A new, unused vehicle is not required to be inspected prior to obtaining physical damage insurance coverage if the insurer is provided with: Correct Answer: the insured can prove to the insurer with a bill of sale that
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A new, unused vehicle is not required to be inspected prior to obtaining physical damage insurance coverage if the insurer is provided with: Correct Answer: the insured can prove to the insurer with a bill of sale that the vehicle is a new/unused car.
If an appointed agent says a certain claim is covered, the insurer must cover that claim. The insurer would be prohibited from or estopped from denying it, even if the policy clearly excluded the claim. This is known as: Correct Answer: Estoppel
Sprinkler Leakage Insurance does not provide coverage for: Correct Answer: Growing Crops (Crop insurance is separate)
Personal Property under HO-3 is covered on a Correct Answer: Named Peril basis
Personal Property under HO-5 is covered on Correct Answer: an open peril basis
Debris removal is included in the dwelling and contents coverage, but is limited to Correct Answer: reasonable expenses
If a commercial building has been vacant for more than 60 days, the following peril(s) are affected as regards to coverage: Correct Answer: Vandalism
Freezing
Fire
A personal insurance policy that includes both personal property and personal liability coverages without endorsement: Correct Answer: Homeowners Policy
Under a Commercial Package Policy, how many days does one have to notify the insurance company of a claim? Correct Answer: The insurer must notify promptly. The number of days are not specific.
What are the continuing education requirements for public adjusters? Correct Answer: 24 hours of continuing education (5 hours law and ethics/ 19 hours online approved course by the DFS for public adjusters)
A policy which the policyholder is required to report the values of insured property to the company at certain intervals is known as a: Correct Answer: Reporting Form Policy
Reporting form policy requires the insured to insure the property at what %? Correct Answer: 100%
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