EXAM FX Simulated Test | 100% Correct Answers | Verified | Latest 2024 Version

Which of the following policies does NOT contain an automatic reinstatement provision? a) Business automobile liability b) Personal automobile liability with split limits c) Homeowners d) General liability written with an aggregate limit - General Liability written with an aggregate limit The ABC Corporation has $100,000 of coverage on its building through insurance Company A, and $50,000 of identical coverage on the same building through insurance Company B. Assuming coinsurance is not an issue, when a $24,000 loss occurs and the pro rata method is used, how much will each insurer pay? a) Company A will pay $24,000; Company B will pay $0. b) Company A will pay $16,000; Company B will pay $8,000. c) Company A will pay $20,000; Company B will pay $4,000. d) Company A will pay $12,000; Company B will pay $12,000. - Company A will pay $16,000; Company B will pay $8,000. Farm fences (except field and pasture fences) are covered by which farm coverage form? a) Coverage A b) Coverage B c) Coverage E d) Coverage G - Coverage G What type of coverage does a homeowners policy include that a dwelling policy does not? a) Personal property b) Other structures c) Broad formd) Liability - Liability