Insurance Policy for Life Lease Unit
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Questions and Answers

Which endorsement provides coverage for unlicensed operators when driving a recreational vehicle off a public highway?

  • OPCF 44
  • OPCF 51
  • OPCF 20
  • OPCF 32 (correct)
  • What is considered a 'hazard' for insurance purposes?

  • Car drivers over age 65
  • Plans to computerize the office
  • Bare electrical wires (correct)
  • A claims-free history
  • Which type of insurance is designed to indemnify a business for loss of income due to fire damage?

  • Property insurance
  • Accident and Sickness insurance
  • Business Interruption insurance (correct)
  • Liability insurance
  • When is it relevant for a property underwriter to request more information?

    <p>When there is a wood-burning stove in the home</p> Signup and view all the answers

    What should an insured be advised about coverage under the Tenants Comprehensive policy when storing furniture in a warehouse?

    <p>Their policy will cover their property in storage for 30 days but only against theft after that period, if requested in writing</p> Signup and view all the answers

    What type of policy would respond to a loss of income due to business interruption?

    <p>Business Interruption insurance</p> Signup and view all the answers

    What is the primary goal of an insurance adjuster in an emergency situation?

    <p>To arrest and stabilize the situation that caused the emergency</p> Signup and view all the answers

    What type of property policy would a recently retired client need who sold their home and purchased a life lease unit in a cooperative building?

    <p>Condominium Unit Owners Policy</p> Signup and view all the answers

    Why would a life lease unit in a cooperative building not be covered by a Homeowners Policy?

    <p>The client is responsible for the repairs to the unit</p> Signup and view all the answers

    What is a key distinguishing feature of a life lease unit in a cooperative building?

    <p>The client holds an interest in the unit but does not own the unit</p> Signup and view all the answers

    What is the primary reason a Rented Dwelling Property Policy would not be suitable for a life lease unit in a cooperative building?

    <p>The client pays a monthly maintenance fee to the cooperative</p> Signup and view all the answers

    What is the key difference between a Condominium Unit Owners Policy and a Tenant Policy?

    <p>One covers improvements and betterments, while the other does not</p> Signup and view all the answers

    Under which circumstance can senior citizens purchase travel health insurance?

    <p>Only if they are accompanied by an immediate family member</p> Signup and view all the answers

    Which coverage is typically excluded from an outbound travel health policy?

    <p>Prescription drug costs</p> Signup and view all the answers

    If a landlord is responsible for a fire that damages a tenant's property, what is true regarding coverage under the tenant's policy?

    <p>The insurer would pay the loss and subrogate</p> Signup and view all the answers

    What is the purpose of the 'Pair and Set' clause in a Property insurance policy?

    <p>To protect the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged</p> Signup and view all the answers

    What is a potential consequence of signing a waiver that releases a landlord from liability for injury or damage occurring on the premises?

    <p>The insured would violate their policy by waiving the insurer's right of recovery</p> Signup and view all the answers

    What type of insurance policy would cover a tenant's personal belongings in a rented apartment?

    <p>Tenant's Comprehensive insurance</p> Signup and view all the answers

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