Texas Property and Casualty practice
exam Question with Grade A+
Coverage for water backup or sump pump overflow is excluded from
the Dwelling Policy. However, with the purchase of the water backup
and sump pump overflow endorsement, coverage for up to $5,000 in
loss or damage can be provided for an additional premium. What is the
deductible associated with this coverage? - CORRECT ANSWERS
✔✔$250
Coverage for up to $5,000 in loss or damage, subject to a $250
deductible, can be provided for an additional premium with this
endorsement.
An insured relocated to another state for work. However, she still owns
and insures a house in this state, but has had no one living in it for 3
months. She is also storing some furniture and clothes in the house.
From an insurance standpoint, the insured's house is considered -
CORRECT ANSWERS ✔✔Unoccupied
Unoccupancy refers to an insured structure in which no people have
been living or working within the required period of time, but the
structure contains contents.
Individuals in the business of selling construction equipment and
mobile equipment should insure with a/an - CORRECT ANSWERS
✔✔Equipment dealers coverage form
, Texas Property and Casualty practice
exam Question with Grade A+
An equipment dealer's coverage form covers a dealer's stock in trade
consisting primarily of mobile agricultural equipment and construction
equipment. It also covers property of others in the dealer's care,
custody, or control. It excludes coverage for autos, motorcycles,
aircraft, and watercraft.
All of the following are true regarding deposit premium - CORRECT
ANSWERS ✔✔It must be paid in advance.
It is an estimated premium paid at the policy issue.
It could be adjusted by the audit.
Deposit premium is an estimated premium paid in advance at the time
the policy is issued that may be adjusted by the audit based on actual
exposures.
Which of the following is NOT an essential element of an insurance
contract? - CORRECT ANSWERS ✔✔counteroffer
exam Question with Grade A+
Coverage for water backup or sump pump overflow is excluded from
the Dwelling Policy. However, with the purchase of the water backup
and sump pump overflow endorsement, coverage for up to $5,000 in
loss or damage can be provided for an additional premium. What is the
deductible associated with this coverage? - CORRECT ANSWERS
✔✔$250
Coverage for up to $5,000 in loss or damage, subject to a $250
deductible, can be provided for an additional premium with this
endorsement.
An insured relocated to another state for work. However, she still owns
and insures a house in this state, but has had no one living in it for 3
months. She is also storing some furniture and clothes in the house.
From an insurance standpoint, the insured's house is considered -
CORRECT ANSWERS ✔✔Unoccupied
Unoccupancy refers to an insured structure in which no people have
been living or working within the required period of time, but the
structure contains contents.
Individuals in the business of selling construction equipment and
mobile equipment should insure with a/an - CORRECT ANSWERS
✔✔Equipment dealers coverage form
, Texas Property and Casualty practice
exam Question with Grade A+
An equipment dealer's coverage form covers a dealer's stock in trade
consisting primarily of mobile agricultural equipment and construction
equipment. It also covers property of others in the dealer's care,
custody, or control. It excludes coverage for autos, motorcycles,
aircraft, and watercraft.
All of the following are true regarding deposit premium - CORRECT
ANSWERS ✔✔It must be paid in advance.
It is an estimated premium paid at the policy issue.
It could be adjusted by the audit.
Deposit premium is an estimated premium paid in advance at the time
the policy is issued that may be adjusted by the audit based on actual
exposures.
Which of the following is NOT an essential element of an insurance
contract? - CORRECT ANSWERS ✔✔counteroffer
