All Lines Adjuster Exam 2024 (A+ GRADED)

The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as correct answers A recipient location recipient location correct answers Businesses who support insured by being the primary buyer for their products HO-3 (special form) correct answers covers the dwelling and other structures on a risk-of-direct-physical loss basis. All direct physical losses are covered except those losses specifically excluded. Personal property is covered on a named perils basis HO-5 Comprehensive Form correct answers provides open perils coverage ("all-risks coverage") on the dwelling, other structures and personal property. HO-2 (broad form) correct answers covers the dwelling, other structures, and personal property on a named perils basis HO-4 (contents broad form) correct answers Only covers a tenant's personal property on a named perils basis The dwelling is insured for 200,000 under DP-2 dwelling policy how much coverage applies to the barn? correct answers Nothing farm property are not eligible under the dwelling policy. A Covered Auto includes those vehicle(s) listed on the Declarations, plus any trailers or wagons owned by the Named Insured, any newly acquired vehicles, and any vehicle used as a _________. correct answers Temporary Substitute Auto The covered auto is defined in the policy as all of the following EXCEPT: A) any additional auto acquired in the past 30 days. B) any auto shown in the declarations. C) any auto used as a temporary substitute while an insured auto is being repaired. D) any trailer owned by the insured or spouse. correct answers Answer: A An additional auto acquired during the policy period is considered a covered auto. However, some restrictions do apply. For example, if the newly acquired auto is in addition to any vehicle shown on the declarations, it must be insured within 14 days of the purchase date. If it replaces one of the cars, the insured does not need to add it during that policy period. Coverage F on homeowners policy provides correct answers Medical payments to others; pays all necessary medical expenses for up to three years after an accident.