Property and Casualty - Kentucky with answers 2024

Property and Casualty - Kentucky How long is a waiting period upon purchase of flood coverage through NFIP? - correct answer 30 days Coverage under a Floor Plan Merchandise form is written on a reporting form basis that requires the insured to file reports with the insurer. What is the time frame for those reports? - correct answer Within 30 days after the end of each month Which of the following types of property will be covered by inland marine insurance? - correct answer Portable property of the insured in transit in the air and in transit over land. The endorsement that can be attached to an Equipment Breakdown policy to provide coverage for perishable property for spoilage or damage caused by contact with refrigerant is called... - correct answer Refrigeration interruption coverage. This covers perishable property. Which of the following is NOT a goal of risk retention? - correct answer To minimize the insured's level of liability in the event of a loss. Retention usually results from three basic desires of the insured: to reduce expenses and improve cash flow, to increase control of claim reserving and claims settlements, and to fund losses that cannot be insured. Insurance is a contract by which one seeks to protect another from? - correct answer Loss What type of form is HO-4? - correct answer Contents broad form, also referred to as tenant broad form, insurers personal property for broad perils. The amount the insurer will pay under Coverage D (Loss of Use) depends on - correct answer The amount of coverage on the dwelling Using an air-cooled engine, a proposed insured has developed a new, experimental aircraft. If the inventor applies for liability insurance, what rating type will the insurer most likely use? - correct answer Judgement