PSI Exam - Property & Casualty

PSI Exam - Property & Casualty Federal Crop Insurance is a type of insurance sometimes called which one of the following? - residual market insurance Homeowner Form HO-2 provides coverage for loss of appliances, carpeting, and other household furnishings for a maximum of how much? - $2,500 All of the following are the most commonly used personal inland marine forms EXCEPT - builder's floater form. What is the purpose of the causes of loss form that lists specific exclusions? - to state which perils are insured against In which of the following DP forms is the dwelling covered under open perils and the personal property on a named peril basis? - DP-3 Which of the following would trigger coverage under business income form with extra expense coverage? - Carpet cleaning after a water main break Which of the following types of policy BEST describes the DP-2 Broad form policy? - named perils Which of the following is the standard amount of Coverage A-dwelling provided by the HO-6 Unit-Owners Policy? - $1,000 When does the coverage begin for a builders risk form? - On the date construction starts above the lowest basement floor if there is a basement Which of the following describes why the insuring agreement is the heart of an insurance policy? - It describes property covered and perils insured. The Terrorism Risk Insurance Act and the National Flood Insurance Program are similar by providing which of the following? - subsidies, loss sharing or excess coverage Which of the following are defined as a part of the policy and can void the policy if they are breached, whether the breach was intentional or unintentional? - warranties All of the following describe a non-owned auto under the commercial auto policy Symbol 9 EXCEPT - auto not titled to an insured but available for regular use of named insured or family member. An insureds place of business is broken in to and merchandise unlawfully taken during the night, the insured is the victim of which type of crime? - burglary Which of the following forms trigger coverage for a loss under the commercial general liability policy if a loss happens during the policy period? - occurrence form Liability arising out of any of the following is excluded from the personal and advertising injury liability coverage EXCEPT - unknowingly inflicting injury that violates the rights of another. Exclusions common to liability coverage for both the personal auto policy and the business auto policy include all of the following EXCEPT - for liability arising while the insured auto is being used in an auto business. All of the following are considered compensatory special damages when an insured is found legally liable for the loss of another EXCEPT - mental anguish. Which of the following limits of insurance on the dwelling are available and apply to Coverage D-Fair Rental Value? - 20% Which of the following is considered a hired auto under the commercial auto policy Symbol 8? - autos the insured leases, borrows or rents Bodily injury includes all of the following EXCEPT - comprehensive. For the commercial general liability coverage of bodily injury, property damage and medical payments, which of the following limits of insurance apply if the aggregate limit is NOT met? - per occurrence Which of the following is the special limit of coverage on the homeowners policy form for property damage to personal watercraft? - $1,500 A single earthquake constitutes all shocks that occur within which time period? - 168 hours Which of the following represents the primary amount of insurance for the HO-4? - Coverage C Which of the following would be covered perils under the DP-1 Basic policy form? - riot or civil commotion Which of the following is EXCLUDED as a covered loss under the DP-3 coverage? - Damage by ice to outdoor radio and television antennas and aerials A woman slips on icy steps and breaks her leg. Which of the following is the peril in this situation? - the fall What does an application for insurance contractually represent for the insured? - an offer The Fair Credit Reporting Act permits consumer reporting agencies to include applicant information about bankruptcies MORE than 10 years old under which of the following circumstances? - The applicant is seeking a transaction greater than $150,000. When an insured disagrees with the valuation of a loss and his appraiser and the insurance company's appraiser disagree, how will the loss be settled? - the amount agreed to by any two of the three The policy conditions as well as state laws permit the insurance company to cancel or rescind a policy when any of the following exist EXCEPT - representations.