New Hampshire Property & Casualty Quiz Questions And Answers (Verified And Updated)

New Hampshire Property & Casualty Quiz Questions And Answers (Verified And Updated) What is true about controlled forms? - answerThese forms are usually issued according to published rules and rates When will an insurance company pay damages on behalf of an insured under a CGL policy? - answerwhen the company determines that the insured is legally liable A loss reserving method that establishes aggregate reserves for all claims for a single type of insurance is known as - answerLoss ratio method What is a "board foot" ? - answerA piece of lumber 12" wide by 1' long by 1" thick - this is a unit of measurement to calculate pricing In New Hampshire, every insurer, upon notice of a claim, must acknowledge the receipt of such notice in writhing within: - answer10 days A customer is injured on the insured's premises and the insured is not found legally liable. The insured carries a Commercial General Liability policy. Which of the following CGL coverages would apply to cover the customer's injuries? - answerMedical payments All of the following are covered under the "supplementary payments" section of a Commercial General Liability policy, EXCEPT Court costs. Costs incurred by the insurer in investigating the claim. Insured's loss of earnings incurred at insurer's request. Costs of repair service performed on personal property at the scene of the accident. - answerCosts of repair service performed on personal property at the scene of the accident. Which of the following would be required to obtain an adjuster's license in New Hampshire? An attorney Claims processed by a salaried office employee A person that adjusts automobile claims A licensed company insurance agent - answerA person that adjusts automobile claims What is the maximum limit that can be paid on a property or casualty claim under the New Hampshire Insurance Guaranty Association? - answer$300,000 - Claims in excess of $50.00 that do not exceed $300,000 can be paid by the New Hampshire Guaranty Association. Marty has full coverage under a standard Personal Auto policy for the three cars he owns. He and the members of his household are covered as insureds under the policy. Marty's 16-year-old son Gordy, spends the weekend at his friend Steve's home and during the visit, drives one of Steve's family's cars with permission. Gordy has an accident and he is at-fault for bodily injury to others. Which of the following statements best describes how this claim will be paid? Part A - Liability of both Marty's and Steve's family's policy will pay for their portion of the claim "pro-rata" Marty will have to pay for the claims out-of-pocket because Gordy is not covered under Marty's policy or Steve's family's policy. Part A - Liability of Steve's family's policy will pay the entire claim and Marty's policy will not apply. Part A - Liability of Steve's parents policy will be primary and the Part A - Liability section of Marty - answerPart A - Liability of Steve's parents policy will be primary and the Part A - Liability section of Marty's policy will be excess to pay the claim. Angie has suffered an automobile physical damage loss. All of the following are the insured's duties after a loss under Angie's Personal Automobile policy, EXCEPT: Take reasonable steps after the loss to protect the property from further damage. Promptly notify the police if the vehicle is stolen. Allow the insurer to inspect and appraise the damaged property. Facilitate the repairs to the vehicle and submit the invoice to the insurer - answerFacilitate the repairs to the vehicle and submit the invoice to the insurer - The insured is not permitted to make repairs on the vehicle until after the vehicle has been inspected and/or appraised and an agreement as to the damages has been reached with the insurer. Conrad is a contractor with Builders' Risk coverage written on a reported value basis on his current construction job. He started clearing the land on May 1st, digging the basement on May 13th, pouring the foundation on May 31st, blocking the basement walls on June 5th, flooring the first floor above the basement on June 15th, and constructing the walls of the first floor on June 30th. When did Conrad's Builders' Risk policy begin providing coverage? June 5th. June 15th. May 1st. May 13th. - answerIf a Builders' Risk form is written on a reported value basis and the building includes a basement, coverage begins on the date construction begins on the lowest floor that will be located above the basement. In this scenario, this would be on June 15th. Gavin, the named insured under a Personal Auto policy, his daughter Tabitha, and two of her friends are riding in the covered auto when Gavin accidentally runs a stop sign, striking another vehicle. Everyone in Gavin's vehicle was injured as well as the driver and two passengers in the other car. Who would be covered for their injuries under Part A of Gavin's policy? Gavin and Tabitha. Gavin, Tabitha, and Tabitha's friends. Gavin, Tabitha, Tabitha's friends, the driver and passengers in the other car. The driver and passengers in the other car. - answerThe driver and passengers in the other car Sebastian throws a roast in the oven and decides to go to the movies, thinking that he has plenty of time before roast will be fully cooked. After the movie, he is caught behind a car accident and it takes him several hours to get home. When Sebastian finally arrives home, the roast is completely blackened and the contents of his home are thoroughly covered in soot from the smoke. Which of the following statements is true regarding how this claim would be handled under a Homeowners policy?