- Study guides, Class notes & Summaries

An insured rents a car while on vacation in Canada and causes an accident. Is there coverage under his personal auto policy? - answersThe loss is covered under an unendorsed personal auto policy. Under the workers' compensation laws, which of the following would NOT be covered? - answersHeart-related illness resulting from hereditary causes An insurance policy covers fire, will not cover nuclear contamination, and loss must be reported as soon as possible. In this order, where are these...

HO-2 - answersmid range home insurance policy that is named perils HO-3 - answersMost common---open perils on house, named perils on personal belongings HO-4 - answersrenter's insurance...personal property and improvements covered named perils HO-5 - answersopen perils policy on home and personal property HO-6 - answerstown home and condo named perils policy...owner only needs to insure the interior HO-8 - answersWORST POLICY---Named perils on home and belongings but only 10 pe...

Risk - answersChance or Uncertainty of a Loss Peril - answersPossible cause of a loss 2 Years - answersThe Commissioner of insurance is appointed by the governor for a term of ______ ending on February 1 of each odd-numbered year? 5 Years - answersThe Commissioner of insurance MUST have ________ of experience in business or government. $50,000 - answersThe Commissioner of insurance must provide a __________ surety bond. (A surety bond guarantees performance) $500,000 - answersThe ...

1. Which of the following statements concerning the types of Homeowner's policies is correct? a. HO-2 and HO-3 differ primarily with respect to coverage for personal property b. HO-4 provides all-risk coverage for personal property of tenants c. HO-6 provides coverage for the insured's interest in additions, alterations and improvements made to a condominium unit d. HO-8 is designed for high-value dwellings for which the owner wants broader coverage than is available under HO-3c - an...

What determines an insurer's responsibility for payment, as stated in an insurance policy? - answersLimits of liability How are direct and indirect losses related? - answersDirect losses can cause indirect losses. What is the process that insurers use to determine whether a policy should be issued and on what terms and conditions? - answersUnderwriting A policy that covers all causes of loss except for those specifically excluded is known as what type of policy? - answersOpen peril (...

An individual applied for auto insurance and obtained coverage from ABC Insurance Company. Who is the first party in the contract? A. The insured (customer) B. The insurer (insurance company) C. The agent D. The insured and agent - answersA. The insured (customer) If a fire causes damage to a building, the fire is A. a hazard В. а peril C. a risk D. an exposure - answersВ. а peril Wearing a seat belt in a car is an example of which method of managing risk A. Retain ...