CompuCram Exam with Complete Solutions|
Latest Update
The Home Day Care endorsement (HO 04 97) would exclude all of the following, EXCEPT
liability on the premises. - The Home Day Care endorsement extends the liability from
section II to the day care activities on the insured's premises. It does not cover activities off the
premises, in a motor vehicle, or physical abuse through corporal punishment.
Are golf carts used on the golf course included on liability coverage on the homeowners policy?
Yes
Tim purchases a homeowners policy worth $700,000 with a 4% deductible. A few months later, a
hailstorm destroys his roof, porch, and windows, causing $50,000 in damages. Tim should
expect_______ from the insurance company to pay for the damages. $22,000 - A 4%
deductible is based on the coverage limit of $700,000. 4% of $700,000 is $28,000 which would
be the deductible. Subtracting that from the $50,000 in damages would net Tim $22,000.
Torts involving such things as libel, slander, wrongful eviction, defamation of character, etc., are
covered under the homeowners policy by utilizing what endorsement? personal injury
Can a Private residence in which the owner occupant also maintains an office for an accounting
business be insured under a unendorsed homeowners policy? Yes
Would a insured injured driving the company truck on the job be excluded by a policy providing
automobile medical payments insurance? Yes it would be excluded
,Uninsured motorists property damage is an optional coverage that has a minimum deductible of
$250
Under the Personal Auto Policy, if a driver runs off the road, and damages his car when he hits a
tree, the basis for the claim settlement is collision.
Is Medical payments coverage available under the physical damage section of the business auto
policy? No
The limits of liability for uninsured and underinsured motorists coverage can be equal to
(but not greater than) the bodily injury liability limit.
Uninsured motorist coverage is NOT provided for bodily injury sustained by a covered person if
bodily injury results while a covered person is occupying a covered auto carrying property
for a fee
What is NOT covered by automobile comprehensive coverage? mechanical breakdown
during the warranty period
The insured is in a rental car. They crash the rental and it takes 20 days to fix. How much will
insurance pay for the loss of use of the rental car? $380 - coverage will pay $20 per day
up to $600 maximum, but the payment begins 24 hours after a collision loss. So in this example
the insurer would pay for 19 days for a total of $380
, Is Mobile Equipment a types of Commercial Auto coverage forms No - Mobile
Equipment is an endorsement
Is Money included in Securities for Commercial Crime? No - Money has its own
definition. The other three are all defined as a security.
Extra expense covers additional expenses incurred to continue operations.
Is Equipment mounted on an insured vehicle covered on the Equipment Floater policy no
- The equipment that is mounted on an insured vehicle is part of the vehicle and should be
covered under the Auto insurance policy for the vehicle.
The loss sustained form in crime insurance will cover losses with in that time frame?
policy period.
Would office buildings be included in the nationwide definition? No
What is NOT part of a business owner's policy? underground pipes, flues, and drains
liability coverage in a Business Owners Policy is provided on what form The liability on a
BOP is provided on an occurrence form not a claims made form.
The liability coverage of the business owner's policy is occurrence coverage.
Latest Update
The Home Day Care endorsement (HO 04 97) would exclude all of the following, EXCEPT
liability on the premises. - The Home Day Care endorsement extends the liability from
section II to the day care activities on the insured's premises. It does not cover activities off the
premises, in a motor vehicle, or physical abuse through corporal punishment.
Are golf carts used on the golf course included on liability coverage on the homeowners policy?
Yes
Tim purchases a homeowners policy worth $700,000 with a 4% deductible. A few months later, a
hailstorm destroys his roof, porch, and windows, causing $50,000 in damages. Tim should
expect_______ from the insurance company to pay for the damages. $22,000 - A 4%
deductible is based on the coverage limit of $700,000. 4% of $700,000 is $28,000 which would
be the deductible. Subtracting that from the $50,000 in damages would net Tim $22,000.
Torts involving such things as libel, slander, wrongful eviction, defamation of character, etc., are
covered under the homeowners policy by utilizing what endorsement? personal injury
Can a Private residence in which the owner occupant also maintains an office for an accounting
business be insured under a unendorsed homeowners policy? Yes
Would a insured injured driving the company truck on the job be excluded by a policy providing
automobile medical payments insurance? Yes it would be excluded
,Uninsured motorists property damage is an optional coverage that has a minimum deductible of
$250
Under the Personal Auto Policy, if a driver runs off the road, and damages his car when he hits a
tree, the basis for the claim settlement is collision.
Is Medical payments coverage available under the physical damage section of the business auto
policy? No
The limits of liability for uninsured and underinsured motorists coverage can be equal to
(but not greater than) the bodily injury liability limit.
Uninsured motorist coverage is NOT provided for bodily injury sustained by a covered person if
bodily injury results while a covered person is occupying a covered auto carrying property
for a fee
What is NOT covered by automobile comprehensive coverage? mechanical breakdown
during the warranty period
The insured is in a rental car. They crash the rental and it takes 20 days to fix. How much will
insurance pay for the loss of use of the rental car? $380 - coverage will pay $20 per day
up to $600 maximum, but the payment begins 24 hours after a collision loss. So in this example
the insurer would pay for 19 days for a total of $380
, Is Mobile Equipment a types of Commercial Auto coverage forms No - Mobile
Equipment is an endorsement
Is Money included in Securities for Commercial Crime? No - Money has its own
definition. The other three are all defined as a security.
Extra expense covers additional expenses incurred to continue operations.
Is Equipment mounted on an insured vehicle covered on the Equipment Floater policy no
- The equipment that is mounted on an insured vehicle is part of the vehicle and should be
covered under the Auto insurance policy for the vehicle.
The loss sustained form in crime insurance will cover losses with in that time frame?
policy period.
Would office buildings be included in the nationwide definition? No
What is NOT part of a business owner's policy? underground pipes, flues, and drains
liability coverage in a Business Owners Policy is provided on what form The liability on a
BOP is provided on an occurrence form not a claims made form.
The liability coverage of the business owner's policy is occurrence coverage.
