Which of the following is true of a claim under the Voluntary Medical Payments coverage of a Homeowner's policy?

Paymnet under this section is made at the insured's discretion

One example of a bailee is a

seamstress who does alterations to women's coats

Installation Floaters cover machinery and equipment, such as

contractors' equipment being used to erect or renovate a building

Which of the following situations would be covered by a Homeowner's Basic Form?

Glass tabletop is broken when light fixture above it falls down

Inherent vice, a term used in many property policy exclusions, is defined as the

quality within an object that makes it tend to destroy itself

certain types of contractual liability

Premises liability insurance covers your liability for loss or damage arising from

a guest tripping on a loose step in your home and injuring themself

When describing a diamond what do the four C's represent?

Cut, colour, clarity, and carat

Depositors' Forgery covers loss due to

fake or alteration of cheques or other instruments issued by the insured

Extensions of Coverage, provided under the Homeowner's Comprehensive Form, includes

food in a freezer due to accidental interruption of electrical power supply

A peak season endorsement is useful for

risks that have large fluctuations in stock value

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Misc Review #3

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Questions 20

Answers

1
Who is the principle in a performance bond?
Owner of the project
Mortgagee
Contracting firm
Reinsurer
2
In terms of property insurance, an accounting firm that rents its premises is most likely to purchase a(n)
Tenant's Package Policy
Commercial Building, Equipment & Stock Policy
Commercial Property Floater
Office Equipment
3
Which of the following is true of a claim under the Voluntary Medical Payments coverage of a Homeowner's policy?
Covg applies to the insd and their relatives while living in the insd home
Paymnet under this section is made at the insured's discretion
An amount is included for loss of wages
The isnured's legal responsibility must be obvious
4
One example of a bailee is a
watch owner whose watch is at the jewellers for repairs
seamstress who does alterations to women's coats
bondsman providing bail bonds
taxi driver taking passengers to the airport
5
Liability insurance policies cover damages arising from insureds'
immoral acts
negligent acts
intentional acts
criminal acts
6
Which of the following is true of deductibles under a Personal Articles Endorsement?
The deductible is the same as the contents deductible
A deductible normally applies to sports equipment only
No deductible clause applies
The deductible is a percentage of the value of the item insured
7
Installation Floaters cover machinery and equipment, such as
Commercial Property Floater
contractors' equipment being used to erect or renovate a building
Commercial Building, Equipment and Stock Policy
consturction materials at the job site and also in transit
8
Which of the following situations would be covered by a Homeowner's Basic Form?
Rainstorm occurs while insd is out,entering thru open windows,damaging prop
Earthquake causes insured house to collapse
Pipes freeze and burst while insured is away overnight
Glass tabletop is broken when light fixture above it falls down
9
Under the Commercial Building, Equipment, and Stock Form, the definition of Equipment includes
permanent fixtures and maintenance supplies
machinery and appliances
growing plants and trees inside the building
goods and merchandise of every description
10
Which following clauses prevents the insd from claiming for the loss to one part of an item as loss of the whole item?
Deductible clause
Pair and set clause
Parts clause
Coinsurance clause
11
Inherent vice, a term used in many property policy exclusions, is defined as the
state of an object that helps determine the amt of coverage for the object
intrinsic attraction of an object to minors
marring and scratching of an object
quality within an object that makes it tend to destroy itself
12
A CGL covers
criminal acts of the insured's employees against the business
liability arising out of products and completed operations exclusively
certain types of contractual liability
personal liability exposures
13
Premises liability insurance covers your liability for loss or damage arising from
medical expenses when your neighbour's son catch chickenpox from your son
your operations of running a furniture-making business in your garage
injury to your escorted guest who slips on an icy stair at a friend's house
a guest tripping on a loose step in your home and injuring themself
14
Under personal liability insur, claims arising from ownership, use and operation of which motorized vehicle is EXCLUDED?
Aircraft
Snow blower
Watercraft
Golf cart
15
When describing a diamond what do the four C's represent?
Cut, colour, clarity, and carat
Cut, composition, colour, and carat
Colour, circumference, clarity and cut
Composition, cut, circumference, and colour
16
Which of the following persons might require a fiduciary bond
Bonded storage warehouse owner
Operator of a duty free shop
Life insurance agent
Executor of an estate
17
Depositors' Forgery covers loss due to
fake or alteration of cheques or other instruments issued by the insured
international trade of a business due to accepting counterfeit securities
unwittingly accepting counterfeit plastic currency
the insured accepting a forged money order, draft, or traveller's cheque
18
Extensions of Coverage, provided under the Homeowner's Comprehensive Form, includes
food in a freezer due to accidental interruption of electrical power supply
tear out due to water damage from a public water main
application of a semi-annual automating inflation increase
cancellation of a lease
19
A loading is best described as a(n)
amount added to a basic rate
premium charged to increase the deductible
limit for newly acquired property
additional coverage on a policy
20
A peak season endorsement is useful for
risks that have goods in possession of sales representatives
risks that have large fluctuations in stock value
seasonal risks such as ski-resorts or summer-cottages
manufacturing risks that shut-down for two weeks annually for maintenance

Misc Review #3 Flashcards | StudBud