Personal Inland Marine Review

5 terms by mjrjolt 

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Objective: To understand the personal inland marine coverages and to become familiar with personal property floaters

The "pair and set" clause in property insurance contracts notes that the loss to one item in a pair or set: A. Constitutes a total loss; B. Pays the difference between ACV of the property before and after the loss; C. Does not constitute a total loss; D. Does not constitute a partial loss

B. Assume the insured owns a set of antique salt and pepper shakers. The value of the set is $3000 and one is destroyed. This is the value before the loss. The remaining one is worth only $1000. The policy would pay the difference of $2000.

Inland Marine insurance is commonly used to insure all of the following EXCEPT: A. Stamps; B. Camera Equipment; C. Jewelry; D. Automobiles

D. Inland marine policies are not designed to cover automobiles.

The Inland Marine coverage form which provides open perils insurance on a world-wide basis for unscheduled personal property is a: A. Personal effects floater; B. Personal articles floater; C. Personal property floater; D. Personal transportation floater

C. The personal property floater is not used to schedule individual items. The policy provides a blanket maximum limit for categories of property. Furniture, clothing, appliances are some examples. The Personal article floater is used to schedule specific items like jewelry and guns for specific limits.

The Inland Marine coverage form which provides open peril insurance for specific classes of personal property on an itemized and scheduled basis is called a: A. Personal article floater; B. Personal property floater; C. Personal effect floater; D. Personal transportation floater

A. The personal article floater is designed to cover specific items as referred to in the answer to the previous question.

The Inland Marine coverage form which covers clothing, cameras and other portable property worn or carried by tourists and travelers is a: A. Personal effects floater; B. Personal articles floater; C. Camera and musical instrument floater; D. Theatrical property floater

A. The personal effects policy is designed to cover property of touriss. it is seldom used today because of the broad coverages provided by the homeowner policy.

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