Property mastery exam
characteristic of the BOP - Answer-It stands by itself as a commercial package policy
Continuing education - Answer-An agent license is renewed by pauthing the applicable renewal fee and
completing...
Misrepresentation - Answer-leading someone to believe that an insurance policy provides certain
benefits when it does not
valued (agreed amount) contract - Answer-insured item is destroyed by covered cause of loss. Insurer
and Insured have determined the value of loss in advance, and the full of amount is payable by
Certificate of Authority - Answer-states give an insurer permission to transact insurance with a
Coverage D - Answer-which part of the dwelling property policy would cover lost rental revenue if the
dwelling was being used as a rental property
Adhesion contract - Answer-An Insurance policy is prepared by the Insurance company, with little or no
input for the insured
, Tornado is an example of - Answer-Peril
Open Peril Policy - Answer-Insurance policy insures against all risks of loss that not specifically excluded
by the policy
twisting - Answer-is when the producer makes an unfair policy comparison in order to get the insured
to lapse an existing policy and purchase a new policy with another insurer
When is misrepresentation in an application basis for denying a claim? - Answer-when it is fraudulent
Pay claims promptly - Answer-is not a responsibility of an agent when writing insurance
Basic difference between the dwelling DP-2 and DP-3 - Answer-DP-3 provides open peril coverage of the
dwelling and other structures
Unfair claims practices by Insurance Companies include: - Answer--delaying an investigation/claim
payment by requesting a duplicate verification of facts
-compelling policyowners to go to court to recover amounts due them by offering substantially less that
the amounts recovered through litigation
-failing to promptly acknowledge pertinent communications concerning claims
purpose of Guaranty Associations - Answer-protecting insureds in the event of a member insurance
companies insolvency
Procedure for resolving a disagreement between insured and insurer about a loss is outlined in? -
Answer-The conditions
Liability - Answer-is NOT covered in an unendorsed dwelling policy
characteristic of the BOP - Answer-It stands by itself as a commercial package policy
Continuing education - Answer-An agent license is renewed by pauthing the applicable renewal fee and
completing...
Misrepresentation - Answer-leading someone to believe that an insurance policy provides certain
benefits when it does not
valued (agreed amount) contract - Answer-insured item is destroyed by covered cause of loss. Insurer
and Insured have determined the value of loss in advance, and the full of amount is payable by
Certificate of Authority - Answer-states give an insurer permission to transact insurance with a
Coverage D - Answer-which part of the dwelling property policy would cover lost rental revenue if the
dwelling was being used as a rental property
Adhesion contract - Answer-An Insurance policy is prepared by the Insurance company, with little or no
input for the insured
, Tornado is an example of - Answer-Peril
Open Peril Policy - Answer-Insurance policy insures against all risks of loss that not specifically excluded
by the policy
twisting - Answer-is when the producer makes an unfair policy comparison in order to get the insured
to lapse an existing policy and purchase a new policy with another insurer
When is misrepresentation in an application basis for denying a claim? - Answer-when it is fraudulent
Pay claims promptly - Answer-is not a responsibility of an agent when writing insurance
Basic difference between the dwelling DP-2 and DP-3 - Answer-DP-3 provides open peril coverage of the
dwelling and other structures
Unfair claims practices by Insurance Companies include: - Answer--delaying an investigation/claim
payment by requesting a duplicate verification of facts
-compelling policyowners to go to court to recover amounts due them by offering substantially less that
the amounts recovered through litigation
-failing to promptly acknowledge pertinent communications concerning claims
purpose of Guaranty Associations - Answer-protecting insureds in the event of a member insurance
companies insolvency
Procedure for resolving a disagreement between insured and insurer about a loss is outlined in? -
Answer-The conditions
Liability - Answer-is NOT covered in an unendorsed dwelling policy
