P+C Idaho Exam Review 2024 Questions (100% Verified with correct answers)

If I want Replacement Cost coverage on my $200,000 home, I need to purchase how much insurance? a.$60,000 b.$100,000 c.$160,000 d.$200,000 correct answers 80% of $200,000 is $160,000. The HO only provides Replacement Cost coverage on the structures if they are insured to 80% of value. The correct answer is: $160,000 Water damage to a building resulting from fire fighting efforts is: a.a direct loss indirect loss correct answers direct loss A car is destroyed by a hurricane. This is: Select one: occurrence accident correct answers accident A document outlining the coverage with evidence that coverage is in effect is known as a/an? Select one: sement ficate of insurance correct answers certificate of insurance Which policy is purchased by a business to cover completed operations and products liability? Select one: a.Commercial Liability b.Errors and Omissions c.Homeowner Policy d.Dwelling Policy correct answers The correct answer is: Commercial Liability A, B and C as partners own a business. They have a CGL providing a $100,000 occurrence limit. An injured customer sued after an accident and obtained three judgments; one against A for $50,000, a second against B for $50,000 and a third against C for $50,000. The CGL will pay: Select one: $100,000. three judgments in full because neither exceeds the occurrence limit. correct answers The correct answer is: only $100,000. Which of the following is an example of vicarious liability? Select one: a.A store owner is held liable for carelessly dropping a box on a customer's foot.