Alaska Real Estate Practice Exam Questions and Answers

Suspecting a customer is shoplifting, a security guard at a toy store takes the customer to the office to await police. Sued for wrongful detention the court awards the customer. The CGL coverage for the damages are Covered under personal injury liability. False arrest, as well as malicious prosecution is also covered under personal injury Would Bodily injury be covered under Architects and Engineers E&O? Architects and Engineers Errors and Omissions would cover the financial damages as well as any bodily injury caused by an error or omission in the construction or design of a building or part of building which collapses An insured suffers a fire loss under an HO-3 policy compiling with the 80% value provision. Would wall to wall carpet be covered on a replacement cost basis? The carpeting is not covered on a replacement cost basis. This coverage can be obtained by attaching the "personal property replacement cost" endorsement What commercial auto policy form would be used to cover a company that transports their own property and property of others? A motor carrier is anyone who transports property by auto in a commercial enterprise, regardless of whether he or she was hired for that purpose A basic commercial general liability policy would exclude coverage for which of the following: I. A newly acquired business. II. Liability assumed in a contract other than an "insured contract". III. Liability assumed in an elevator maintenance agreement. The basic CGL excludes the assumption of liability in contracts or agreements, except "insured" contracts. (Some construction contracts are considered insured.) The Director must give not less than ___ days advance notice of a hearing and include the time, place and matter to be considered at the hearing Advance notice of 20 days must be given An insurance broker is a person who represents The broker represents an insured or prospective insured Errors and omissions claims may be brought against insurance agents/producers by: Their clients/insureds and the insurance companies with whom the agent/producer contracts