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personal lines exam prep

helps to prep you with the california personal lines insurance license exam.
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Actual cash value is defined as.....
replacement cost minus depreciation.
Fine arts are typically insured on an ______ ______ _____, whereby an insured, and insured agree, at time of insuring, on an amount of insurance to be paid at the event of a loss.
Agreed Value Basis
The owner of clothing to be cleaned would be a ______. The dry cleaner cleaning the clothes is the ______.
Bailor, Bailee
The insurer has the right to take possession of damaged property after payment of loss.
True
The ______ covered in a property policy are always in the insuring agreement.
Perils
Additional living expense is an indirect loss, not a direct loss.
True
When property is covered on a ___________ ____ _____, there is no deduction for depriciation.
Replacement Cost Basis
____ _____ ________, cover risks of direct physical loss and the perils that are not named.
Open Peril Policies
The insuring agreement contains the insurer's promises to the insured. The insureds name is found in the ____________.
Declarations
The insured is required to Personally make repairs to their property.
False-, The insured may choose who will make the repairs.
____________ is a legal process against a third party, not the insured.
Subrogation
______________ is a situation that occurs when two policies covering the same property contain different coverages.
Nonconcurrency
A property purchased ten years ago for $100,000 has a replacement value today of $200,000. it is depriciated 3% each year. what is todays actual cash value?
$140,000
The _________ ______ states the procedure to be followed if the insured and insurer disagree on the amount of loss.
Appraisal Clause
_____ ________ policies provide coverage for only the perils listed in the policy.
Named Peril
The insuring clause personalizes the policy as too, who and what are insured.
False-, The declarations personalize the policy.
The loss under a property policy states that the insured cannot abandon property to the insurer.
True
A ______ ____ must be caused by an insured peril that set the loss in motion.
Direct loss
The perils that are not covered are in the __________ of a property policy.
Exclusions
In property and casualty insurance, when a form is attached to further define certain policy provisions or conditions, it is known as:
An Endorsement
Nonconcurrency means:
Not The Same
The legal representative of the insured is also, an insured under a property policy.
True
____________ are used to broaden, as well as restrict coverage.
Endorsements
After payment for loss, the _______ has the right to the salvage.
Insurer
The basic form covers the perils of ____, _________, and ________ _________.
Fire, Lightning and Internal Explosion
Coverage C may be extended to cover property of guests and servants.
True
A farmhouse does not fit the eligibility requirements of the dwelling program.
True
There is no _____ coverage in a dwelling policy.
Flood
Trees, shrubs, and plants are covered for up to $____ for any one item or ____% of coverage A.
$500 and 5%
Under a special dwelling policy, if an insured dies, coverage continues for the insured's legal representatives.
True
Coverage C of the special dwelling form, an insured's ____ is not covered under the policy.
Pet
The _______ ____ covers the dwelling for open perils, and the contents for the broad form perils.
Special Form
The homeowners policy specifically excludes property of roomers, and boarders.
True
A homeowners policy excludes coverage for other structures that are used in whole or in part for ________.
Business
There is no coverage for the dwelling under an HO-4, only ________ coverage.
Contents
Under a HO-3 policy when property is removed because it is endangered by a covered peril, the coverage is open peril for _____ days.
30
earth movement is excluded from all __________ ________.
Homeowners Policies
A limit of $_____ applies to a boat, it trailer, motor and equipment under section 1 of a homeowners policy.
$1,500
The scheduled personal property endoresment has no deductible.
True