Regarding extensions of coverage for a Comprehensive Homeowner's Form, what is the purpose of the inflation extension?

Automatically increase the amounts of insurance at renewal or after a loss

Which statement best describes how coverage is provided for items under a Sports Equipment Floater?

Items are scheduled and should be described as fully as possible

Which of the following is covered under a personal liability insurance policy?

Unintentional damage to a neighbour's fence caused by the insd's wheelchair

What of the following is true of a claim under the Voluntary Medical Payments coverage of a personal liability policy?

A claim is made by the insured on behalf of a third party

Tenants' Legal Liability coverage protects you against claims arising from

legal liability for fire dmg to premises you are renting as your residence

products and completed operations

Under the Homeowners' policy, the Additional Living Expense coverage is

in addition to the amount of building insurance

If the insured suspects that a loss was caused by a malicious act, burglary, theft, or attempted theft, he

must immediately report the loss to the police

Which of the following would qualify for a Homeowners Form

Woman who lives in a triplex she owns and rents out the other two units

Which of the following characteristics is true with respect to sureties?

Sureties guarantees performance

What is a notable exclusion of a Mobile Homeowner's Form?

Loss or damage occurring while building is being moved

When insuring items under a Personal Articles Endoreseent, valuations

will be required for items insured on a valued basis

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Misc Review #2

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Questions 21

Answers

1
The Increased Cost-Demolition or Construction endorsement includes the
Civil Authority Endorsement
Sprinkler By-Law Extension
Sewer Back-up Endorsement
Debris Removal Extension
2
Regarding extensions of coverage for a Comprehensive Homeowner's Form, what is the purpose of the inflation extension?
Lower the amount of coverage at the insured's request
Automatically increase amounts of insurance for new purchases
Automatically increase the amounts of insurance at renewal or after a loss
Lower the amount of coverage only in times of low inflation
3
Which of the following is NOT a coverage in Farmers' Liability policies?
Tenants' Legal Liability
Premises Liability
Personal Injury Liability
Voluntary Medical Payments
4
Which statement best describes how coverage is provided for items under a Sports Equipment Floater?
Items are scheduled and should be described as fully as possible
Items are scheduled and coverage is provided on a specified perils basis
Coverage is not subject to exclusions if a deductible is applied
Coverage is not subject to exclusions if the items are scheduled
5
Which of the following is covered under a personal liability insurance policy?
Damage to the insured's character caused by identify fraud
Transmission of a communicable disease by the insured
Unintentional damage to a neighbour's fence caused by the insd's wheelchair
Physical abuse of someone in the insured's care
6
What of the following is true of a claim under the Voluntary Medical Payments coverage of a personal liability policy?
The insured's legal responsibility must be obvious
A nominal amount is included for loss of wages
The coverage applies to the insured and to third parties
A claim is made by the insured on behalf of a third party
7
In surety contract bonds, the party that is responsible for the obligations of the contract if the contractor defaults
is the obligee
is the insured
is the surety
is the principal
8
Tenants' Legal Liability coverage protects you against claims arising from
your ownership of an aircraft being operated by your employee (EE)
damage to property you own, use, or occupy
bodily injury to any person residing in your home other than a residence EE
legal liability for fire dmg to premises you are renting as your residence
9
The CGL covers
physical and sexual abuse liability
products and completed operations
directors and officers liability
professional errors and omissions liability
10
When insuring jewellery, the term 'type of movement' in the valuations done by gemologists usually refers to
pearls
rings
diamonds
watches
11
When a fire leaves the place provided for it and ignites something outside, the second fire is a(n)
hostile fire
ignition fire
friendly fire
intentional fire
12
Under the Homeowners' policy, the Additional Living Expense coverage is
limited by the personal property amount insured
an amount equal to all normal living expenses
equal to the amount of building insurance
in addition to the amount of building insurance
13
Which clause prevents the insured from claiming for the loss of two diamond earrings, when only one is lost?
Pair and Set clause
Parts clause
Deductible clause
Coinsurance clause
14
If the insured suspects that a loss was caused by a malicious act, burglary, theft, or attempted theft, he
can report it to the police within 30 days
must immediately report the loss to the police
cannot report it to the insurer without proof
must report it to the insurer within 14 days
15
Which of the following would qualify for a Homeowners Form
Man who lives in a townhouse condominium he owns
Corpn that owns an 8 suite aptmt bdg where the manager lives in one suite
Woman who lives in a triplex she owns and rents out the other two units
Family that lives in a rented bungalow in a good neighbourhood
16
A large deductible called a self-insured retention (SIR) applies to which type of policy?
Tenants' Legal Liability
Umbrella
Farmers' Liability
Automobile
17
Which of the following characteristics is true with respect to sureties?
Surety bonds cover robbery and hold-up
Sureties are the same as insurance contracts
Suretyship is two-party contract
Sureties guarantees performance
18
What items can be insured under the Fine Arts Endorsement
China and silverware
Stamps and coins
Cameras and film
Sculptures and etchings
19
What is a notable exclusion of a Mobile Homeowner's Form?
Common elements such as structural columns, beams, and floors
Property left in a vacant dwelling for more than 15 consecutive days
Loss or damage to any equipment not installed by the original manufacturer
Loss or damage occurring while building is being moved
20
When insuring items under a Personal Articles Endoreseent, valuations
kept on file allow a lower rate of premium
lower the deductible applied on the form
are not required for high value items as long as pictures are on file
will be required for items insured on a valued basis
21
Why is war excluded under all risk policies?
It is generally not insurable
It is not considered an accidental loss
It is something that can be insured elsewhere
It is an invisable term

Misc Review #2 Flashcards | StudBud