Chapter 12

Question 1

A policy containing a single coverage part plus the common policy condition and common declarations is known as a. . .?

Answer 1

Monoline Policy

Question 2

An insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum is known as?

Answer 2

Umbrella Policy

Question 3

A policy that covers civil liabilies to third parties, arising from bodily injury, property damage, or other wrongs due to the action or inaction of the insured is known as what?

Answer 3

Liability Insurance

Question 4

The Dwelling Coverage on a property is equal to $250,000. If the Other Structures Coverage is equal to 10% of the dwelling coverage, what is the amount of the other structures coverage on the property?

Answer 4

$25,000

Question 5

Coverage D is also known as what?

Answer 5

Loss of Use Coverage

Question 6

An umbrella policy is also referred to as what?

Answer 6

Excess Insurance

Question 7

The normal cost of an exact duplication of a property as of a certain date is known as what?

Answer 7

Replacement Cost