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