Property and Casualty Exam FX (A+ GRADED)

Under the additional living expenses coverage, if a civil authority prohibits the insured from using the dwelling because of direct damage to a neighboring location from a peril, loss would be covered up to correct answers 2 weeks Which of the following would be named on the declarations page of a property or liability policy? correct answers First named insured According to the business owners policy (BOP) definitions which the following does not mean valuable paper and records? correct answers Securities Which of the following statements would be correct if an insured failed to maintain the underlying limits as required by a personal umbrella policy? correct answers The insured would be responsible for the amount required as underlying limits in the event of a claim The business income coverage form covers consequential loss of business income that occurs when a business must suspend operations because of a direct loss. correct answers Time Element Which part of an insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss, or defense expenses? correct answers Additional Coverage The extra expense coverage form provides correct answers coverage that will permit the insured to continue business without interruption following a property damage loss An insured covered under a mobile homeowners policy wants to move the location of the covered mobile home. correct answers Transportation/Permission to Move Endorsement Under the dwelling policy form, what is the maximum time limit during which multiple volcanic activities would be considered part of one occurrence? correct answers 72 Hours Which of the following is not the consideration in a policy? correct answers The application given to a prospective insured When the amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covered loss, the coverage is said to be written as correct answers Stated amount A claim is considered to have been made correct answers When notice is received and recorded by any insured or the insurer, whichever comes first. Which of the following is most likely to occur if it is determined by the audit that the deposit premium was too high? correct answers The insured will receive a return premium