Exam 24: Other Property and Liability Insurance Coverages

Which of the following statements about title insurance is true?

George has a personal auto policy with a per-person liability limit of $300,000.He also has a personal umbrella policy with a limit of $2,000,000 and a self-insured retention of $1,000.How much will be paid by each policy if a person wins a judgment of $500,000 against George as a result of bodily injury arising from the auto accident?

Which of the following statements about a typical personal umbrella policy is (are)true? I.Losses covered under an underlying policy and the umbrella policy are settled on a pro rata basis. II.Losses not covered by the basic underlying contracts are subject to a self-insured retention which typically is at least $25,000.

Which of the following statements about Dwelling Property 1 (basic form)is true?

Which of the following perils is covered under the Dwelling Property 2 (broad form)policy?

Steve and Mary are art collectors.They own lithographs,etchings,and vintage photographs valued at over $250,000.Steve and Mary display their art collection at their home.They can insure this valuable personal property through a

Carolyn is considering the purchase of a large (60-foot)boat.She called her insurance agent to see if she needs a separate policy for the boat.The agent said that a special category of insurance policies was designed to insure large watercraft.These policies are called

Which of the following statements about mobile home insurance is (are)true? I.Coverage for the mobile home may be written on either a replacement cost basis or an actual cash value basis,depending on how much the mobile home has depreciated. II.An additional coverage pays,up to a specified dollar limit,for the cost of transporting the mobile home to a safe place when it is endangered by a covered peril.

All of the following are considered floods under the federal flood insurance program EXCEPT

Martin would like to insure valuable personal property limited in coverage by his homeowners policy.Martin has two options.He can purchase the coverage through a separate personal articles floater policy or he can add an endorsement to his homeowners policy.The endorsement is called the

Which statement is true about medical expense coverage under the boatowners package policy?

Which of the following statements concerning FAIR plans is (are)true? I.All property is eligible for coverage regardless of physical condition. II.Losses and expenses are shared by insurers who participate in a plan.

All of the following statements about the boatowners package policy are true EXCEPT

All of the following statements about yacht insurance are true EXCEPT

All of the following are commonly excluded by personal umbrella policies EXCEPT

All of the following are ISO personal umbrella liability policy exclusions EXCEPT

Which of the following statements about types of property covered under the Personal Articles Floater is true?

Congressional action in 2012 extended the National Flood Insurance Program (NFIP)until 2017.Which of the following is a key provision of the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012?

Jerry built a home in a flood plain.He did not purchase flood insurance.Recently,a noted meteorologist predicted torrential rains for the area for the next 7 days.Jerry attempted to purchase flood insurance through the National Flood Insurance Program.Which flood insurance provision is likely to block Jerry's efforts to obtain coverage for protection against the predicted torrential rain?

Which of the following statements about the Personal Articles Floater is (are)true? I.It is designed to cover several classes of personal property. II.Coverage is written on an "open perils" (all-risks)basis.