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Miscellaneous Personal Lines Flashcards | StudBud
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Miscellaneous Personal Lines
Miscellaneous Personal Lines
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1
A(n)___ outlines the coverage received for the premium being paid in the insurance policy.
Insuring Agreement
conditions of the policy
Deductible
Declarations page
2
Scheduled Personal Property Endorsement can also be called
Personal property calendar
Personal article floater
A and B only
Inland marine
3
Most home insurance combines property and earthquake coverage in one policy.
True
False
4
On a scheduled Personal Articles Floater (PAF), which of the following is an insured peril:
Wear and Tear
Inherent Vice
Fire
Latent Defect
5
The Personal Injury endorsement covers each of the following, except:
False Arrest
Wrongful Eviction
Personal Injury sustained by the Named Insured
Slander or Libel
6
The U.S. Coast Guard condensers a personal watercraft to be
Inboard Vessels
Fishing boats
Outboard Vessels
Power boats
7
How much will the NFIP cover in items?
$300,000
$100,000
$5,000
$50,000
8
Valuable Articles Coverage is also known as?
Personal Coverage
High Value Coverage
Floater
Personal Items Coverage
9
Literature, philosophy and fine arts are usually in this category of electives.
Natural Science
Arts
Humanities
Business
10
All of the following are Watercraft Liability Endorsement exclusions, except:
When the vessel is rented to others
When it is used to cary people or cargo for a fee
When it is used for business purposes
Injuries sustained by a guest while riding in the watercraft
11
Personal watercrafts are not subject to the laws and requirements of other vessels
True
False
12
The Personal Liability endorsement includes the following additional coverages except
Debris Removal
Claims expenses
First aid expenses
damage to the property of others
13
NFIP stands for National Flood Insurance Program
True
False
14
In case of some natural disaster or theft this insurance covers you
Collision Insurance
Liability Insurance
Comprehensive Insurance
Whole Life Insurance
15
Which one of these would not require a Personal Articles Floater?
Stamps
Fine Arts
Boots with the Fur
Jewelry
16
All of the following are false regarding the Limited Fungi Endorsement except:
The basic limit is $50,000
Coverage limit options can exceed $100,000
The limit selected is a per-occurance coverage
It covers the insureds if they're injured by exposure to rot
17
What does NFIP stand for?
National Forest Insurance Program
Nationwide Flood Insurance Program
National Flood Insurance Program
National Flood Insurance Plan
18
On a scheduled Personal Articles Floater (PAF), which of the following is an insured peril:
mudslide
earthquake
fire
flood
19
Under a Personal Inland Marine policy, items like jewelry and fine arts may be written under
Excess Articles Floater
None of the Above
Inland Articles Floater
Personal Articles Floater
20
NFIP's Policies cover...
bills and money
direct loss from flood
finacial loss
dog loss
21
Fine Arts Floater pays full policy limit regardless of ACV. This policy is known as a:
Contract of Indemnity
Market value contract
Valued policy
ACV policy
22
All of the following are excluded from the Personal Injury Endorsement, except:
Injury sustained prior to the inception of the policy
Malicious prosecution
Injury sustained by the named insured
Oral or written statements known to be true
23
What is the average yearly cost for the NFIP?
Your first born son
All your fruit snacks
$700
Your soul
24
What two programs can be written under a NFIP?
Emergency and Normal
Emergency and Non-Emergency
Emergency and Regular
Urgent and Regular
25
Which is true regarding the home daycare endorsement?
Per person/accident limits are a portion of the aggregate
It covers injury to an employee while working
There are aggregate limits for both Liability and Medical
It extends to both Section I and Section II Coverages
26
The type of insurance that covers structural loss due to earthquake is:
fire
fidelity
liability
inland marine
27
Which of the following is TRUE regarding the Fine Arts Floater?
It settles losses on an ACV basis
Coverage is primarily for stamps and coins
Coverage is worldwide, with some exceptions
It provides automatic coverage on newly acquired items for 90 days
28
How much does Fine Arts under a PAF give for newly acquired art:
90 days, 25% of total limit, for ACV
30 days, 25% of total limit, for ACV
60 days, 30% of total limit, for replacement cost
60 days, 25% of total limit, for ACV
29
How was the NFIP created?
None of these
President Hoover after the Great Depression
William Kerfer passed a bill creating it
Passage of the NATL Flood Insurance Act of 1968
30
Which of the following about the Personal Jewelry Floater is correct
Automatic coverage for newly acquired items is for 30 days
The Pair and Sets Clause does not apply
Coverage is written on replacement cost basis
An appraisal of item is optional
31
Another name for Personal Articles Floater
Boat On Water Floater
New Article Floater
Scheduled Article Floater
Removable Property
32
Applications for NFIP must be..
half done
ask the people
have a good reason to apply
completed in full and paid in full to take effect
33
Provides coverage for fine arts, cameras, musical instruments used for business purposes?
Fine Arts Floater
Musical Floater
Commercial Articles Floater
Personal Articles Floater
34
Collision insurance covers you in case you get in a car accident
False
True
35
Which of the following is a benefit of the Home Business Endorsement?
It provides coverage for off-premises operations
There is coverage for business services rendered
It provides coverage for property related to a home business
It covers business property kept off-site
36
Fine articles floater includes all of these EXCEPT
Paintings
Jewerly
Tapestries
Antiques
37
What is the Personal Effects Floater?
It's to cover items that people commonly carry by tourist
It's the same thing as a Personal Article floater
It's on a named peril basis
Coverage is always world wide
38
Personal Property at other residences is what percentage of coverage C?
40
25
30
10
39
which of the following is not true of scheduled personal property endorsement with agreed value
applies to jewelry, furs, cameras, guns, postage stamps
losses are settled on an Agreed Value
only added as HO60 if agent specifics
no deductible applies
40
Personal Articles Floater are paid based on:
None of the above
Replacement Cost
ACV
Market Value
41
All of the following statements are TRUE about the Broad Theft Coverage Endorsement except
Both on and off premises coverage is available
It does not apply to the DP-1
Resulting damaged caused by MM&V is covered
Theft and attempted theft are covered
42
Newly acquired fine arts are covered up to?
90 days
30 days
No coverage if not on policy
15 days
43
Under the PAF Fine Arts section, any loss would be settled based on...
PIP
Agreed Value
Automatic Coverage
ACV
44
Personal Articles Floater coverage for a newly acquired Fine Arts is:
60 days – 25%
30 days – 25%
immediate coverage
90 days – 25%
45
All of these are TRUE about Personal Article Floaters EXCEPT:
Claims are usually settled on ACV basis
Coverage is not world wide
It's insurance for personal property or moveable property
They can be attached to HO/DP
46
The Personal Articles Floater Policy is written:
none of the above
Only on a named perils basis
To provide coverage worldwide with some exceptions
Only on a replacement cost basis
47
All of the following are false regarding Earthquake Coverage, except:
The deductible cannot be less than $250
Coverage is provided for Section I and Section II Coverages
Insureds select a dollar-value deductible
A single occurrence covers all shocks in a 72-hour period
48
Fine arts and antiques are classes of property insured on a:
Replacement cost basis
Valued Basis
market value basis
Actual cash basis
49
Typical exclusions on a Personal Articles Floater are theft, unintentional loss, and fire
False
True
50
A deductible does effect your auto insurance premium
True
False
