Upgrade to remove ads
20-44 Module 10 Quiz
Terms in this set (19)
John purchased an Automobile Insurance policy thirty days ago with Acme Insurance Company; which if any of the following are reasons John can cancel the policy?
A)John totaled the vehicle
B)John purchased replacement coverage with another insurance company
C)John sold the vehicle to his Aunt Nellie
D)all of the above
D) All of the above
Within the first sixty (60) days of a new policy the insured has limited reasons for cancelling, such as total destruction,purchasing replacement coverage with another insurer, or selling the vehicle.
Sam has filed a property claim with his insurance company and they have asked Sam to provide them with a Sworn Proof of Loss. Select all of the following which may be included in a Sworn Proof of Loss.
A)date, time and cause of loss
B)inventory of damaged personal property
C)amount of premium payments made
D)any other applicable insurance
A, B, and D
A Sworn Proof of Loss is a condition of a policy if requested by the insurer which (may) include:statement from insured "best of knowledge and belief"; date, time and cause of loss; and/or any other applicable insurance
Sally has suffered a total loss on her 2010 Ford Fusion. Her insurance company is required to pay Sally the cost to replace the totaled vehicle...
A)with a brand new vehicle
B)with a comparable vehicle including sales tax
C)with a comparable vehicle not including sales tax
D)with a comparable vehicle less salvage value and less sales tax
B) With a comparable vehicle including sales tax
Total losses must be paid based upon the cost to replace the totaled vehicle with a comparable motor vehicle including sales tax.
Insurance companies are/are not permitted on a "best effort" basis to match quality, color, or size in the replacement of "adjoining areas" when settling property insurance claims.
Insurance companies are permitted on a "best effort" basis to match quality, color, or size in the replacement of "adjoining areas" when settling property insurance claims (e.g. flooring, roof covering, exterior wall finishes).
An insurance policy which has a percentage hurricane deductible must compute the dollar amount of the deductible and display the deductible in exact dollar amounts. If Robby has a policy which covers his $300,000 Home and has a 2% hurricane deductible what exact dollar amount must appear on the Declarations Page?
A)$2,000 Hurricane Deductible
B)$6,000 Hurricane Deductible
C)$60,000 Hurricane Deductible
D)$300,000 Hurricane Deductible
B)$6,000 Hurricane Deductible
A $300,000 Dwelling with a 2% Hurricane Deductible would have that Hurricane Deductible expressed as $6,000 ($300,0000 X .02).
Hurricane deductibles are on a calendar year NOT on a per occurrence basis.
Which of the following regarding Wind Mitigation and Wind Mitigation discounts are correct? (select as many as apply)
A)all residential property insurers are required to file loss mitigation credits with the OIR
B)the insured must be put on formal written notice of wind mitigation discounts
C)construction elements must be documented by licensed professionals
D)agents and Customer Representatives must take 2 hour of Wind Mitigation CE every 1 years
A, B, C
Agents and Customer Representatives must take 1 hour of Wind Mitigation CE every 2 years.
All property insurance policies issued in Florida must provide coverage forthe peril of sinkholes (statutory requirement).
All property insurance policies issued in Florida must (statutory requirement) provide coverage forCatastrophic Ground Cover Collapse.
Catastrophic Ground Cover Collapse is the geological activity resulting in of the following EXCEPT?
A)abrupt collapse of the ground cover
B)depression in the ground cover clearly visible to the naked eye C)structural damage to the building/dwelling
D)condemnation of the building/dwelling by the insurance company
D) Condemnation of the building/dwelling by the insurance company.
Typical Fungi limits are _______ for each covered loss and ______ for the policy period.
Typical Fungi limits are $10,000 for each covered loss and $20,000 for the policy period.
In Florida the HO-6 Condo policy is required to have a minimum of _______ for the Additional Coverage of Loss Assessment.
Most basic property insurance policies state that direct losses will be settled based on the _______________ of the property at the time of the loss, but not more than the amount required to repair or replace (and subject, of course, to the dollar limit stated in the policy).
Actual Cash Value
Most basic property insurance policies state that direct losses will be settled based on the actual cash value (ACV) of the property at the time of the loss, but not more than the amount required to repair or replace(and subject, of course, to the dollar limit stated in the policy).
Keith has concluded a claim with his insurance company with binding mediation. He has been paid the amount agreed upon in the mediation and Keith has cashed the settlement check he received. He decided two days after the mediation and check deposit that he would like to rescind his agreement to settle the claim.
Keith cannot rescind his agreement to settle his claim because he has already cashed the settlement check
Insurance companies are required to provide copies of estimates relied upon in payment of a claim. Loss payments are required to be ___________.
fair and timely
Citizens Property Insurance Corporation is a "market of last resort" for properties that are uninsurable in the voluntary market. There are however risk that are uninsurableby Citizens including... (select all that apply)
B)properties in disrepair
D)properties with excessive or unusual liability exposures
A, B, D
Uninsurable residential properties by Citizens include: (a): vacant or "unoccupied" properties;(b) property in disrepair; (c) properties over fifty (50) years old unless the wiring, heating and roof have been updated;(d) do-it-yourself construction; (e) condemned, inaccessible or property built over water;and (f) property with excessive or unusual liability exposure.
_______________ market is the standard market that most insurance policies are purchased in.
The Admitted Market
The surplus lines markets expose the insuring public to all BUT which of the following?
A)inadequate - non-standard coverage
B)inadequate surplus and capitalization - surplus lines companies expose insureds to insolvency
C)disruption in markets - default of a niche surplus lines insurer may have a destabilizing effect
D)competition- surplus lines increase competition and encourage more competitivepricing in admitted markets
Competition - Surplus lines increase competition and encourage more competitive pricing in admitted markets.
Surplus lines policies must be "exportable" to be sold in Florida; which if any of the following are eligibility requirements of a surplus lines policy for export.
A)the insurance desired must be available in admitted markets after a diligent effort has been made
B)the premium rate of the surplus lines carrier must be lower than the majority of admitted products
C)the surplus lines coverage must be more favorable than the admitted products
D)none of the above
D)none of the above
Surplus lines policies must be "exportable" to be sold in Florida: insurance desired must not be availablein admitted markets after a diligent effort has been made; the diligent effort must be documented; premiumrates of the surplus lines carrier must not be lower than the majority of admitted products;the surplus lines coverage must not be more favorable than the admitted products;and surplus lines coverage should not offer more attractive deductible options than the admitted products.
The Appraisal condition in a policy is used to resolve differences between the insured and insurance company when there is dispute as to the _____________ in a claim.
B) Amount of loss in a claim
The Appraisal condition in a policy is used to resolve differences between the insured andinsurance company when there is dispute as to the amount of loss in a claim.
OTHER SETS BY THIS CREATOR
2044 Unit TWO - Property & Liability Insurance Con…
2044 New Study Material
2044 Module 3 quiz
20-44 Module One and Two Quiz