AMIM 122 QUESTIONS & ANSWERS SOLVED 100% CORRECT!

Nationwide Marine Definition - Answer-Limits the types of risks and policies that marine insurers were permitted to underwrite. Property must be in transit or bear some relation to transportation or communication to qualify for coverage under a marine or inland marine policy. Filed classes - Answer-or controlled classes - those classes of business for which rates or forms or both must be filed with the insurance commissioner of a state for the insurer to write that class of business in that state. Nonfiled classes - Answer-or noncontrolled classes - those classes of business that are not subject to rate and/or form filing regulations. Judgment rating - Answer-underwriters authority from the state to modify the policy form to fit an insured's precise coverage needs and can then charge a rate that reflects the characteristics of the particular need. Consent-to-rate procedures - Answer-The underwriter obtains the insured's written consent to a rate change and files the consent statement with the state insurance department Output policy - Answer-Combines most or all of the property and inland marine coverages that an organization might need. Businessowners policies - Answer-Includes both commercial property and liability coverages. Inland Marine coverage is limited under this policy. Scheduled Personal Property Endorsement - Answer-A homeowners policy endorsement that is commonly used to provide inland marine insurance. Personal Articles Floater - Answer-Can be used to cover specifically described jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts, stamp collections and coin collections.Coverage extensions - Answer-Insure incidental loss exposures that are not encompassed by the policy's basic insuring agreement. Debris removal extension - Answer-The insurer agrees to pay the cost of removing debris of covered property resulting from a covered cause of loss. Pollutant cleanup and removal extension - Answer-Cost to remove or otherwise clean-up pollutants from land or water, up to a stated dollar limit, if the release of pollutants results from a covered cause of loss. Newly acquired property extension - Answer-Provides temporary coverage on such property, giving the insured a reasonable time to report newly acquired property or locations. Fire department service charges extenstion - Answer-Pays, up to a stated dollar limit, service charges the insured is obligated to pay to the fire department or municipality. Removal extension - Answer-Covers the property while being removed from the insured's premises and for a specified number of days after it is removed. Earthquake exclusion - Answer-Inland Marine coverage forms on many classes of business normally do not contain an earthquake exclusion. Exception is those from that cover fragile items. Flood exclusion - Answer-Inland marine coverage policies covering certain classes of business commonly contain a flood exclusion. War exclusion - Answer-Inland Marine policies routinely exclude loss resulting from war. Nuclear hazard exclusion - Answer-Most Inland Marine policies contain this exclusion. Excludes loss from either the hostile detonation of nuclear weapons or peaceful uses of nuclear reaction.