Property and Casualty – Kentucky Exam |
118 Complete Questions and answers
How long is a waiting period upon purchase of flood coverage through NFIP?
- -30 days
- Coverage under a Floor Plan Merchandise form is written on a reporting
form basis that requires the insured to file reports with the insurer. What is
the time frame for those reports? - -Within 30 days after the end of each
month
- Which of the following types of property will be covered by inland marine
insurance? - -Portable property of the insured in transit in the air and in
transit over land.
- The endorsement that can be attached to an Equipment Breakdown policy
to provide coverage for perishable property for spoilage or damage caused
by contact with refrigerant is called... - -Refrigeration interruption coverage.
This covers perishable property.
- Which of the following is NOT a goal of risk retention? - -To minimize the
insured's level of liability in the event of a loss. Retention usually results from
three basic desires of the insured: to reduce expenses and improve cash
flow, to increase control of claim reserving and claims settlements, and to
fund losses that cannot be insured.
- Insurance is a contract by which one seeks to protect another from? - -
Loss
- What type of form is HO-4? - -Contents broad form, also referred to as
tenant broad form, insurers personal property for broad perils.
- The amount the insurer will pay under Coverage D (Loss of Use) depends
on - -The amount of coverage on the dwelling
- Using an air-cooled engine, a proposed insured has developed a new,
experimental aircraft. If the inventor applies for liability insurance, what
rating type will the insurer most likely use? - -Judgement
- If a crime policy includes the extended reporting period in the discovery
form, general losses must be reported within how many days of policy
cancellation? - -60 days
, - Rates that are established based on the similarities of the risk with other
risks are known as - -Manual rates or class rates
- Which of the following is defined as the cost to replace damaged property
with less expensive and more modern construction or equipment? - -
Functional replacement cost
- How much coverage can be available for watercraft damage in the
homeowners policy? - -Up to $1,500
- Which of the following is a mandatory part of an insurance policy that
varies with each individual policy? - -Declarations
- The regular National Flood Insurance Program would insure an eligible
single-family dwelling for up to - -$250,000 on a replacement cost basis
- Following a property loss that is covered under a businessowners policy, if
the insurer and insured cannot agree on the amount of the loss, what
method is used to resolve the issue? - -Appraisal
- Which of the following would NOT justify the revocation of an insurance
license? - -Sharing commissions with another licensed agent
- All of the following are classes of inland marine risks EXCEPT - -Common
carrier cargo liability. The four classes of inland marine risks are: Domestic
shipments and transportation risks; bridges, tunnels, and other
instrumentalities of transportation and communication; commercial property
floaters risks; and personal property floater risks
- Dwelling coverage includes all of the following EXCEPT - -Land on which
the dwelling is located
- All of the following are unfair claims settlement practices EXCEPT - -Failing
to pay a claim within 10 days
- The commercial property declarations page contains which of the following
- -Description of the property insured
- After a loss, an insured covered by a business property coverage is NOT
required to - -Reconstruct for the insurer a timeline of activities leading up
to the loss for use in an investigation
- Which of the following is an additional coverage that is covered by the
broad causes of loss form? - -Collapse. Collapse does not include settling.
Lightening is a named peril and ordinance or law is an exclusion.
118 Complete Questions and answers
How long is a waiting period upon purchase of flood coverage through NFIP?
- -30 days
- Coverage under a Floor Plan Merchandise form is written on a reporting
form basis that requires the insured to file reports with the insurer. What is
the time frame for those reports? - -Within 30 days after the end of each
month
- Which of the following types of property will be covered by inland marine
insurance? - -Portable property of the insured in transit in the air and in
transit over land.
- The endorsement that can be attached to an Equipment Breakdown policy
to provide coverage for perishable property for spoilage or damage caused
by contact with refrigerant is called... - -Refrigeration interruption coverage.
This covers perishable property.
- Which of the following is NOT a goal of risk retention? - -To minimize the
insured's level of liability in the event of a loss. Retention usually results from
three basic desires of the insured: to reduce expenses and improve cash
flow, to increase control of claim reserving and claims settlements, and to
fund losses that cannot be insured.
- Insurance is a contract by which one seeks to protect another from? - -
Loss
- What type of form is HO-4? - -Contents broad form, also referred to as
tenant broad form, insurers personal property for broad perils.
- The amount the insurer will pay under Coverage D (Loss of Use) depends
on - -The amount of coverage on the dwelling
- Using an air-cooled engine, a proposed insured has developed a new,
experimental aircraft. If the inventor applies for liability insurance, what
rating type will the insurer most likely use? - -Judgement
- If a crime policy includes the extended reporting period in the discovery
form, general losses must be reported within how many days of policy
cancellation? - -60 days
, - Rates that are established based on the similarities of the risk with other
risks are known as - -Manual rates or class rates
- Which of the following is defined as the cost to replace damaged property
with less expensive and more modern construction or equipment? - -
Functional replacement cost
- How much coverage can be available for watercraft damage in the
homeowners policy? - -Up to $1,500
- Which of the following is a mandatory part of an insurance policy that
varies with each individual policy? - -Declarations
- The regular National Flood Insurance Program would insure an eligible
single-family dwelling for up to - -$250,000 on a replacement cost basis
- Following a property loss that is covered under a businessowners policy, if
the insurer and insured cannot agree on the amount of the loss, what
method is used to resolve the issue? - -Appraisal
- Which of the following would NOT justify the revocation of an insurance
license? - -Sharing commissions with another licensed agent
- All of the following are classes of inland marine risks EXCEPT - -Common
carrier cargo liability. The four classes of inland marine risks are: Domestic
shipments and transportation risks; bridges, tunnels, and other
instrumentalities of transportation and communication; commercial property
floaters risks; and personal property floater risks
- Dwelling coverage includes all of the following EXCEPT - -Land on which
the dwelling is located
- All of the following are unfair claims settlement practices EXCEPT - -Failing
to pay a claim within 10 days
- The commercial property declarations page contains which of the following
- -Description of the property insured
- After a loss, an insured covered by a business property coverage is NOT
required to - -Reconstruct for the insurer a timeline of activities leading up
to the loss for use in an investigation
- Which of the following is an additional coverage that is covered by the
broad causes of loss form? - -Collapse. Collapse does not include settling.
Lightening is a named peril and ordinance or law is an exclusion.
