Maryland Property & Casualty 2023 ExamFx Questions With Complete Solutions

Which dwelling policy coverage will provide protection for contents damaged by fire in an insured dwelling? correct answer: Coverage C-Personal Property Under what conditions can broad theft coverage be added to a dwelling policy? correct answer: if the insured is the owner-occupant of the dwelling. Under Coverage C- Personal Property in the dwelling policy, when will a guest's property be covered? correct answer: Only when the property is at the insured location. What is the difference between a Claims Made and Occurence policy? correct answer: In a Claims-Made policy the claim will be paid only if the claim is made BEFORE the policy expires; in Occurence the claim will be paid even if submitted after the policy expiration. What is burglary in a CCP? correct answer: Crime of forced entry of another person, committed with felonious intent. What is robbery in a CCP? correct answer: Taking property from another person by means of threatening bodily harm or committing an unlawful act. What is theft in a CCP? correct answer: The act of stealing; encompasses both burglary & robbery. What is safe burglary in a CCP? correct answer: Forced entry resulting in the theft of contents from a safe or the safe itself. Commercial Crime Employee Theft coverage correct answer: current employees, temporary employees hired from contractors, former employees performing duties as consultants & terminated employees covered for 30 days; property, money, securities & other covered. Commercial Crime Inside-Theft of Money or Securities correct answer: Loss of money & securities from the premises Commercial Crime Forgery or Alteration correct answer: Worldwide coverage for loss of money Commercial Crime Outside-Theft, disappearance or destruction correct answer: Loss outside the premises Commercial Crime Inside-Robbery or State Burglary of Others Property correct answer: Loss or damage to property inside the premises Commercial Crime Computer Fraud correct answer: Worldwide coverage for the loss of money, securities & other property Commercial Crime Fund Transfer Fraud correct answer: Loss from fraudulent instructions received by a financial institution Loss Sustained correct answer: reported during the policy period or before the retroactive date; must be