Dealers this form covers ...

Back 296

The stock of mobile equipment and construction equipment dealers, including similar property of othersin the insured's care, custody or control

Front 297

Inland Marine: This form insures the stock of mobile equipment and construction equipment dealers, including similar property of othersin the insured's care, custody or control

Back 297

Equipment Dealers coverage form

Front 298

Inland Marine: Equipment Dealers Name 3 types of property not covered under this form

Back 298

_x0001_ Automobiles, motor trucks and motorcycles;_x0001_ Aircraft and watercraft;_x0001_ Accounts, bills, currency, deeds, money, notes, etc.;_x0001_ Property during manufacturing;_x0001_ Property leased, rented or sold;_x0001_ Furniture, fixtures and office supplies;_x0001_ Improvements and betterments;_x0001_ Machinery, tools, fittings, patterns, molds, etc.; and_x0001_ Contraband, or property in illegal trade or transportation

Front 299

Inland Marine: Equipment Dealers-extension of coveragewhat extension of covaerage are also included in this coverage form?

Back 299

1. Debris Removal2. Pollution Clean up and Removal3. Theft Damage to Building

Front 300

Inland Marine: Installations FloaterIs this form filed or unfiled

Back 300

unfiled

Front 301

Inland Marine: Installations FloaterWhat does this cover?

Back 301

covers itemssuch as heating and air-conditioning equipment intended to become a permanent part of the building

Front 302

Inland Marinethis form covers itemssuch as heating and air-conditioning equipment intended to become a permanent part of the building

Back 302

Installations Floater

Front 303

Inland Marine: Installationos FloaterWhen does coverage stop?

Back 303

Coverage ceases when the work has been completed and is accepted by theultimate user or owner of the property

Front 304

Inland Marine: Jewelers Blockis this form filed or unfiled?

Back 304

filed

Front 305

Inland Marine: Jewelers Blockwhat does this form cover?

Back 305

covers the insured's merchandiseheld for sale, and similar property of others in the insured's care, custody or control`

Front 306

Inland Marine: Jewelers BlockName 3 types of property not covered

Back 306

- Property sold under a deferred sales arrangement after it leaves the insured's premises- property while it is at a public or trade exhibition- property exhibited in showcases away from the insured's premises- property being worn (exceptioon is made for watches being worn for the sole purpose of adjustments)- property in transit by mail (except registered mail)- property in transit by express carriers- property in transit by railroad, waterborne or air carriers- property in transit by motor carrier- contraband or other illegals

Front 307

Inland Marine: Jewelers BlockThis coverage form offers several optional types of transit coverage if shown on the declarations page. name 2 examples

Back 307

- carriers operating exclusively as a merchants parcel delivery- armored car services- the passenger parcel or baggage service or railroads, passenger bus lines, waterborne or airborne carriers- registered mail

Front 308

Inland Marine: Signsis this form filed or unfiled?

Back 308

filed

Front 309

Inland Marine: Signswhat does this form cover?

Back 309

the insured's signs, including neon, fluorescent, automaticor mechanical signs, and similar property of others in the insured's care, custody or control

Front 310

Inland Marinethis form covers the insured's signs, including neon, fluorescent, automaticor mechanical signs, and similar property of others in the insured's care, custody or control

Back 310

Signs Coverage Form

Front 311

Inland Marine: SignsWhat is the coinsurance requirement on this coverage form?

Back 311

100%

Front 312

Inland Marine: Valuable Papers and RecordsWhat does this cover?

Back 312

coverage to replace or reconstruct lostrecords

Front 313

What is the limit for valuable papers in the Commercial Package Policy?

Back 313

$2,500 at each location

Front 314

coverage to replace or reconstruct lostrecords

Back 314

Valuable papers and records

Front 315

Inland Marine: Valuable Papers and RecordsWhat is the coinsurance requirement for Valuable Papers and Records?

Back 315

there is no coinsurance requirement, however, the insured is required to keep the documents in a receptacle described in the Declaration (when not in use)

Front 316

Inland Marine: Common Carrier Cargo Liabilitywho is considered responsible for the safe delivery of property

Back 316

the carrier

Front 317

Inland Marine: Common Carrier Cargo Liabilitywhat does this cover?

Back 317

the carrier's legal liability for damage or loss to property in the insured's care andcustody for transportation

Front 318

this covers the carrier's legal liability for damage or loss to property in the insured's care andcustody for transportation

Back 318

Common Carrier Cargo Liability

Front 319

What is a "Bill of Lading"

Back 319

contract for the transport of goods between the shipper and the carrier.

Front 320

what is a contract for the transport of goods between the shipper and the carrier

Back 320

Bill of Lading

Front 321

When aregular bill of lading is issued, who will be responsible for the invoice cost of any damagedproperty

Back 321

the carrier

Front 322

the extent ofresponsibility for damage to property during transit depends on whether the carrier is a _____ carrieror a ______ carrier.

Back 322

common carrier or contract carrier

Front 323

Who do common carriers offer their services to?

Back 323

the public at large

Front 324

A common carrier issues a document called a __________ evidencing receipt of goods for shipment

Back 324

Bill of Lading

Front 325

A common carrier issues a document called a Bill of Lading evidencing ....

Back 325

receipt of goods for shipment

Front 326

To limit their liability, a common carrier will issue a _____________ which limits their liabilityto a specified maximum dollar amount.

Back 326

Released Bill of Lading

Front 327

To limit their liability, a common carrier will issue a Released Bill of Lading which ....

Back 327

To limit their liability, a common carrier will issue a Released Bill of Lading which limits their liabilityto a specified maximum dollar amount.

Front 328

Contract carriers who agree to service specific clients based upon a pre-arranged agreement are onlyliable for damage to cargo when ...

Back 328

they are negligent

Front 329

Inland Marine: Motor Truck Cargo Formsis this form filed or unfiled?

Back 329

unfiled

Front 330

Inland Marine: Motor Truck Cargo Policy - Truckers FormWhat is this?

Back 330

used by common carriers that transport goods of others for a fee.

Front 331

Inland Marine: Motor TruckCargo Policy-Shippers/Owners Formwho is insured by this form?

Back 331

Private carriers, or owners who ship their goods using their own trucks

Front 332

Inland Marine: Motor TruckCargo Policy-Shippers/Owners Formwhat is this coverage written for?

Back 332

Coverage is written for direct damage to theowner's property

Front 333

Inland Marine: Transit Coverage FormsWhat are the 2 types of transit forms?

Back 333

- Annual Transit- Trip Transit

Front 334

Inland Marine: Transit Coverage Formsis this form filed or unfiled?

Back 334

unfiled

Front 335

Inland Marine: Annual Transitwhat is this form used for?

Back 335

used to insure the property interest of theshipper or the consignee

Front 336

Inland Marinewhat form is used to insure the property interest of theshipper or the consignee

Back 336

Annual Transit

Front 337

Inland Marine: Annual Transit Formwho uses this form?

Back 337

businesses that ship goods on a regular basis

Front 338

Inland Marinebusinesses that ship goods on a regular basis would use this unfiled form

Back 338

annual transit form

Front 339

Inland Marine: Transit FormsThis form can be written for all outgoing shipments, incoming shipments, or both, which occur duringthe policy period

Back 339

Annual Transit

Front 340

Inland Marine: Transit Formsthis form is used to cover a specific shipment ortrip.

Back 340

Trip Transit

Front 341

Inland Marine: Camera & Musical Equipment:Dealers of cameras and musical equipment and use this form to insure ...

Back 341

their stock, including relatedequipment and accessories, and to protect customer's property left with them for repair, cleaning orservice

Front 342

Inland Marine: Camera & Musical Equipment:Name 3 types of property not covered

Back 342

- Property sold and delivered- accounts, bills, etc- furniture, fixtures and office supplies- improvements and betterments- machinery, tools, patterns, molds- property in the mail (except registered mail or government insured)- contraband or other illegals

Front 343

Inland Marine: Physicians & Surgeons Equipmentwho does this coverage form protect?

Back 343

individuals in the medical or dental profession

Front 344

Inland Marine: Physicians & Surgeons EquipmentWhat does this form insure?

Back 344

loss to valuable medicaland dental equipment, materials and supplies, including office equipment and furniture, and similarproperty of others

Front 345

Inland Marine: Physicians & Surgeons Equipmentis this coverage available to hospitals?

Back 345

Coverage is not intended for hospitals, schools or other institutions

Front 346

Inland Marine: Physicians & Surgeons Equipmentwhat is the coinsurance requirement

Back 346

80%

Front 347

Inland Marineindividuals in the medical or dental profession that want to protect valuable medicaland dental equipment would need this inland marine form

Back 347

Physicians and Surgeions Equipment Form

Front 348

Inland Marine: Film Coverage FormWhat can be insured under this form?

Back 348

Motion pictures, sound tracks and video tapes

Front 349

Inland MarineMotion pictures, sound tracks and video tapes may be insured on this form

Back 349

Film Coverage Form

Front 350

Inland Marine: Floor Plan Merchandisewhat is this form used to insure?

Back 350

financed merchandise held for sale until the merchandise has been sold.

Front 351

Inland Marine: Floor Plan Merchandisewhose interest on insured?

Back 351

Coverage may be written to insure the interests of the merchant, the lender, or bothProperty in transitmay also be covered

Front 352

Inland Marine: Floor Plan MerchandiseIs this reported on a reporting form?

Back 352

Coverage is written on a reporting form basis that requires the insured to file reports with the insurerwithin 30 days after the end of each month

Front 353

Inland Marine: Floor Plan Merchandisewhat happens if the insured has not filed a report at the time of loss

Back 353

theinsurer will be liable only for 90% of the limit written

Front 354

Inland Marine: Theatrical Propertywhat does this form cover?

Back 354

Theatrical property intended for a specific theatrical production

Front 355

Inland Marinethis form covers Theatrical property intended for a specific theatrical production

Back 355

Theatrical Property Form

Front 356

Inland Marine: Theatrical PropertyGive examples of covered property

Back 356

- secnery- costumes- theatrical property

Front 357

Inland Marine: Theatrical Propertygive examples of property not covered

Back 357

- buildings- vehicles (unless actually used on stage)- jewelry made with precious stones, metals- accounts, bills, etc- transportation or admission tickets- animals- contraband or illegals

Front 358

Inland Marine: Garment Contactor Floaterwhat is this form used for?

Back 358

to protect a clothing business's raw materials and items ofclothing when sent to a subcontractor for work

Front 359

Inland Marinethis form is used to protect a clothing business's raw materials and items ofclothing when sent to a subcontractor for work

Back 359

Garment Contractor Floater

Front 360

Inland Marine: Nationwide Definitionwhat is this?

Back 360

a statement about the types of coverage that may properly bewritten on Inland Marine and Ocean Marine insurance forms

Front 361

Inland Marinewhat is a statement about the types of coverage that may properly be written on Inland Marine and Ocean Marine insurance forms

Back 361

Nationwide Defintion

Front 362

Inland Marine coverage can be written on what type of property?

Back 362

almost any type of property that is portable

Front 363

Flood:what does NFIP stand for?

Back 363

National Flood Insurance Program

Front 364

Dwelling PolicyWhat is Coverage A?

Back 364

Coverage A - Dwelling

Front 365

Dwelling PolicyWhat is Coverage B?

Back 365

Coverage B - Other Structures

Front 366

Dwelling PolicyWhat is Coverage C?

Back 366

Coverage C - Personal Property

Front 367

Dwelling PolicyWhat is Coverage D?

Back 367

Coverage D - Fair Rent Value

Front 368

Dwelling PolicyWhat is Coverage E?

Back 368

Coverage E - Additional Living Expense

Front 369

Dwelling PolicyWhat are the 5 coverages the insured has to select from?

Back 369

_x0001_ Dwelling;_x0001_ Other structures;_x0001_ Personal property;_x0001_ Fair rental value; and_x0001_ Additional living expenses.

Front 370

Dwelling Policywhat coverage includes all attached structures and outdoor equipment used to maintain orservice the premises if not covered elsewhere. Any materials or supplies at the described location usedfor the construction, alteration or repair of the dwelling are also covered

Back 370

Coverage A - Dwelling

Front 371

Dwelling PolicyWhat coverage covers other separate structures at the same location

Back 371

Coverage B - Other Structures

Front 372

Dwelling PolicyWhat are the restrictions under Coverage B - Other Structures?

Back 372

the building cannot be used for mercantile,manufacturing, or farming purposes, and they may not be rented to anyone except a tenant of the maindwelling

Front 373

Dwelling PolicyWhich Coverage includes personal property commonly found in homes owned by theinsured or other family members.

Back 373

Coverage C - Personal Property

Front 374

Dwelling PolicyIf property under Coverage A, B or C becomes damaged or destroyed and unfit for normal use, thepolicy will pay the fair rental value of the described premises under ...

Back 374

Coverage D - Fair Rental Value

Front 375

Dwelling Policythis coverage is only available if broad or special form Dwelling coverageis written. It pays for additional living expenses the insured incurs while the described premises is unfitfor use or being repaired.

Back 375

Coverage E - Additional Living Expense

Front 376

Dwelling Policy - Other Coveragesthis additional coverage will pay for loss or damage to property removed from the insured premiseswhen threatened by a peril insured against. Perils insured against is converted to "open peril"coverage during the process of removal. The basic form policy provides coverage for 5 days while the broad and special forms provide 30 days' coverage

Back 376

Removal

Front 377

Dwelling Policy - Other CoveragesRemoval - The policy will pay for loss or damage to property removed from the insured premiseswhen threatened by a peril insured against. Perils insured against is converted to "open peril"coverage during the process of removal. The basic form policy provides coverage for __ days while the broad and special forms provide __ days' coverage

Back 377

The basic form policy provides coverage for 5 days, while the broad and special forms provide 30 days' coverage

Front 378

Dwelling Policy: Other CoveragesReasonable costs to remove debris after a covered loss is covered

Back 378

Debris Removal Expense

Front 379

Dwelling Policy: Selected Endorsementsthis is an endorsement that may be added to a Dwelling policy toincrease the amount of insurance by an annual percentage to offset the effects of inflation. Thisendorsement requires additional premium.

Back 379

Automatic Increase in Insurance

Front 380

Dwelling Policy: Selected Endorsementsif the insured is the owner-occupant of thedwelling. The endorsement will cover personal property owned by the insured or a resident of theinsured's household caused by theft or attempted theft or for vandalism or malicious mischief that resultsfrom theft or attempted theft. There is no coverage if the premises has been vacant for 30 or moreconsecutive days.

Back 380

Broad Theft Coverage

Front 381

Dwelling Policy: Selected EndorsementsBroad Theft Coverage: There is no coverage if the premises has been vacant for ___ or more consecutive days

Back 381

30 days

Front 382

Dwelling Policy: Selected Endorsements - Broad Theft Coverage$___ for money, bank notes, bullion, gold, silver (excluding goldware and silverware), platinum,coins and other metals

Back 382

$200

Front 383

Dwelling Policy: Selected Endorsements - Broad Theft Coverage$______ for securities, accounts, deeds, evidences of debt, letters of credit, notes other than banknotes, manuscripts, passports, tickets and stamps

Back 383

$1,000

Front 384

Dwelling Policy: Selected Endorsements - Broad Theft Coverage$______ for watercraft and their trailers, furnishings, equipment and outboard motors

Back 384

$1,000

Front 385

Dwelling Policy: Selected Endorsements - Broad Theft Coverage$________ for other trailers

Back 385

$1,000

Front 386

Dwelling Policy: Selected Endorsements - Broad Theft Coverage$______ for jewelry, watches, furs, precious and semiprecious stones

Back 386

$1,000

Front 387

Dwelling Policy: Selected Endorsements - Broad Theft Coverage$_________ for firearms

Back 387

$2,000

Front 388

Dwelling Policy: Selected Endorsements - Broad Theft Coverage$_________ for silver and silver plated ware, gold and gold plated ware, pewter ware, including flatware, hollowware, tea sets, trays and trophies

Back 388

$2,500

Front 389

Dwelling Policy: Who is the Limited Theft Endorsement designed for?

Back 389

a landlord

Front 390

Dwelling Policy: Limited Theft Endorsement$______ for watercraft, including their trailers, furnishing, outboard motors, and equipment

Back 390

$1,000

Front 391

Dwelling Policy: Limited Theft Endorsement$______ for other trailers

Back 391

$1,000

Front 392

Dwelling Policy: Limited Theft Endorsement$_____ for firearms

Back 392

$2,000

Front 393

standardized package policy for personal insurance

Back 393

Homeowners Insurance

Front 394

The Homeowners Policy is similar to the Dwelling Policy but also includes ...

Back 394

liability insurance

Front 395

HomeownersThe dwelling may not containmore than ___ families nor more than __ roomers or boarders per family.

Back 395

The dwelling may not containmore than 4 families nor more than 2 roomers or boarders per family.

Front 396

HomeownersSection I covers

Back 396

Property Coverage

Front 397

HomeownersSection II covers ...

Back 397

Liability Coverage

Front 398

Homeowners:Coverage FormsName the 6 coverage forms

Back 398

1. HO-2 Broad Form;2. HO-3 Special Form;3. HO-4 Contents Broad Form;4. HO-5 Comprehensive Form;5. HO-6 Condominium Unit Owners; and6. HO-8 Modified Coverage Form (used in some states to insure homes that do not qualify for theother forms, usually because of replacement cost being so much greater than its market value).

Front 399

Homeowners:Coverage FormsWhich form provides the most limited coverage

Back 399

HO-8

Front 400

Homeowners:Coverage FormsWhich forms provide building coverage on a replacement cost basis if the building is insured for 80% or more of its replacement cost?

Back 400

HO-2, HO-3 and HO-5

Front 401

Homeowners:Coverage FormsWhat form provides building coverage on an actual cash value basis?

Back 401

HO-8

Front 402

Homeowners:Coverage FormsThe HO-2 Broad Form Provides protection for losses on an _____ peril basisa. named perilb. open peril

Back 402

named peril

Front 403

Homeowners:HO-3 CoverageBuilding is covered on _________ peril basisContents/Personal Property is covered on a _______ peril basis

Back 403

HO-3 covers personal property only for thebroad perils (HO-2), and the dwelling and other structures are insured on an open-perils basis

Front 404

Homeowners:HO-5 CoverageBuilding is covered on _________ peril basisContents/Personal Property is covered on a _______ peril basis

Back 404

The Comprehensive Form (HO-5) covers both the dwelling and other structures on an open peril basisIt also covers personal property insured under Coverage C on an open peril basis

Front 405

Homeowners:Coverage FormsThe HO-6 is designed for who?

Back 405

owner occupant of a condo

Front 406

Homeowners:Additional Coveragesthis coverage will pay reasonable expense for the removal of debris of covered property if a "perilinsured against" that applies to the damaged property causes the loss, or ash, dust or particles fromvolcanic eruptions that caused direct loss to a building or property contained in a building.

Back 406

Debris Removal

Front 407

Homeowners:Additional Coverages-Debris RemovalIf the amount to bepaid for the actual damage to the property plus debris removal expense is more than the limit of liabilityfor the damaged property, an additional __% of that limit is available for such expense.

Back 407

5%

Front 408

Homeowners:Additional Coverages-Debris RemovalThe $___ limit is the most Homeowners will pay in any one loss regardless of the number of fallentrees. No more than $___ of this limit will be paid for the removal of any 1 tree.

Back 408

The $1,000 limit is the most Homeowners will pay in any one loss regardless of the number of fallentrees. No more than $500 of this limit will be paid for the removal of any 1 tree.

Front 409

Homeowners:Additional Coverages-Lawns, Plants, Shrubs and TreesThis is an additional amount of insurance and is limited to a maximum of $___ ($___ for HO-8)per tree, shrub or plant and a maximum per loss of __% of the amount of coverage on the dwelling. Onforms HO-4 and HO-6 the maximum per loss is __% of the Coverage C limit.

Back 409

This is an additional amount of insurance and is limited to a maximum of $500 ($250 for HO-8)per tree, shrub or plant and a maximum per loss of 5% of the amount of coverage on the dwelling. Onforms HO-4 and HO-6 the maximum per loss is 10% of the Coverage C limit.

Front 410

Homeowners:Additional CoveragesThis coverage is provided for up to 30 days for loss or damage to property removed from thepremises to protect it because of endangerment by covered peril

Back 410

Removal

Front 411

Homeowners: Additional CoverageRemoval coverage is provided for up to __ days for loss or damage to property removed from the premises to protect it because of endangerment by covered peril.

Back 411

30 days

Front 412

Homeowners: Additional Coveragethis coverage is provided to cover the expenses incurred by the insured to makereasonable repairs to protect property from further damage following loss by a covered peril

Back 412

Reasonable Repairs

Front 413

Homeowners: Additional Coveragewill pay up to $500 for liability assumed by agreement for firedepartment charges to protect insured property, with no deductible

Back 413

Fire Department Service Charge

Front 414

Homeowners: Additional CoverageFire Department Service Charge will pay up to $___ for liability assumed by agreement for firedepartment charges to protect insured property, with no deductible.

Back 414

Fire Department Service Charge will pay up to $500 for liability assumed by agreement for firedepartment charges to protect insured property, with no deductible.

Front 415

Homeowners: Additional Coveragethis coverage will pay up to $500 to cover the legal obligation of an insured to pay because of the theftor unauthorized use of a credit card, electronic fund transfer card, loss caused by forgery of a check, orloss through acceptance of counterfeit money that duplicates US or Canadian currency, with nodeductible.

Back 415

Credit Card

Front 416

Homeowners: Additional CoverageCredit Card will pay up to $___ to cover the legal obligation of an insured to pay because of the theftor unauthorized use of a credit card, electronic fund transfer card, loss caused by forgery of a check, orloss through acceptance of counterfeit money that duplicates US or Canadian currency, with nodeductible.

Back 416

$500

Front 417

Homeowners: Additional Coveragethis coverage will pay for breakage of glass or safety glazing material, providingthe dwelling has not been vacant for the prior 60 days before loss by any peril except earth movement.HO-8 limits this coverage to not more than $100 per loss.

Back 417

Glass or Safety Glazing Material

Front 418

Homeowners: Additional CoverageGlass or Safety Glazing Material will pay for breakage of glass or safety glazing material, providingthe dwelling has not been vacant for the prior __ days before loss by any peril except earth movement.

Back 418

60 days

Front 419

Definitionsthe abrupt falling down or caving in of a building or any part of a building with theresult that the building or part of the building cannot be occupied for its current intended purpose

Back 419

Collapse

Front 420

Homeowners: Additional Coveragethis coverage will pay up to $1,000 for the insured's share of loss assessment charged during thepolicy period against the insured as owner or tenant of the residence premises by a corporation orassociation of property owners

Back 420

Loss Assessment

Front 421

Homeowners: Additional CoverageLoss Assessment will pay up to $____ for the insured's share of loss assessment charged during thepolicy period against the insured as owner or tenant of the residence premises by a corporation orassociation of property owners.

Back 421

$1,000

Front 422

Homeowners: Additional Coveragethis coverage will pay up to $2,500 for insured's appliances, carpeting and other householdfurnishings in each apartment on the residence premises regularly rented or held for rental to others

Back 422

Landlord's Furnishings

Front 423

Homeowners: Additional CoverageLandlord's furnishings will pay up to $____ for insured's appliances, carpeting and other householdfurnishings in each apartment on the residence premises regularly rented or held for rental to others

Back 423

$2,500

Front 424

Homeowners: Additional Coveragesthis coverage allows insureds to use up to 10% of the limit of liability that applies to Coverage Afor the increased cost incurred because of enforcement of any ordinance or law which requires theconstruction, demolition, remodeling, renovation or repair of that part of a covered building damaged bya Peril Insured Against or the demolition and reconstruction of the undamaged part of a coveredbuilding, when that building must be totally demolished because of damage by a peril insured against toanother part of that covered building.

Back 424

Ordinance or Law

Front 425

Homeowners: Additional CoveragesOrdinance or Law allows insureds to use up to __% of the limit of liability that applies to Coverage __for the increased cost incurred because of enforcement of any ordinance or law which requires theconstruction, demolition, remodeling, renovation or repair of that part of a covered building damaged bya Peril Insured Against or the demolition and reconstruction of the undamaged part of a coveredbuilding, when that building must be totally demolished because of damage by a peril insured against toanother part of that covered building.

Back 425

Ordinance or Law allows insureds to use up to 10% of the limit of liability that applies to Coverage Afor the increased cost incurred because of enforcement of any ordinance or law which requires theconstruction, demolition, remodeling, renovation or repair of that part of a covered building damaged bya Peril Insured Against or the demolition and reconstruction of the undamaged part of a coveredbuilding, when that building must be totally demolished because of damage by a peril insured against toanother part of that covered building.

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Homeowners: Additional CoveragesGrave Markers will pay up to $_____ for grave markers, including mausoleums, for loss caused by aperil insured against, whether on or not on residence premises. This coverage does not increase thelimits of liability that apply to the damaged covered property.

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Grave Markers will pay up to $5,000 for grave markers, including mausoleums, for loss caused by aperil insured against, whether on or not on residence premises. This coverage does not increase thelimits of liability that apply to the damaged covered property.

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Homeowners: Property CoverageAll coverage forms include a basic deductible of $___, which applies to all coverages, except theFire department service charge and Credit card and forgery coverages. The deductible may be increasedto reduce the premium.

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$250

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Homeowners: Coverage C - Personal Property$___ for money, bank notes, bullion, gold, silver (excluding gold ware and silverware), platinum,coins and other metals

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$200

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Homeowners: Coverage C - Personal Property$_____ for securities, accounts, deeds, evidences of debt, letters of credit, notes other than banknotes, manuscripts, passports, tickets and stamps

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$1,500

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Homeowners: Coverage C - Personal Property$_____ for watercraft and their trailers, furnishings, equipment and outboard motors

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$1,500

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Homeowners: Coverage C - Personal Property$_____ for other trailers

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$1,500 for other trailers

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Homeowners: Coverage C - Personal Property$_____ for theft of jewelry, watches, furs, precious and semiprecious stones

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$1,500 for theft of jewelry, watches, furs, precious and semiprecious stones

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Homeowners: Coverage C - Personal Property$_____ for theft of firearms

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$2,500 for theft of firearms

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Homeowners: Coverage C - Personal Property$_____ for theft of silverware and silver plated ware, gold ware and gold plated ware, pewterware,including flatware, hollowware, tea sets, trays and trophies

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$2,500 for theft of silverware and silver plated ware, gold ware and gold plated ware, pewterware,including flatware, hollowware, tea sets, trays and trophies

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Homeowners: Coverage C - Personal Property$_____ for property on the premises used for business purposes

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$2,500 for property on the premises used for business purposes

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Homeowners: Coverage C - Personal Property $____ for property away from the premises used for business purposes

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$500 for property away from the premises used for business purposes

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Homeowners: Coverage C - Personal Property$_____ for loss of portable electronic apparatus while in a motor vehicle

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$1,500 for loss of portable electronic apparatus while in a motor vehicle

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Homeowners: Coverage C - Personal Property$_____ for loss of a portable electronic apparatus used for business purposes while away from thepremises and not in a motor vehicle

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$1,500 for loss of a portable electronic apparatus used for business purposes while away from thepremises and not in a motor vehicle