Tuesday Class 3/7

Question 1

What is actual cash value?

Answer 1

Replacement cost minus depreciation

Question 2

What is replacement cost?

Answer 2

Actual cash value without the depreciation

Question 3

What’s key words that go with replacement policies?

Answer 3

co-insurance 80%

Question 4

dwelling policy extensions, what is not part of basic?

Answer 4

glass breakage, collapse during construction, falling objects, water damage

Question 5

Improvements, alterations, and additions, betterments is available on which HO?

Answer 5

HO4

Question 6

What type of property loss is excluded under a dwelling policy?

Answer 6

animals

Question 7

losses caused by perils having _____ potentials

Answer 7

catastrophic

Question 8

paint for interior of house is what?

Answer 8

personal property that would be under coverage A

Question 9

homeowners policy, what is standard Coverage C limit?

Answer 9

50% of coverage A

Question 10

All of the following have a limitation due to theft except for?

Answer 10

money

Question 11

In the event of a declared state of emergency, an insurer must provide payments for contents of _____

Answer 11

no less than 30% of policy limit

Question 12

In the event of a covered loss relating to a state of emergency, how long is coverage for additional living expenses and how long is extension?

Answer 12

24 months, extension for 12 additional months, for a total of 36 months

Question 13

What is definition of all risk?

Answer 13

covers all perils except for those excluded

Question 14

how much is paid for grave markers?

Answer 14

up to 5,000

Question 15

landlords furnishings, how much coverage?

Answer 15

2,500

Question 16

fair market value is only used for what policy?

Answer 16

Auto

Question 17

personal articles floater can also cover what during an earthquake?

Answer 17

glassware

Question 18

What coverage is included on DP-1?

Answer 18

lightning, fire, explosion

Question 19

What additional coverage is included on DP-3 that is not included on DP-1?

Answer 19

COLLAPSE

Question 20

Personal articles floater is covered in what territories?

Answer 20

worldwide, except for fine arts (US/Canada)

Question 21

fine arts is covered in what territories?

Answer 21

US/Canada

Question 22

What policy is similar to boat owners?

Answer 22

Auto

Question 23

What policy is similar to auto?

Answer 23

boat owners

Question 24

yacht, hull insurance covers what?

Answer 24

vessel, engine, fuel

Question 25

vessel hits pier, what is covered?

Answer 25

damage to what you hit, people on pier, people on your boat

Question 26

large vessels can have coverage that includes what in the packages?

Answer 26

protection and indemnity

Question 27

what is SIR (Self insured retention)?

Answer 27

deductible on umbrella

Question 28

What is the deductible of an umbrella called?

Answer 28

self insured retention (SIR)

Question 29

What is the only policy standardized by law?

Answer 29

SFP, standard fire policy

Question 30

What are parts A, B, C, D for an auto policy?

Answer 30

A= liability B= medical payments C= Uninsured motorist D= Physical damage

Question 31

what are the minimum coverages that are required for an auto policy?

Answer 31

15k/30k/5k

Question 32

"you and your" are used to refer to what?

Answer 32

named insured only

Question 33

what are the state programs?

Answer 33

FAIR plan, CEA State Fund CAARP

Question 34

What are the federal programs?

Answer 34

NFIP fdic FCIC

Question 35

what do you need to qualify for FAIR Plan?

Answer 35

be located in designated urban or brush area, property must be in good condition

Question 36

What disqualifies you from FAIR plan?

Answer 36

faulty plumbing and electrical, house is run down

Question 37

what is definition of collision?

Answer 37

impact with object or vehicle or its upset

Question 38

what coverage has to be in writing for you to reject?

Answer 38

Uninsured motorist