PERSONAL LINES EXAMFX STUDY
SESSION
indirect00loss00-00ans--
✔✔An00additional00loss00that00results00from00a00direct00loss00of00property00is00called00a/
an
It00provides00errors00and00omissions00coverage00for00an00agency00-00ans--
✔✔Which00of00the00following00statements00is00NOT00true00regarding00a00personal00umb
rella00liability00policy?
Renewal00dates00-00ans--
✔✔What00type00of00information00would00be00found00in00a00policy's00insuring00agreement
?
Per00occurrence00-00ans--
✔✔An00insured00has00a00liability00policy00that00sets00the00amount00for00all00claims00that0
0arise00from00a00single00incident00at00$50,000.00Which00type00of00limit00of00liability00does
00this00insured's00policy00have?
Owned00or00leased00by00the00resident00of00the00mobile00home00-00ans--
✔✔The00mobilehome00endorsement00alters00the00homeowners00policy00to00cover00a00m
obilehome00and00other00structures00on00land
warranty00-00ans--
✔✔Which00of00the00following00is00a00statement00that00is00guaranteed00to00be00true,00and
00if00untrue,00may00breach00an00insurance00contract?
Mechanical00breakdown00-00ans--
✔✔Which00of00the00following00is00a00common00exclusion00found00in00Part00D:00Coverag
e00for00Damage00to00Your00Auto00of00a00PAP?
market00value00-00ans--
✔✔The00insured's00house00is00located00one00mile00from00the00county's00new00landfill00a
nd00across00the00road00from00the00entrance00of00a00rock00quarry.00It00would00cost00$150
,00000to00rebuild00the00house00is00something00happened00to00it,00but00when00the00insure
, d00tried00to00sell00it,00the00best00offer00he00received00was00$80,000.00The00insurance00co
mpany00will00insure00the00house00for00only00$80,000.00What00method00of00valuation00is00
used00to00insure00this00property?
Each00policy00will00pay00$25,00000of00the00loss00-00ans--
✔✔An00insured00has00four00separate00but00identical00policies00written00by00different00ins
urers00to00cover00her00$100,00000building.00Each00policy00is00written00for00$100,000,00a
nd00each00has00the00pro00rata00liability00other00insurance00clause.00In00the00event00of00a
00total00loss00to00the00building,00what00would00each00insurer00pay?
declarations00-00ans--
✔✔Which00of00the00following00is00a00mandatory00part00of00an00insurance00policy00that00v
aries00with00each00individual00policy?
Insuring00agreement00-00ans--
✔✔All00of00the00following00are00conditions00commonly00found00in00the00insurance00polic
y00EXCEPT
Burglary00-00ans--
✔✔The00crime00of00forced00entry00into00the00premises00of00another00by00a00person00or00
persons00with00felonious00intent00is00defined00as
dwelling00policy00form00-00ans--
✔✔Residential00structures,00including00individual00condominium00units,00and00their00con
tents00are00insured00by00what00part00of00the00National00Flood00Insurance00Program?
transportation/permission00to00move00endorsement00-00ans--
✔✔An00insured00covered00under00a00Mobile00Homeowners00Policy00wants00to00move00t
he00location00of00the00covered00mobile00home.00Which00of00the00following00must00the00in
sured00obtain00from00the00insurer?
Consideration00-00ans--
✔✔An00insurer00neglects00to00pay00a00legitimate00claim00that00is00covered00under00the00
terms00of00the00policy.00Which00of00the00following00insurance00principles00has00the00insu
rer00violated?
Insured00-00ans--✔✔Who00is00responsible00for00filling00out00a00notice00of00claim00form?
occurrence00-00ans--
✔✔Losses00caused00by00continuous00or00repeated00exposure00to00conditions00resulting
00in00injury00to00persons00or00damage00to00property00that00is00neither00intended00nor00ex
pected00is00the00definition00of00which00of00the00following00terms?
other00than00collision00coverage00-00ans--
✔✔Rental00reimbursement00is00only00available00if00the00policy00includes00which00covera
ge?
SESSION
indirect00loss00-00ans--
✔✔An00additional00loss00that00results00from00a00direct00loss00of00property00is00called00a/
an
It00provides00errors00and00omissions00coverage00for00an00agency00-00ans--
✔✔Which00of00the00following00statements00is00NOT00true00regarding00a00personal00umb
rella00liability00policy?
Renewal00dates00-00ans--
✔✔What00type00of00information00would00be00found00in00a00policy's00insuring00agreement
?
Per00occurrence00-00ans--
✔✔An00insured00has00a00liability00policy00that00sets00the00amount00for00all00claims00that0
0arise00from00a00single00incident00at00$50,000.00Which00type00of00limit00of00liability00does
00this00insured's00policy00have?
Owned00or00leased00by00the00resident00of00the00mobile00home00-00ans--
✔✔The00mobilehome00endorsement00alters00the00homeowners00policy00to00cover00a00m
obilehome00and00other00structures00on00land
warranty00-00ans--
✔✔Which00of00the00following00is00a00statement00that00is00guaranteed00to00be00true,00and
00if00untrue,00may00breach00an00insurance00contract?
Mechanical00breakdown00-00ans--
✔✔Which00of00the00following00is00a00common00exclusion00found00in00Part00D:00Coverag
e00for00Damage00to00Your00Auto00of00a00PAP?
market00value00-00ans--
✔✔The00insured's00house00is00located00one00mile00from00the00county's00new00landfill00a
nd00across00the00road00from00the00entrance00of00a00rock00quarry.00It00would00cost00$150
,00000to00rebuild00the00house00is00something00happened00to00it,00but00when00the00insure
, d00tried00to00sell00it,00the00best00offer00he00received00was00$80,000.00The00insurance00co
mpany00will00insure00the00house00for00only00$80,000.00What00method00of00valuation00is00
used00to00insure00this00property?
Each00policy00will00pay00$25,00000of00the00loss00-00ans--
✔✔An00insured00has00four00separate00but00identical00policies00written00by00different00ins
urers00to00cover00her00$100,00000building.00Each00policy00is00written00for00$100,000,00a
nd00each00has00the00pro00rata00liability00other00insurance00clause.00In00the00event00of00a
00total00loss00to00the00building,00what00would00each00insurer00pay?
declarations00-00ans--
✔✔Which00of00the00following00is00a00mandatory00part00of00an00insurance00policy00that00v
aries00with00each00individual00policy?
Insuring00agreement00-00ans--
✔✔All00of00the00following00are00conditions00commonly00found00in00the00insurance00polic
y00EXCEPT
Burglary00-00ans--
✔✔The00crime00of00forced00entry00into00the00premises00of00another00by00a00person00or00
persons00with00felonious00intent00is00defined00as
dwelling00policy00form00-00ans--
✔✔Residential00structures,00including00individual00condominium00units,00and00their00con
tents00are00insured00by00what00part00of00the00National00Flood00Insurance00Program?
transportation/permission00to00move00endorsement00-00ans--
✔✔An00insured00covered00under00a00Mobile00Homeowners00Policy00wants00to00move00t
he00location00of00the00covered00mobile00home.00Which00of00the00following00must00the00in
sured00obtain00from00the00insurer?
Consideration00-00ans--
✔✔An00insurer00neglects00to00pay00a00legitimate00claim00that00is00covered00under00the00
terms00of00the00policy.00Which00of00the00following00insurance00principles00has00the00insu
rer00violated?
Insured00-00ans--✔✔Who00is00responsible00for00filling00out00a00notice00of00claim00form?
occurrence00-00ans--
✔✔Losses00caused00by00continuous00or00repeated00exposure00to00conditions00resulting
00in00injury00to00persons00or00damage00to00property00that00is00neither00intended00nor00ex
pected00is00the00definition00of00which00of00the00following00terms?
other00than00collision00coverage00-00ans--
✔✔Rental00reimbursement00is00only00available00if00the00policy00includes00which00covera
ge?
