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C12 - Insurance on Property - Study 7 Flashcards | StudBud
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C12 - Insurance on Property - Study 7
C12 - Insurance on Property - Study 7
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Study 7 - Endorsements and Floaters
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
Personal lines policies offer modest coverage for loss of income due to business interruption of a home-based business?
True
False
2
Debris removal is automatically included in the watercraft floater?
True
False
3
Endorsements override specific terms in the policy by:
offering permission for activities, occupancy, or parties with no coverage
adding warranties or additional conditions
altering or removing policy conditions or limitations
removing coverage for certain property or perils
4
The Bylaw endorsement:
is only available on comprehensive homeowners forms
reimburse cost for home inspectors to review progress of repairs
covers actual incurred by the insured to comply with min code requirement
does not increase the limits of the policy
5
Who is ready to call it a night?
It's about time!!
I thought that you would never ask!
No way - let's begin Study 8!
MEEEEE!!!
6
Water claims are more frequent and severe today because of....?
aging municipal infrastructure is common
more complex home appliances with water/ice features
finished basements are more common than ever before
rise in number of interior plumbing & interior fire-suppression systems
7
What is NOT true about the Fine Arts Floater?
insured fine arts properties against all risk coverage - no exclusions
the insured may opt for agreed-value basis for claims settlement
proof of value is required at inception & periodically afterward
property on exhibit remains excluded unless specified in the policy
8
The combined various water exposure endorsement exclude loss or damage caused by:
regardless of other a cause/event that contributes concurrently to the loss
tides, tidal waves, storm surges, tsunamis or seiches
soil conditions
building design, construction or age
9
A
Personal Articles Floater
is particularly beneficial for insuring small computers?
False
True
10
Floaters operate in the following 3 ways:
restrict property coverage or limit values based on location of property
provide coverage for scheduled items: certain types of property on schedule
enhance limits or perils for property insured in the policy wording
offer coverage on property that might not be covered otherwise
11
Endorsement wordings are always standardized
False
True
