Exam 10: Protecting Your Property

Jake drove Amanda's truck to the football bowl game because his car was broken.On the way home,Jake was involved in an accident that was his fault.The resulting liability damages totaled $85,000.Jake has $100,000 liability coverage on his car,and Amanda has $50,000 insurance on her truck.How would the $85,000 liability damages be paid for this accident?

You will insure your house for $90,000.The premium on an HO-3 policy will be greater than that of an HO-2 policy.

Who is covered under medical payment coverage of your automobile policy?

The insurance company will provide defense for a covered person against both civil and criminal charges involving her motor vehicle.

Auto insurance is needed primarily:

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. -Buying collision and comprehensive auto insurance from the dealer selling you the car is considered to be a [good | bad] idea.

The 80% co-insurance clause in a homeowner's policy would cause a reduction in the claim payment for a covered loss to the dwelling of $30,000 in which of the following cases:

Examples of additional,optional automobile coverage includes:

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. -An [HO-2 | HO-3] policy is an example of a named peril policy.

Jamil and Vicky purchased a $200,000 homeowners policy for their house in 1988.They have renewed the policy each year since and have replacement coverage.This policy has a $1,000 deductible.Their home now has a replacement value of $275,000.Last week they came home to find a small fire which caused the following damages: How much will the insurance company pay for the $50,000 loss to their home?

The form of homeowner's insurance that is incorrectly paired with the insured is:

Uninsured motorist protection usually provides protection to your car if a hit-and-run incident occurs.

You would be considered to be negligent when you,a dependent,or another named insured's action causes harm or property loss.

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. -Marilee has insurance (which does not expire for another six months)on a house she recently sold to Claudia.Now the house has been flattened by a tornado.Marilee [can | cannot] collect on her policy.

Your section II homeowner's policy will pay if you carelessly,but unintentionally,knocked someone down your stairs.

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 selling you a homeowner's policy,your insurance agent could suggest that you prepare a [proof of loss | personal property inventory].

The Thomson's house burned to the ground.They felt they were adequately covered (see coverage below).Their car (market value $10,000)was in the garage and totally destroyed.How much will they be reimbursed for their auto from their HO-3 policy?

What factor affects insurance premiums the most?

Which Homeowners' policy is best suited for a resident of a rented apartment to cover that person's personal property?

The asset most likely to be specifically itemized in a property insurance endorsement is: