18 Questions
Which endorsement provides coverage for unlicensed operators when driving a recreational vehicle off a public highway?
OPCF 32
What is considered a 'hazard' for insurance purposes?
Bare electrical wires
Which type of insurance is designed to indemnify a business for loss of income due to fire damage?
Business Interruption insurance
When is it relevant for a property underwriter to request more information?
When there is a wood-burning stove in the home
What should an insured be advised about coverage under the Tenants Comprehensive policy when storing furniture in a warehouse?
Their policy will cover their property in storage for 30 days but only against theft after that period, if requested in writing
What type of policy would respond to a loss of income due to business interruption?
Business Interruption insurance
What is the primary goal of an insurance adjuster in an emergency situation?
To arrest and stabilize the situation that caused the emergency
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?
Condominium Unit Owners Policy
Why would a life lease unit in a cooperative building not be covered by a Homeowners Policy?
The client is responsible for the repairs to the unit
What is a key distinguishing feature of a life lease unit in a cooperative building?
The client holds an interest in the unit but does not own the unit
What is the primary reason a Rented Dwelling Property Policy would not be suitable for a life lease unit in a cooperative building?
The client pays a monthly maintenance fee to the cooperative
What is the key difference between a Condominium Unit Owners Policy and a Tenant Policy?
One covers improvements and betterments, while the other does not
Under which circumstance can senior citizens purchase travel health insurance?
Only if they are accompanied by an immediate family member
Which coverage is typically excluded from an outbound travel health policy?
Prescription drug costs
If a landlord is responsible for a fire that damages a tenant's property, what is true regarding coverage under the tenant's policy?
The insurer would pay the loss and subrogate
What is the purpose of the 'Pair and Set' clause in a Property insurance policy?
To protect the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged
What is a potential consequence of signing a waiver that releases a landlord from liability for injury or damage occurring on the premises?
The insured would violate their policy by waiving the insurer's right of recovery
What type of insurance policy would cover a tenant's personal belongings in a rented apartment?
Tenant's Comprehensive insurance
This quiz assesses your knowledge of insurance policies, specifically when it comes to life lease units in cooperative buildings. Test your understanding of the different types of policies and their applications.
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