P and C pre licensing exam

P and C pre licensing exam The farm insurance program combines homeowners coverage with commercial property and liability coverage. The property coverages are addressed in separate forms. Which of the following forms ...

P and C pre licensing exam The farm insurance program combines homeowners coverage with commercial property and liability coverage. The property coverages are addressed in separate forms. Which of the following forms is not among the property forms of the farm insurance program? - ✔✔Farm Preservation of Property Form An Ohio insurance company that plans to hire a new agent on April 1 must file a notice of appointment with the Superintendent no later than - ✔✔April 30 Aldo's Meat Market sells and stores meat and related food products. Aldo worries about a malfunction of his refrigeration and cooling systems that could make his products unfit for sale and consumption. What coverage endorsement might Aldo's agent recommend to cover this exposure? - ✔✔Spoilage coverage endorsemen Mr. Conrad lives on the second floor of a duplex he bought. What definition in his homeowners policy describes his home? - ✔✔Residence premises Ted installed a window air conditioner in an upstairs bedroom in his home several years ago. Over the years, drops of condensation falling from the air conditioner stained the siding below it. Ted files a claim on his homeowner's policy to sand and re-paint the siding. What exclusion might apply to eliminate coverage for this loss? - ✔✔Leakage or seepage exclusion Ames Insurance Agency has an Equipment Breakdown policy with a $100,000 limit of liability. When Mr. Ames submits a claim for damage to his computer system, what sub-limit of liability applies to his data and media? - ✔✔$25,000 Joseph is the newly appointed Superintendent of Insurance for Ohio. He has a reputation for being strict on law enforcement and is expected to implement regulations that will benefit consumers. As Superintendent, he can be expected to do all of the following EXCEPT: - ✔✔impose jail terms upon those who are convicted of violating the law. Peloquin Insurance purchased professional liability insurance for its protection when administering its group health insurance policy and 401(k) plan. What type of insurance did it purchase? - ✔✔Employee Benefits liability Mr. Ursini's home is located in an area that has a 1 percent chance of being flooded in any given year. Where does Mr. Ursini live? - ✔✔In a special flood hazard area (SFHA) Oakland Consulting has a commercial general liability policy. The policy agrees to pay for bodily injury and property damage losses that occur during the policy period, regardless of when they are reported. On what form is Oakland Consulting's CGL written? - ✔✔Occurrence Form Who could not be a named insured in an automobile insurance policy issued in Ohio or covering a motor vehicle required to be registered in Ohio? - ✔✔a husband and wife who do not reside in the same household What is the threshold for declaring an act a certified act of terrorism under the Terrorism Risk Insurance Act (TRIA) and its 2005 extension? - ✔✔$5 million Which document do applicants for auto insurance use to indicate their state of residency or that their vehicle is principally garaged in that state? - ✔✔Residency statement Liang and Chan are constructing a home on a vacant lot they own. What type of insurance policy would be most appropriate for them at this time? - ✔✔Dwelling policy Stuart is involved in a relationship whereby he arranges for ABC Insurance Company to guarantee his performance to Timothy. What term describes Stuart's relationship with ABC and Timothy? - ✔✔Suretyship Plymouth Boat Tours was sued by the owner of a fishing boat into which one of its vessels crashed. The court awarded the owner of the fishing boat punitive damages of $100,000 in addition to a $500,000 judgment. How did Plymouth's Protection and Indemnity coverage of $1,000,000 respond to the award and judgment? - ✔✔It paid $500,000 Which of the following is not a common endorsement to a homeowners policy? - ✔✔dwelling policy endorsement Dirk, an aggressive state's attorney, becomes the Superintendent of the Ohio insurance department. He is known to vigorously pursue an agenda to eliminate insurance fraud. As Superintendent, he has all of the following means of law enforcement EXCEPT: - ✔✔Imprisoning a party upon a criminal conviction Norman is the owner of a single-family home that is rented to a tenant. What type of policy is most appropriate for Norman? - ✔✔Dwelling policy Many large organizations self-insure up to a specific limit but buy insurance to cover losses beyond that limit. Setting up a self-insurance program is an example of which method of handling risk? - ✔✔Risk retention. The business pursuits endorsement (HO 24 71) states that Coverages E and F only apply if the business is - ✔✔not owned by the insured Conditions and restrictions on crime coverage under the Extortion'Commercial Entities (CR 04 03) endorsement include all of the following EXCEPT: - ✔✔The captivity giving rise to the extortion threat must occur only within the U.S. Rhonda decides to move to another state after her home is destroyed in a fire, turning the building over to her insurance company. What condition in the policy addresses how the insurer may respond to Rhonda's actions? - ✔✔Abandonment In most liability insurance policies, the insurer agrees to pay claims on behalf of the insured. However, P&I policies are considered indemnity policies. How does this differ from liability policies? - ✔✔The insured must pay the loss before the insurer will repay the insured. Carlos has a Lessees of Safe Deposit Boxes