Idaho Personal Lines Simulation and Guarantee ExamFX Questions &Answers 100% Correct

Which of the following best describes the amount of loss assessment coverage included under a homeowners policy liability coverage section? 1. Up to $2,500 per occurrence 2. Up to $10,000 aggregate for the policy period 3. Up to $5,000 aggregate for the policy period 4. Up to $1,000 per occurrence - ANSWER-Up to $1,000 per occurrence Section II - Loss Assessment Coverage - applies to assessments against the insured by a condominium association or other cooperative body of property owners. Coverage is limited to $1,000, but an increased limit of coverage is available by endorsement. What insurance policy provision defines how the policy will respond if there is more than one insurance policy written on the same risk? 1. Primary and excess 2. Other insurance 3. Valid insurance 4. Nonconcurrency - ANSWER-Other insurance On a DP-3 Dwelling Property Special Form policy, the coverage provided for personal property is 1. The same as provided on the DP-1 Basic Form. 2. The same as provided on the DP-2 Broad Form. 3. All risk. 4. Open peril - ANSWER-The same as provided on the DP-2 Broad Form. The part of a property policy that shows the amount of insurance, premium, and policy term is the 1. Endorsements. 2. Declarations. 3. Insuring clause. 4. Conditions. - ANSWER-Declarations. Who, what, when, where, and how much insurance and premium all are stated in the policy Declarations.