Property and Casualty Questions and Answers Already Passed

Property and Casualty Questions and Answers Already Passed An agent license can be suspended or revoked by writing primarily controlled business If an insured hides information and fails to disclose a known material fact to the insurer is known as Concealment which of the following statements pertaining to medical payment Part C of the CGL is false A person has to establish the liability of the insured before medical benefits will be paid under the contract All of the following is Correct about Market Value EXCEPT The only policy that normally carries Market Value is HO-6 form What is Market Value? the value is the price at which property will sell in regular marketplace when the sell nor buyer is forced to terms. All of the following are covered under Directors and Officers Coverage EXCEPT Punitive Damages What does Directors and Officers (D&O) insurance protect? individuals that serve as officers or on the board of directors of organizations and protects them against wrongful actors or omissions. It does not pay fines, salary or punitive damages If the building in which a business operates is a total loss, which of the following expenses will not be covered under Business Income Coverage? Utility Bills Business Income Coverage? does not pay for expenses that are susceptibile to the shutdown( no building means not electric or gas bills) and only continuing expenses of the business are paid What is the minimum dollar coverage amount requirement for Basic for coverage in a Dwelling policy? There is not minimum dollar coverage requirement J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? Twisting What is Twisting? is inducing or attempting to induce any insured person through misrepresentation to lapse, forfeit or surrender insurance Which type of Fidelity Bond would cover a maximum amount for a single loss regardless of the number of employees involved? Commercial Blanket What does a Commercial Blanket bond cover? covers a maximum amount not matter how many employees are in involved in a single loss When may an insured cancel an Insurance policy? At any time with proper notice Exclusions limit the scope of benefits, list which type of perils are not covered, limits the wording of the insuring agreements K owns a factory and has an Equipment Breakdown Policy on his business. Which of the following would be covered as a pure accident under the contract language? A boiler malfunctions and blows up Which of the following statements about NFIP deductibles are TRUE? There is a deductible applied to the building and another to the contents under both the emergency and regular programs. If a painter wished to buy a Business Owner Policy? His payroll cannot exceed $300,000 Contractors such as painters, electricians, drywallers, carpenters etc are all eligible for the BOP (Business Owner Policy) whats the stipulation? The maximum payroll cant exceed $300,00 Beth is offered a favorable loan on a new car, but is uncomfortable when the loan officer indicates that she needs to place her auto insurance with a specific agent in order to make sure the loan is approved. This kind of intimidation is legally called Coercion what is coercion? any kind of threat or intimidating action to participate in an insurance transaction An example of an unfair claims settlement practice turning down a claim without providing the basis of denial Replacement Cost provides benefits that are the exact amount of money to replace destroyed property at the time loss occured