Missed PSI Exam - Property & Casualty
|Questions with 100% Correct Answers
Is Explosion covered under the liability coverage of the business auto coverage
form? - ✔ ✔ If a business auto caused an explosion as a result of an accident,
the liability coverage of the business auto coverage form would apply.
What is specifically described in the personal auto declaration page of the policy?
- ✔ ✔ period of coverage under the policy by the date.
The policy period, when coverage begins, and the effective date are specifically
stated on the declarations page. The named insured are listed and described,
not every "insured." The perils covered under comprehensive and collision are
listed in the insuring agreement and not on the declarations page.
Rick is driving his own car on company business. If there is an at fault accident
and Rick is negligent, what is needed to have the employer's commercial auto
policy cover Rick as an individual in the lawsuit? - ✔ ✔ Employees as insureds
What is covered on the Garage policy? - ✔ ✔ The garage policy will provide
liability coverage for customer injuries on the premises and for autos driven on
the public roads but not damage to the customer's car while it is in the custody
and care of the garage. Garage keepers Liability is needed for that exposure.
, How does Transportation Expenses differ from Substitute Transportation
coverage? - ✔ ✔ the insured must pay an extra premium for the coverage.
Transportation expenses coverage is free when you buy collision and/or other
than collision coverage. There is a waiting period before coverage begins and the
maximum payout is $20 per day.
Is it possible to stack Underinsured Motorist coverage? - ✔ ✔ No.
State UIM law prohibits payment from exceeding the highest limit on any
one policy. An automobile insurance policy may, without regard to any
premiums involved, prohibit the stacking of coverages.
A Commercial Auto endorsement that broadens the definition of product liability
is a - ✔ ✔ Broad Form Product Coverage.
Redwood Lawn and Landscape contracts to install a row of trees at the insured's
premises. By contract, the trees become the customer's property once they are
planted. Which of the following would cover Redwood if the trees are left on the
customer's property but not yet planted? - ✔ ✔ Installation Floater
What is the loss settlement on the Equipment Breakdown Coverage Form?
- ✔ ✔ replacement cost
What is not included on an unendorsed farm policy? - ✔ ✔ Professional liability
Since virtual currency is a form of payment, claims regarding virtual currency
would be _______ on the Commercial Crime forms. - ✔ ✔ Excluded
|Questions with 100% Correct Answers
Is Explosion covered under the liability coverage of the business auto coverage
form? - ✔ ✔ If a business auto caused an explosion as a result of an accident,
the liability coverage of the business auto coverage form would apply.
What is specifically described in the personal auto declaration page of the policy?
- ✔ ✔ period of coverage under the policy by the date.
The policy period, when coverage begins, and the effective date are specifically
stated on the declarations page. The named insured are listed and described,
not every "insured." The perils covered under comprehensive and collision are
listed in the insuring agreement and not on the declarations page.
Rick is driving his own car on company business. If there is an at fault accident
and Rick is negligent, what is needed to have the employer's commercial auto
policy cover Rick as an individual in the lawsuit? - ✔ ✔ Employees as insureds
What is covered on the Garage policy? - ✔ ✔ The garage policy will provide
liability coverage for customer injuries on the premises and for autos driven on
the public roads but not damage to the customer's car while it is in the custody
and care of the garage. Garage keepers Liability is needed for that exposure.
, How does Transportation Expenses differ from Substitute Transportation
coverage? - ✔ ✔ the insured must pay an extra premium for the coverage.
Transportation expenses coverage is free when you buy collision and/or other
than collision coverage. There is a waiting period before coverage begins and the
maximum payout is $20 per day.
Is it possible to stack Underinsured Motorist coverage? - ✔ ✔ No.
State UIM law prohibits payment from exceeding the highest limit on any
one policy. An automobile insurance policy may, without regard to any
premiums involved, prohibit the stacking of coverages.
A Commercial Auto endorsement that broadens the definition of product liability
is a - ✔ ✔ Broad Form Product Coverage.
Redwood Lawn and Landscape contracts to install a row of trees at the insured's
premises. By contract, the trees become the customer's property once they are
planted. Which of the following would cover Redwood if the trees are left on the
customer's property but not yet planted? - ✔ ✔ Installation Floater
What is the loss settlement on the Equipment Breakdown Coverage Form?
- ✔ ✔ replacement cost
What is not included on an unendorsed farm policy? - ✔ ✔ Professional liability
Since virtual currency is a form of payment, claims regarding virtual currency
would be _______ on the Commercial Crime forms. - ✔ ✔ Excluded
