Louisiana P & C Insurance Exam set two (100% correct answers)

An insured who wants Physical Damage coverage for her boat can obtain it with A. Homeowners insurance correct answers Outboard Motor and Boat insurance Outboard Motor and Boat insurance provides correct answers open peril Physical Damage coverage for boats Each of the following is true about umbrella liability policies EXCEPT: correct answers The coverage is only available for commercial risks. Umbrellas may be written for businesses or individuals. Personal umbrellas provide correct answers coverage above underlying automobile liability and comprehensive personal liability insurance A mobile home endorsement may be used to allow a mobile home to be insured under a homeowners policy. However, mobile homes may only be insured by correct answers broad and special policies (HO-2 and HO-3) Mobile homes may be covered correct answers by HO-2 or HO-3 when the Mobile home Endorsement (HO-200) is attached to the policy National flood insurance may be written correct answers only in participating communities FAIR Plans are property insurance programs operated correct answers exclusively by participating insurers The federal government provides backup reinsurance for FAIR Plans, but the plans are operated exclusively by correct answers participating insurers Under the NFIP regular program, the maximum limit of coverage for single family residential buildings is correct answers $250,000 The purpose of FAIR Plans (Fair Access to Insurance Requirements) is to correct answers . make property insurance available and affordable in high risk areas FAIR Plans correct answers were developed to remedy the inner city insurance crisis and are state supervised insurance pools that make affordable insurance available in high risk areas When an Umbrella policy pays a loss that is not covered by the underlying policy, usually it pays only the excess over an amount known as the correct answers retention limit