What information is typically contained in the insuring agreement of an insurance policy? details of the insured property exclusions and limitations policyholder's obligations a summary of the major promises of the insurer

a summary of the major promises of the insurer

How do policies compare and contrast in relation to the insurer and the covered? Covered factors are irrelevant Integration with insurer and factors related to covered Policies are identical regardless of insurer Only the insurer's details matter

Integration with insurer and factors related to covered

All of the following statements about endorsements and riders are true EXCEPT: They are primarily used to circumvent legislation They can add or remove coverage They are used to tailor policies to specific needs They modify the original policy terms

They are primarily used to circumvent legislation

Understanding Key Concepts in Property and Liability Insurance Policies

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Business - Insurance

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Cards in this deck(25)

What part of a property and liability insurance contract contains information about the property or activity to be insured?

What information is typically contained in the insuring agreement of an insurance policy?

The exclusion of flood in a homeowners policy is an example of what type of exclusion?

Which of the following statements about 'open-perils' coverage is true?

Exclusions are used in insurance policies for all of the following reasons EXCEPT:

Which reasons might a peril be considered uninsurable and therefore excluded from insurance contracts?

The policy provision requiring the filing of proof of loss with the insurer is an example of a(n) _____?

How do policies compare and contrast in relation to the insurer and the covered?

All of the following statements about endorsements and riders are true EXCEPT:

Deductibles are not used in which of the following types of insurance?

One of the reasons that deductibles are used in insurance policies is to:

The deductible used for automobile collision losses is an example of a(n) _____?

Which of the following statements about a calendar-year deductible is true?

A provision in a disability income insurance policy that requires a person to be disabled for 60 days before receiving benefits is an example of a(n) _____?

At what point in time must an insured meet the coinsurance requirement in a property insurance policy to avoid paying a portion of the loss?

David owns a commercial building with a replacement cost of $4 million. The building is insured on a replacement cost basis for $2.4 million under a fire insurance policy with an 80 percent coinsurance clause. How much will David collect if the building sustains a covered fire loss with a replacement cost of $80,000?

The primary purpose of coinsurance in property insurance is to:

Which of the following statements about problems arising from the use of a coinsurance clause is true?

Connie has an individual medical expense policy with a $1,000 deductible. She is required to pay 20 percent of covered expenses in excess of the deductible. The insurer will pay 80 percent of expenses in excess of the deductible. If Connie has eligible medical expenses of $26,000, how much will be paid by her insurer?

Purposes of the coinsurance clause in health insurance contracts include which of the following?

The purpose of other-insurance provisions is to:

Lisa has three fire insurance policies on her office building. The policy from company A is for $400,000, and the policies from companies B and C are for $100,000 each. If Lisa has a $360,000 loss, how much of the loss will be covered by each policy if the loss is settled on a pro rata basis by the insurers?

Kevin has three liability policies which provide for contribution by equal shares if other insurance applies to a loss. How much will each policy pay for a $3,000,000 liability judgment if policy A provides $500,000 of coverage, policy B provides $1,000,000 of coverage, and policy C provides $3,000,000 of coverage?

Helen and John both own automobiles on which they carry liability insurance. If Helen is negligent and has an accident while driving John's car with his permission, how will each insurer respond to any liability judgment against Helen?

Kate is covered under her employer's group health plan. She is also covered as a dependent under her husband's group health plan. Under the usual coordination-of-benefits provision, how will each company respond to a claim filed by Kate?

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Understanding Key Concepts in Property and Liability Insurance Policies

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