Insurance Review pt.2

How often do you review insurance policies?

What transfers financial risk in insurance?

Property insurance covers reputation damage

Which insurance covers liability for personal actions?

All risks are insurable

What does "peril" mean in insurance terms?

Mutual companies issue dividends to policyowners.

What is the primary role of a producer in insurance?

Which contract term benefits the policyowner?

What does 'adverse selection' describe?

Which is NOT a type of property insurance?

What is the benefit of a contract of adhesion?

What does 'adverse selection' describe?

Which is NOT a type of property insurance?

What is the purpose of a personal umbrella liability policy?

What does a commercial liability umbrella policy provide?

What is the purpose of a surety bond?

What does medical professional liability insurance cover?

What does employment practices liability insurance cover?

What does fiduciary liability insurance cover?

What does an employee benefits liability policy cover?

What does a commercial crime policy cover?

What is the purpose of a workers compensation policy?

What does 'subrogation' mean in insurance?

Which policy covers business liability?

What does 'exposure' indicate in insurance?

Which is a duty of an insurance producer?

What is the main purpose of 'coinsurance'?

Which is NOT covered by standard property insurance?

What does 'indemnity' mean in property insurance?

Which insurance is mandatory for businesses in most states?

What does 'premium' refer to in insurance?

Individuals in the business of selling construction equipment and mobile equipment should insure with a/an

All of the following are true regarding deposit premium

Which of the following is NOT an essential element of an insurance contract?

To purchase insurance, the policyowner must have financial interest in the property being insured. This is known as

What type of property does a Personal Floaters policy cover?

Events of conditions that increase the chances of an insured loss occurring are referred to as

When a direct chain of events resulting from a negligent act causes injury or damage, that act is considered to be

The causes of loss insured against in an insurance policy are known as

Surety bonds are written for a definite limit called

Insurance is the transfer of

Crime insurance is usually written on the basis of

The at-fault driver in an insured's auto crash had the state required minimums for auto liability coverage, but not enough to pay for all the damage done to the insured. This driver is

What term best describes the act of withholding material information that would be crucial to an underwriting decision?

When applying for an individual life insurance policy, an applicant states that he went to the doctor for nausea, but fails to mention that he was also having severe chest pains. This is an example of

An insured owns a building that is valued at $400,000. To comply with the 80% coinsurance provision of his insurance policy, how much should he insure the property for?

Which of the following is true regarding the fire department service charge under the builders risk form?

When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as which of the following?

Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract?

With respect to commercial auto policies, the Garage Coverage Form provides liability protection for all of the following EXCEPT

All of the following are considered parts of the policy structure EXCEPT

A premium discount is the term that describes when an insured owes a total standard premium greater than

Under a personal auto policy, in which of the following locations would a vehicle primarily garaged in California be covered?

Which of the following is an additional coverage that is covered by the broad causes of loss form?

The broad theft coverage endorsement on the dwelling form specifies all of the following limitations EXCEPT

The employee theft crime policy includes a coverage extension that applies to employees temporarily outside the coverage territory for up to

Which of the following policies will help an auto dealership cover most of its liability exposures?

Which of these is defined as the maximum limit of coverage available under a liability policy during a policy year, regardless of the number of claims that may be made or the number of accidents that may occur?

Coverage under the builders risk form will end in all of the following except

Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT

To be eligible for coverage under the National Flood Insurance Program, an insured must live in which of the following communities?

All of the following statements describe the concept of strict liability EXCEPT

When a parent is required to pay for damages caused by his or her children, this is an example of

Chance of loss

The cause of a loss

State of being subject to possible loss

A condition that increases the chance of a peril or likely severity of loss

Select against Tendency of high risks to seek insurance

What is not predictable in a single instance becomes predictable the greater the number of similar instances are being observed

Land and structure attached to land

Anything tangible that is not real property

Policy lists perils that ARE covered

Policy lists perils that are NOT covered

Cost of insurance per unit of exposure

Periodic payment required to maintain coverage

Modify coverage by adding exclusions or expanding coverage

Limits policy coverage

Homeowners Policy

Areas that have a 1% chance of being flooded in any given year

Dwelling, other structures, personal property on named perils, loss of use, personal liability, medical payments

Dwelling, other structures on open perils, personal property on a named perils, loss of use, personal liability, medical payments

Tenants coverage, personal property on named perils, loss of use, personal liability, medical payments

Broadest HO coverage, dwelling, other structures, personal property on open perils, loss of use, personal liability, medical payments

Condo and co-op apartment coverage, limited dwelling coverage, personal property on named perils, loss of use, personal liability, medical payments

Dwelling, other structures coverage based on cost repair or replace, loss of use, personal liability, medical payments