PSI Practice Property and Casualty Exam

PSI Practice Property and Casualty Exam Which of the following represents the primary amount of insurance for the HO-4? - 3. Coverage C The claims-made liability form provides coverage from a date that precedes the policy effective date. Which of the following defines that date? - Retroactive date If the insured has a loss with a private passenger nonowned temporary substitute vehicle how will the loss be treated by the insured's own policy for physical damage? - The broadest coverage available extends from the insured's policy. Mobile homes can be insured in all of the following ways EXCEPT 1. with a HO-8 Modified Coverage form. 2. on a separate mobile homeowners package policy. 3. with a DP-1 if the mobile home is on a foundation. 4. on a mobile homeowners endorsement to a HO-3 form. - 1. with a HO-8 Modified Coverage form. Which policy condition is invoked when parties to an insured loss cannot agree? - Arbitration Which of the following is the special limit of coverage on the homeowners policy form for property damage to personal watercraft? - $1,500 An injured employee covered under workers' compensation is entitled to reasonably justifiable expenses for retraining. This benefit falls under which of the following? - Vocational rehabilitation The Causes of Loss form for farm property lists which of the following? 1. the type of property insured 2. the amount of insurance provided 3. perils property is insured against 4. exclusions to named insureds - 3. perils property is insured against Which of the following created The National Flood Insurance Program? - the United States Congress Exclusions common to liability coverage for both the personal auto policy and the business auto policy include all of the following EXCEPT 1. work related injuries to insured's employees. 2. vehicles used in prearranged racing or speed contests. 3. for bodily injury or property damage caused intentionally by the insured. 4. for liability arising while the insured auto is being used in an auto business. - 4. for liability arising while the insured auto is being used in an auto business. Which of the following makes use of market value in determining loss valuation? - Property is evaluated for what it sells for at the time of the loss. Homeowner Form HO-2 provides coverage for loss of appliances, carpeting, and other household furnishings for a maximum of how much? - $2,500 Workers' compensation coverage is rated on the basis of which of the following? - Employer's payroll A bank customer's identity was compromised and the thieves made numerous purchases from a retailer by signing the customer's checks. When the bank refused to make payment for the goods, the retailer brought suit against the bank. Which coverage indemnified the bank for liability in the suit? - forgery and alteration For the purpose of workers' compensation insurance all of the following are subject to the workers' compensation laws, either as an employer or employee EXCEPT