Exam 10: Protecting Your Property

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -The theft of your favorite jacket from your locked car [would be | would not be] taken care of by your renter's policy.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -A claims adjustor typically works for a(n) [insurance company | claimant].

Automobile medical payments insurance normally contains an indemnity clause.

Homeowner's co-insurance requires the insured to carry insurance protection equal to the market value of the house.

Connie rented a hotel room while on vacation.If someone breaks into her room,her HO-4 policy will cover her stolen property.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -The Principle of [Indemnity | Peril] states that the insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss.

All property insurance companies require you to show the following when making a claim:

The HO-3 form is a good policy for first-time buyer owners because it is a named perils policy.

Getting married will lower your auto insurance premiums.

An automobile liability insurance policy covers the insured and residents of his/her household when driving an owned automobile.

Collision coverage would pay for damages to your car if a tree falls on it.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -If you hit a deer with your car,payment will come from your [collision | comprehensive] protection.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -[Comprehensive | Named peril] policy covers all perils unless they are specifically excluded.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -When considering your possible losses as a property owner,you would be more likely to suffer a very severe loss from [loss of property | liability claims].

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Negligent acts must be [intentional | unintentional] in order to be insured.

George and Nancy had a $30,000 repair bill on their home after the tornado went through town.Their policy contained the usual 80% co-insurance clause.Their home's replacement value was $150,000; their policy coverage was $110,000 with a $250 deductible.(Round your percentage calculation to nearest whole number.) a. How much insurance should they have carried to meet the co-insurance obligation? b. What percentage of this loss will the insurance company pay? c. How much of the loss will George and Nancy have to absorb?

After packing up to return home for the holidays after the fall semester,Tex stopped at Double T bookstore to sell textbooks.After collecting $25,he headed back to his pickup truck only to find a broken window,the truck broken into,and all his suitcases and personal property gone.The loss of his personal property and suitcases would be covered by:

As a tenant,you would purchase an HO-3 policy.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Earthquake policy and flood protection [would | would not] be provided by the standard HO policy.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Section I of a homeowner's insurance policy covers [personal property | personal liability].