Question 1 1 Point Personal Injury liability coverage 1 is essentially the same thing as bodily injury coverage 2 is automatically included in the Homeowners policy 3 is available to business firms but not to individuals 4 includes certain intentional torts such as libel, slander, and defamation and is available by endorsement to the Homeowners 2 Question 2 1 Point To which of the following persons are medical payments excluded from coverage in a Personal Auto Policy 1 The named insured while occupying a nonowned automobile 2 Nonresidents while occupying the owned automobile 3 Persons struck by the owned automobile 4 Resident relatives struck by an automobile while pedestrians 3 Question 3 1 Point The medical payments coverage of the Homeowners policy agrees to pay medical expenses resulting from bodily injury to 1 residents of the household 2 guests, regardless of the insured's liability or lack thereof 3 persons other than members of the insured's household who reside on the premises 4 only the policy holder 4 Question 4 2 Points Under a surety bond, the third party to whom the bonding company is answerable for the acts of the person bonded is called the 1 principal 2 surety 3 obligee 4 obligor 5 Question 5 1 Point Under the Personal Auto Policy, if the insured has two autos insured, one with collision and one without collision, an additionally acquired auto 1 is not covered for collision until it is reported to the insurer 2 is covered for collision for 14 days 3 is covered for collision for 4 days, with a $500 deductible 4 is covered for collision until the end of the policy period 6 Question 6 2 Points The ISO Commercial Property Coverage Forms 1 automatically include coverage for business interruption losses 2 are designed for different property types and to provide protection against different types of loss 3 cover both property and liability exposures 4 cover neither property and liability exposures 7 Question 7 1 Point The definition of personal property in the Homeowners forms includes 1 motorized vehicles as long as they are not licensed 2 borrowed property which is being used by an insured 3 property belonging to roomers and boarders 4 pets belonging to the insured 8 Question 8 1 Point The Comprehensive Homeowners Form (HO 5) provides 1 open peril coverage on both the dwelling and contents 2 open peril coverage on personal property 3 a broader definition of personal property than other forms 4 a higher limit on money and securities than other forms 9 Question 9 1 Point One coverage automatically included in the Tenants Homeowners form (HO 4) that is excluded from the other forms is 1 loss assessment coverage 2 coverage for credit card forgery 3 building additions and alterations additional coverage 4 the Other Structures extension 10 Question 10 1 Point An individual might purchase a monoline fire dwelling policy rather than a Homeowners form on a dwelling because 1 he or she does not need the liability coverage of the Homeowners 2 the monoline dwelling form will be substantially cheaper 3 the Homeowners form is not available in the state in question 4 the dwelling is not owner occupied 11 Question 11 1 Point When a motorcycle is insured under the Miscellaneous Type Vehicles Endorsement 1 coverage applies to the named insured only and only for the insured vehicle 2 coverage applies to the named insured for the use of any motorcycle 3 coverage applies to the named insured, resident relatives and permissive users for the insured vehicle only 4 coverage applies to the named insured and resident relatives for the use of any motorcycle 12 Question 12 1 Point Coverage on money under the Homeowners forms 1 applies only while on the insured premises 2 is limited to $100 and excludes loss by theft 3 is covered on the same basis as any other personal property 4 is provided for the same perils as other property, but subject to a $200 limit which may be increased 13 Question 13 1 Point Under the Personal Auto Policy, coverage for liability arising out of the use of a nonowned auto 1 is primary with respect to coverage on the nonowned auto 2 is excess with respect to coverage on the nonowned auto 3 prorates with the coverage on the nonowned auto 4 is not provided because of the care, custody, and control exclusion 14 Question 14 1 Point Which of the following losses would be paid under the collision coverage of the Personal Auto Policy 1 The car is stolen and the thief collides with a bridge 2 The car collides with a deer 3 Bricks fall from a truck the insured is following and hit the car 4 The insured misjudges a curve and rolls the car 15 Question 15 1 Point The Personal Auto Policy provides coverage under the liability section for 1 pleasure use of nonowned motorcycles by the named insured 2 the owner of a nonowned auto being used by the named insured 3 nonresidents operating the owned auto with permission 4 any automobile being operated by the named insured 16 Question 16 1 Point Mr Jones is insured under a Homeowners Broad Form (HO 2) A sudden surge of power from the city's power plant burns out the motor on his freezer and the meat in the freezer spoils before the loss is discovered 1 Damage to the motor is covered, but not the loss of the meat 2 Loss of the meat is covered, but not the damage to the motor 3 Neither the meat nor the motor is covered 4 Both the meat and the motor are covered 17 Question 17 1 Point The basic purpose of the coinsurance provision is 1 to reduce total losses by requiring the insured to bear a part of every loss 2 to require the insured to purchase all of his insurance from one company 3 to reduce the cost of insurance by permitting insurers to collect from the negligent party causing the loss 4 to induce the insured to insure a high percentage of the value of his property 18 Question 18 1 Point In purchasing automobile insurance, which of the following coverages should be considered essential 1 Liability coverage 2 Medical payments coverage 3 Uninsured motorist coverage 4 They are all essential coverages 19 Question 19 2 Points The type of property insurance coverage which provides a definite amount for each item insured is 1 specific or scheduled coverage 2 reporting coverage 3 blanket coverage 4 unscheduled coverage 20 Question 20 1 Point The liability coverage of the Homeowners policy coverage excludes 1 a child's vicarious liability 2 a parent's vicarious liability 3 business liability exposures of the insured 4 liability assumed under contract 21 Question 21 1 Point The Modified Homeowners Form (HO 8) differs from the other forms with respect to 1 the fair market value condition 2 the requirements for the notarization of the form 3 the underwriting requirements for eligibility 4 the Other Structures extension 22 Question 22 1 Point Mrs Jones has a Homeowners Broad Form (HO 2) The bathtub overflows and causes $800 in damage to the kitchen ceiling 1 The loss is not covered under this form but would have been covered under the Homeowners Special Form (HO 3) 2 The loss is covered under this form, but would not have been covered under the Homeowners Modified Form (HO 8) 3 The loss is covered under this form and would also have been covered under the Homeowners Basic Form (HO 8) 4 Loss of this nature are inevitable and are therefore excluded 23 Question 23 1 Point When purchasing insurance on a dwelling 1 Homeowners Form 8 is preferable to Homeowners Form 5 2 Homeowners Form 6 is preferable to Homeowners Form 4 3 Homeowners Form 3 is preferable to Homeowners Form 2 4 Homeowners Forms are equally preferable to one another 24 Question 24 1 Point John Jones and his son Junior are insured under separate Personal Auto Policies, covering their respective autos, each as named insured Jones is using Junior's car while his own auto is in the garage for repairs In case of accident 1 only Junior's policy will apply 2 both policies will apply on a pro rata basis 3 only the father's policy will apply 4 Junior's policy will be primary and the father's policy will apply on an excess basis 25 Question 25 1 Point The definition of dwelling in the Homeowners forms includes 1 additions in contact with the dwelling 2 window air conditioning units 3 carpets and drapes 4 any real property fixtures attached to the property 26 Question 26 1 Point In most states, Uninsured Motorists coverage provides coverage 1 for both bodily injury and property damage caused by an uninsured motorist 2 only for property damage caused by an uninsured motorist 3 only for bodily injury caused by an uninsured motorist 4 is automatically included as a part of Medical Payments coverage 27 Question 27 1 Point Mr Jones is insured under a Homeowners Tenants Form (HO 4) While he is on vacation, burglars steal his television, $300 in cash, and a $12,000 Rolex watch 1 The entire loss is covered, subject to the deductible 2 A significant part of the loss will not be covered 3 Only the television is covered 4 Only the television and the wristwatch are covered 28 Question 28 1 Point The Homeowners Special Form (HO 3) provides 1 open peril coverage on both the dwelling and personal property 2 named peril coverage on both the dwelling and personal property 3 open peril coverage on the dwelling and named peril coverage on personal property 4 open peril coverage on personal property, and named peril coverage on the dwelling 29 Question 29 1 Point The definition of personal property in the Homeowners forms excludes 1 all motorized vehicles 2 watercraft while away from the premises 3 money and securities 4 animals 30 Question 30 1 Point The principal difference among the various Homeowners forms is 1 with respect to the liability coverage under Section II 2 the property covered and perils insured against in Section I 3 the definition of the dwelling in each form 4 the definition of personal property in each form 31 Question 31 1 Point The Personal Auto Policy provides coverage under the liability section for 1 all automobiles owned by the named insured 2 anyone operating the owned automobile 3 the employer of the named insured if such employer is sued because of the operation of the covered auto by an insured person 4 nonowned snowmobiles, all terrain vehicles, and motorcycles 32 Question 32 1 Point In most states, Underinsured Motorists coverage 1 essentially duplicates coverage of Uninsured Motorists coverage 2 is a statutory coverage required of all drivers 3 is usually written with limits equal to the state's minimum financial responsibility 4 is mutually exclusive with Uninsured Motorists coverage 33 Question 33 1 Point Mr Jones owns a restaurant building valued at $100,000 He carries $50,000 coverage with an 80 coinsurance clause He has a fire with damage to the building of $40,000 How much will he collect for the loss 1 $40,000 2 $32,000 3 $25,000 4 Nothing, since he has violated the coinsurance clause 34 Question 34 2 Points Under business interruption coverage, payment is made for the period 1 that the business is actually interrupted 2 the period in which operations could be reasonably be resumed 3 the period from the date of loss to expiration of the policy 4 specified in the policy declarations 35 Question 35 1 Point The Damage to Property of Others coverage under Section II of the Homeowners policies provides limited coverage for 1 intentional damage by some insureds 2 damage to the insured's own property 3 damage arising out of motor vehicles 4 damage to property that is owned by members of the insured's household 36 Question 36 1 Point In which of the following situations would the Personal Auto Policy exclude coverage under the liability section 1 the named insured borrows a motorhome for a vacation 2 a resident relative borrows a truck for pleasure use 3 a nonresident borrows the covered auto for business use 4 the named insured borrows a truck for business use 37 Question 37 1 Point Coverage A of the Homeowners Policy would apply to 1 lumber to be used to in remodeling the insured's basement 2 an unattached garage rented for private garage purposes 3 a shed used to store tools and equipment 4 the insured's summer home not listed in the declarations 38 Question 38 1 Point When the Homeowners policy is used to insure a mobile home 1 the scope of the perils is greatly reduced 2 contents coverage does not apply 3 Coverage A is combined with Coverage C 4 the definition of Coverage A, Buildings, is modified to include attached fuel tanks and built in furnishings 39 Question 39 1 Point Jones built a home in 1955, which now has a replacement cost value of $100,000 and an actual cash value of $60,000 He has it insured for $60,000 under a Homeowners Broad Form (HO 2) The dwelling's roof is damaged by a windstorm It is determined that the roof is 50 depreciated and that the cost of replacing the roof will be $8,000 He will collect 1 nothing, since he has violated the replacement cost provision 2 $8,000 minus the deductible 3 $6,000 minus the deductible 4 $4,000 minus the deductible 40 Question 40 2 Points Business interruption insurance provides coverage for 1 the loss of net profit and expenses that continue during a period of interruption 2 loss of profits on finished goods that are damaged or destroyed 3 loss of profits resulting from an interruption at another business 4 damage to stock or merchandise 41 Question 41 1 Point The definition of uninsured motorist under the Uninsured Motorist coverage of the Personal Auto Policy excludes 1 an automobile being operated without liability insurance 2 a hit and run driver 3 an automobile insured by a company that becomes insolvent 4 theft 42 Question 42 1 Point Mrs Jones has a Homeowners policy Her dog bites the mailman while he is still about three blocks away from the premises 1 There is no coverage under the policy 2 Medical payments coverage applies, but not the liability coverage 3 The policy will pay only if Jones is found legally liable 4 The policy will pay medical costs under the medical payments coverage and will also pay under liability coverage if Jones is held legally liable 43 Question 43 1 Point The definition of flood in the Federal Flood Insurance policy 1 limits the peril to the overflow of bodies of water 2 specifically excludes mudslides 3 includes water from sources on the insured's own property 4 includes overflow of inland or tidal waters and rapid accumulation of surface water from other sources 44 Question 44 1 Point Which of the following losses would be payable under the comprehensive coverage of the Personal Auto Policy 1 Flood damage 2 Reimbursement to individuals not included in the named driver exclusion provision 3 Losses to vehicles with less than four wheels 4 Collision 45 Question 45 1 Point The replacement cost coverage provision of the Homeowners forms applies 1 only to the dwelling 2 to the dwelling and other structures only 3 to the dwelling and personal property only 4 to the dwelling, other structures, and personal property

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Question: Question 1 1 Point Personal Injury liability coverage 1. is essentially the same thing as bodily injury coverage. 2. is automatically included in the Homeowners

Question 1

1 Point

Personal Injury liability coverage

is essentially the same thing as bodily injury coverage.

is automatically included in the Homeowners policy.

is available to business firms but not to individuals.

includes certain intentional torts such as libel, slander, and defamation and is available by endorsement to the Homeowners.

Question 2

1 Point

To which of the following persons are medical payments excluded from coverage in a Personal Auto Policy?

The named insured while occupying a nonowned automobile

Nonresidents while occupying the owned automobile

Persons struck by the owned automobile

Resident relatives struck by an automobile while pedestrians

Question 3

1 Point

The medical payments coverage of the Homeowners policy agrees to pay medical expenses resulting from bodily injury to

residents of the household.

guests, regardless of the insured's liability or lack thereof.

persons other than members of the insured's household who reside on the premises.

only the policy holder.

Question 4

2 Points

Under a surety bond, the third party to whom the bonding company is answerable for the acts of the person bonded is called the

principal.

surety.

obligee.

obligor.

Question 5

1 Point

Under the Personal Auto Policy, if the insured has two autos insured, one with collision and one without collision, an additionally acquired auto

is not covered for collision until it is reported to the insurer.

is covered for collision for 14 days.

is covered for collision for 4 days, with a $500 deductible.

is covered for collision until the end of the policy period.

Question 6

2 Points

The ISO Commercial Property Coverage Forms

automatically include coverage for business interruption losses.

are designed for different property types and to provide protection against different types of loss.

cover both property and liability exposures.

cover neither property and liability exposures.

Question 7

1 Point

The definition of personal property in the Homeowners forms includes

motorized vehicles as long as they are not licensed.

borrowed property which is being used by an insured.

property belonging to roomers and boarders.

pets belonging to the insured.

Question 8

1 Point

The Comprehensive Homeowners Form (HO-5) provides

open-peril coverage on both the dwelling and contents.

open-peril coverage on personal property.

a broader definition of personal property than other forms.

a higher limit on money and securities than other forms.

Question 9

1 Point

One coverage automatically included in the Tenants Homeowners form (HO-4) that is excluded from the other forms is

loss assessment coverage.

coverage for credit card forgery.

building additions and alterations additional coverage.

the Other Structures extension.

10.

Question 10

1 Point

An individual might purchase a monoline fire dwelling policy rather than a Homeowners form on a dwelling because

he or she does not need the liability coverage of the Homeowners.

the monoline dwelling form will be substantially cheaper.

the Homeowners form is not available in the state in question.

the dwelling is not owner occupied.

11.

Question 11

1 Point

When a motorcycle is insured under the Miscellaneous Type Vehicles Endorsement

coverage applies to the named insured only and only for the insured vehicle.

coverage applies to the named insured for the use of any motorcycle.

coverage applies to the named insured, resident relatives and permissive users for the insured vehicle only.

coverage applies to the named insured and resident relatives for the use of any motorcycle.

12.

Question 12

1 Point

Coverage on money under the Homeowners forms

applies only while on the insured premises.

is limited to $100 and excludes loss by theft.

is covered on the same basis as any other personal property.

is provided for the same perils as other property, but subject to a $200 limit which may be increased.

13.

Question 13

1 Point

Under the Personal Auto Policy, coverage for liability arising out of the use of a nonowned auto

is primary with respect to coverage on the nonowned auto.

is excess with respect to coverage on the nonowned auto.

prorates with the coverage on the nonowned auto.

is not provided because of the care, custody, and control exclusion.

14.

Question 14

1 Point

Which of the following losses would be paid under the collision coverage of the Personal Auto Policy?

The car is stolen and the thief collides with a bridge

The car collides with a deer

Bricks fall from a truck the insured is following and hit the car

The insured misjudges a curve and rolls the car

15.

Question 15

1 Point

The Personal Auto Policy provides coverage under the liability section for

pleasure use of nonowned motorcycles by the named insured.

the owner of a nonowned auto being used by the named insured.

nonresidents operating the owned auto with permission.

any automobile being operated by the named insured.

16.

Question 16

1 Point

Mr. Jones is insured under a Homeowners Broad Form (HO-2). A sudden surge of power from the city's power plant burns out the motor on his freezer and the meat in the freezer spoils before the loss is discovered.

Damage to the motor is covered, but not the loss of the meat.

Loss of the meat is covered, but not the damage to the motor.

Neither the meat nor the motor is covered.

Both the meat and the motor are covered.

17.

Question 17

1 Point

The basic purpose of the coinsurance provision is

to reduce total losses by requiring the insured to bear a part of every loss.

to require the insured to purchase all of his insurance from one company.

to reduce the cost of insurance by permitting insurers to collect from the negligent party causing the loss.

to induce the insured to insure a high percentage of the value of his property.

18.

Question 18

1 Point

In purchasing automobile insurance, which of the following coverages should be considered essential?

Liability coverage

Medical payments coverage

Uninsured motorist coverage

They are all essential coverages

19.

Question 19

2 Points

The type of property insurance coverage which provides a definite amount for each item insured is

specific or scheduled coverage.

reporting coverage.

blanket coverage.

unscheduled coverage.

20.

Question 20

1 Point

The liability coverage of the Homeowners policy coverage excludes

a child's vicarious liability.

a parent's vicarious liability.

business liability exposures of the insured.

liability assumed under contract.

21.

Question 21

1 Point

The Modified Homeowners Form (HO-8) differs from the other forms with respect to

the fair market value condition.

the requirements for the notarization of the form.

the underwriting requirements for eligibility.

the Other Structures extension.

22.

Question 22

1 Point

Mrs. Jones has a Homeowners Broad Form (HO-2). The bathtub overflows and causes $800 in damage to the kitchen ceiling.

The loss is not covered under this form but would have been covered under the Homeowners Special Form (HO-3).

The loss is covered under this form, but would not have been covered under the Homeowners Modified Form (HO-8).

The loss is covered under this form and would also have been covered under the Homeowners Basic Form (HO-8).

Loss of this nature are inevitable and are therefore excluded.

23.

Question 23

1 Point

When purchasing insurance on a dwelling

Homeowners Form 8 is preferable to Homeowners Form 5.

Homeowners Form 6 is preferable to Homeowners Form 4.

Homeowners Form 3 is preferable to Homeowners Form 2.

Homeowners Forms are equally preferable to one another.

24.

Question 24

1 Point

John Jones and his son Junior are insured under separate Personal Auto Policies, covering their respective autos, each as named insured. Jones is using Junior's car while his own auto is in the garage for repairs. In case of accident

only Junior's policy will apply.

both policies will apply on a pro-rata basis.

only the father's policy will apply.

Junior's policy will be primary and the father's policy will apply on an excess basis.

25.

Question 25

1 Point

The definition of dwelling in the Homeowners forms includes

additions in contact with the dwelling.

window air-conditioning units.

carpets and drapes.

any real property fixtures attached to the property.

26.

Question 26

1 Point

In most states, Uninsured Motorists coverage provides coverage

for both bodily injury and property damage caused by an uninsured motorist.

only for property damage caused by an uninsured motorist.

only for bodily injury caused by an uninsured motorist.

is automatically included as a part of Medical Payments coverage.

27.

Question 27

1 Point

Mr. Jones is insured under a Homeowners Tenants Form (HO-4). While he is on vacation, burglars steal his television, $300 in cash, and a $12,000 Rolex watch.

The entire loss is covered, subject to the deductible.

A significant part of the loss will not be covered.

Only the television is covered.

Only the television and the wristwatch are covered.

28.

Question 28

1 Point

The Homeowners Special Form (HO-3) provides

open-peril coverage on both the dwelling and personal property.

named peril coverage on both the dwelling and personal property.

open-peril coverage on the dwelling and named peril coverage on personal property.

open-peril coverage on personal property, and named peril coverage on the dwelling.

29.

Question 29

1 Point

The definition of personal property in the Homeowners forms excludes

all motorized vehicles.

watercraft while away from the premises.

money and securities.

animals.

30.

Question 30

1 Point

The principal difference among the various Homeowners forms is

with respect to the liability coverage under Section II.

the property covered and perils insured against in Section I.

the definition of the dwelling in each form.

the definition of personal property in each form.

31.

Question 31

1 Point

The Personal Auto Policy provides coverage under the liability section for

all automobiles owned by the named insured.

anyone operating the owned automobile.

the employer of the named insured if such employer is sued because of the operation of the covered auto by an insured person.

nonowned snowmobiles, all-terrain vehicles, and motorcycles.

32.

Question 32

1 Point

In most states, Underinsured Motorists coverage

essentially duplicates coverage of Uninsured Motorists coverage.

is a statutory coverage required of all drivers.

is usually written with limits equal to the state's minimum financial responsibility.

is mutually exclusive with Uninsured Motorists coverage.

33.

Question 33

1 Point

Mr. Jones owns a restaurant building valued at $100,000. He carries $50,000 coverage with an 80% coinsurance clause. He has a fire with damage to the building of $40,000. How much will he collect for the loss?

$40,000

$32,000

$25,000

Nothing, since he has violated the coinsurance clause

34.

Question 34

2 Points

Under business interruption coverage, payment is made for the period

that the business is actually interrupted.

the period in which operations could be reasonably be resumed.

the period from the date of loss to expiration of the policy.

specified in the policy declarations.

35.

Question 35

1 Point

The Damage to Property of Others coverage under Section II of the Homeowners policies provides limited coverage for

intentional damage by some insureds.

damage to the insured's own property.

damage arising out of motor vehicles.

damage to property that is owned by members of the insured's household.

36.

Question 36

1 Point

In which of the following situations would the Personal Auto Policy exclude coverage under the liability section?

the named insured borrows a motorhome for a vacation.

a resident relative borrows a truck for pleasure use.

a nonresident borrows the covered auto for business use.

the named insured borrows a truck for business use.

37.

Question 37

1 Point

Coverage A of the Homeowners Policy would apply to

lumber to be used to in remodeling the insured's basement.

an unattached garage rented for private garage purposes.

a shed used to store tools and equipment.

the insured's summer home not listed in the declarations.

38.

Question 38

1 Point

When the Homeowners policy is used to insure a mobile home

the scope of the perils is greatly reduced.

contents coverage does not apply.

Coverage A is combined with Coverage C.

the definition of Coverage A, Buildings, is modified to include attached fuel tanks and built in furnishings.

39.

Question 39

1 Point

Jones built a home in 1955, which now has a replacement cost value of $100,000 and an actual cash value of $60,000. He has it insured for $60,000 under a Homeowners Broad Form (HO-2). The dwelling's roof is damaged by a windstorm. It is determined that the roof is 50% depreciated and that the cost of replacing the roof will be $8,000. He will collect

nothing, since he has violated the replacement cost provision.

$8,000 minus the deductible.

$6,000 minus the deductible.

$4,000 minus the deductible.

40.

Question 40

2 Points

Business interruption insurance provides coverage for

the loss of net profit and expenses that continue during a period of interruption.

loss of profits on finished goods that are damaged or destroyed.

loss of profits resulting from an interruption at another business.

damage to stock or merchandise.

41.

Question 41

1 Point

The definition of uninsured motorist under the Uninsured Motorist coverage of the Personal Auto Policy excludes

an automobile being operated without liability insurance.

a hit-and-run driver.

an automobile insured by a company that becomes insolvent.

theft.

42.

Question 42

1 Point

Mrs. Jones has a Homeowners policy. Her dog bites the mailman while he is still about three blocks away from the premises.

There is no coverage under the policy.

Medical payments coverage applies, but not the liability coverage.

The policy will pay only if Jones is found legally liable.

The policy will pay medical costs under the medical payments coverage and will also pay under liability coverage if Jones is held legally liable.

43.

Question 43

1 Point

The definition of flood in the Federal Flood Insurance policy

limits the peril to the overflow of bodies of water.

specifically excludes mudslides.

includes water from sources on the insured's own property.

includes overflow of inland or tidal waters and rapid accumulation of surface water from other sources.

44.

Question 44

1 Point

Which of the following losses would be payable under the comprehensive coverage of the Personal Auto Policy?

Flood damage

Reimbursement to individuals not included in the named driver exclusion provision

Losses to vehicles with less than four wheels

Collision

45.

Question 45

1 Point

The replacement cost coverage provision of the Homeowners forms applies

only to the dwelling.

to the dwelling and other structures only.

to the dwelling and personal property only.

to the dwelling, other structures, and personal property.

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