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Property and Casualty insurance Practice Exam Flashcards | StudBud
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Property and Casualty insurance Practice Exam
Property and Casualty insurance Practice Exam
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1
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per person
personal and advertising injury
per occurrence
claims-made
2
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only provides reimbursement through endorsement
rental reimbursement until claim is settled by insurance
rental reimbursement until a new auto is purchased
coverage for up to $25 a day with a $800 maximum
3
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the insured
the uninsured motorist
Maryland Auto Insurance Fund (MAIF)
the insured's insurance company
4
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material published with knowledge of falsity
known violation of rights of another
unknowingly inflicting injury that violates the rights of another
contractual liability
5
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occurrence form
retroactive date
Extended Reporting Periods
claims-made form
6
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financial institution bond
employer bond
fidelity bond
surety bond
7
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destruction or confiscation by governmental authorities.
custom furnishings or equipment.
owned trailers, camper bodies, or motor homes not listed in declarations.
to caps, covers, or bedliners on pickup trucks.
8
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The Supreme Court
The Maryland State Insurance Commissioner
The United States Congress
The National Flood Group
9
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friends of employee
parents of employee
employee's 19 year old child
spouse of employee
10
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dynamite producer
lion tamers
fireworks producers
livestock ranchers
11
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for liability while the insured auto is being used in an auto business
contractual liability
bodily injury or property damage due to war
work related injuries to insured's employees.
12
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single dollar limit
collective limit
per person
per occurence
13
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the date after the construction starts over the basement floor
when the entire building is completed
On the date construction starts above the lowest basement floor
The date before construction starts above lowest basement floor.
14
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offer
provisions.
offeree
acceptance
15
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$1,000,000
$1,000
$10,000
$100,000
16
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theft
robbery
forgery and alteration
burglary
17
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contractors' equiptment
merchandise while it is being manufactured.
organization whom possession of the property of others has been entrusted
accounts receivable
18
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at-fault driver insurance coverage limit for each person hurt in accident
split limits of 50/100/50 for an accident
The insured pays one deductible for damage to car occurring different days
Coverage for smoke damage to siding caused by repeated acts by neighbor
19
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loss from bodily injury
loss from property damage
loss from collision damage
loss from physical environment
20
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deposit premium and audit
certificate
motor vehicle record
agency report
21
.
basic
collision
broad
comprehensive
22
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employee wages
number of employees
employer salary
employer's payroll
23
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stated value is used when valuing household contents
the insurance company stipulates the value of property
an agreement is made on difficult to value items
the insured stipulates the value of property
24
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reduction in economic value
cause of loss
something that increases the likelihood of a loss
chance a loss may happen
25
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musical instruments
personal articles floater
builder's floater form.
jewelry and furs
26
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all coverage extends if the insured reports the car within 14 days.
all coverage extends if the insured reports the car within 10 days
all coverage extends if the insured reports the car within 30 days.
all coverage extends if the insured reports the car within 60 days.
27
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$1,000
$1,500
$2,500
$10,000
28
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robbery
theft
burglary
breaking and entering
29
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any auto the insured owns and rents
autos used with the insured’s business that are not owned, leased, rented
autos the insured leases, borrows or rents
owned private passenger autos
30
.
warranties
misrepresentation
representations
fraud
31
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sold the house before loss
insurable interest in the property
indemnity
loss payable
32
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sole proprietor
a crew member of an ocean going vessel
executive officer
a building contractor
33
.
legal defense
products-completed operations aggregate
each occurrence limit
general aggregate
34
.
coverage B
coverage A and B
coverage D
coverage A
35
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swimming pool
gazebo
carpeting that is permanently installed inside the building
detached garage
36
.
arbitration
subrogation
appraisal
salvage
37
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damages compensate for bodily injury
damages compensate for negligence
Damages compensate for pain and suffering.
damages compensate for wage loss
38
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failing to lock car doors
alcoholism
burning debris near the building on a calm sunny day
reckless driving
39
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Slander of the insureds name
Damages done to a gas station due to insured's parking collision.
A death due to insured's parking collision
Poor Stacy who broke her arm
40
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It describes property covered and perils insured.
It states the ground rules for the policy.
it contains key words and phrases
it is the information page, stating the name, address, etc, of insured
41
.
direct loss
indirect loss
peril
cause of loss
42
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indemnity
cancellation
vicarious liability
nonrenewal
43
.
causes of loss
indemnity
repair or replace
reimbursement
44
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optician
pediatrician
endocrinologist
mortician
45
.
Coverage C
Coverage D
Coverage B
Coverage A
46
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discharge or overflow of water from a sump
collapse
weight of ice, snow, or sleet.
falling objects
47
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an employee of the insured
named insured
tenant
a volunteer worker
48
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material misrepresentations
endorsements
exclusions
conditions
49
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claims must be made during or after a specific date
It provides coverage for claims made during the policy term.
the insured need not worry about maintaining claims coverage
It provides coverage for claims made outside the policy term.
50
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causes of loss
peril
direct loss
indirect loss
51
.
peril
exposure
risk
hazard
52
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temporary partial
permanent total
permanent partial
temporary permanent
53
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The applicant is seeking a transaction less than $150,000.
The applicant is seeking a transaction greater than $200,000.
The applicant is seeking a transaction less than $200,000.
The applicant is seeking a transaction greater than $150,000.
54
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other persons or organizations accident of a car they use but not own.
other persons or organizations that use the car a lot and share liability.
named insured.
family members of the named insured.
55
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statistics are more reliable with more examples used
statistics more reliable when an even number of example are shown
flood
probability a peril will not happen
56
.
25%
10%
75%
20%
57
.
The CPP prepackages a group of coverages desirable to small businesses
The BOP prepackages a group of coverages desirable to small/medium business
The BOP prepackages a group of coverages desirable to large corporations
The BOP prepackages a group of coverages desirable to small businesses
58
.
injury to insured
injury to employee
injury to worker on the job
loss due to crime
59
.
business income coverage forms
special causes of loss forms
causes of loss forms
basic causes of loss form
60
.
replacement value far exceeding market value
condominiums
tenants
open perils
61
.
to state which perils are excluded from coverage.
identify every scenario that would not be covered under basic or broad form
to state which perils are insured against
to make it more difficult for the insurer to deny coverage
62
.
Mortgage company faces a loss when a mortgaged home is destroyed.
deciding to insure an inherited firearms collection.
Wife collects insurance on dead ex husband
insuring an engagement ring given to fiancée
63
.
apprasial
subrogation
arbitration
umpire
64
.
products and completed operations
premises and operations
independent contractor liability
contractual liability
65
.
loss history
motor vehicle record
disability
inspection report
66
.
any occupant of the insured's vehicle
any occupant of the other not at fault vehicle
Insured struck by a vehicle while walking
Insured injured while a passaenger in someone else's vehicle
67
.
public adjuster
underwriter
insurance company
insured
68
.
uninsured employers fund
employer liability
employee liability
workers compensation insurance
69
.
DP-1
DP-2 and DP-3
DP-3
DP-2
70
.
list the state on the information page for other states' coverage
there is no coverage for other states
list the state on the declarations page for other states' coverage
list the state in the general section for other states' coverage
71
.
property is replaced by company at full replacement value at loss
the insurance company will act as a third party to settle a loss dispute.
company has the option to repair to pre-loss condition
company repairs all damages, even those that occurred before the loss.
72
.
damage to property owned by the insured.
damage caused by acts of civil disobedience and riots
assumption of liability in a contract or agreement.
intended damage or bodily injury
73
.
Coverage A, B, and C apply in sum and are the most that will be paid
Coverage A
Coverage A and B
Coverage C
74
.
sudden and accidental damage from artificially generated electric current
damage to awnings from weight of snow
accidental discharge of steam from a plumbing system
burglary damage
75
.
72 hours
168 hours
48 hours
24 hours
