Insurance- Property section 3A

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Author:
h_scott
ID:
292122
Filename:
Insurance- Property section 3A
Updated:
2014-12-27 17:58:59
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Insurance
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Property insurance section 3A
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  1. Two dwelling fire policies are written on the same house. Company A has a limit of $300,000 and Company B has a limit of $100,000. If the insured suffers a $100,000 loss, how much will Company A pay?
    A: $25,000
    B: $50,000
    C: $100,000
    D: $75,000
    D: $75,000
  2. The DP-2 broad form automatically insures covered property against loss from any cause while being removed from a premises endangered by a peril insured against for no more than:
    A: 60 days
    B: 90 days
    C: 30 days
    D: 5 days
    C: 30 days
  3. On the DP-1 basic form, all of the following are covered under the perils of extended coverage EXCEPT:
    A: Vehicles
    B: Vandalism
    C: Aircraft
    D: Riot and civil commotion
    B: Vandalism
  4. The broad and special dwelling forms provide two extensions of coverage not found on the basic form. What are they?
    A: Coverages for other structures and loss of rental value
    B: Coverages for building collapse and for lawns, trees, and plants
    C: Removal coverage and coverage for other structures
    D: Debris removal and worldwide personal property coverages
    B: Coverages for building collapse and for lawns, trees, and plants
  5. On a DP-1 basic dwelling fire form, water damage is covered if due to:
    A: Flood
    B: Leaking swimming pool
    C: Fire
    D: Sewer backup
    C: Fire
  6. On dwelling property forms, there is no coverage for vandalism if the dwelling has been vacant for more than:
    A: 45 days
    B: 10 days
    C: 60 days
    D: 30 days
    C: 60 days
  7. An insured has a dwelling insured for $40,000 and contents insured for $25,000. A vandal cuts down his $500 tree in the middle of the night. How much will the policy pay?
    A: $500
    B: $300
    C: $0
    D: $200
    A: $500
  8. All of the following are true regarding the DP-2 broad form policy EXCEPT:
    A: It is a named peril form
    B: It contains the 80% coinsurance clause
    C: It is ACV on the contents
    D: Theft is a covered peril
    D: Theft is a covered peril
  9. The main difference between the various dwelling property forms is the:
    A: Coverage for other structures
    B: Coverage for personal liability
    C: Coverage for rental value
    D: Covered property perils
    D: Covered property perils
  10. On a dwelling property form, Coverage B other structures, excludes all the following EXCEPT:
    A: Manufacturing structures
    B: Farm structures
    C: Private garage rented to others
    D: Commercial structures
    C: Private garage rented to others
  11. If Coverage C, personal property (or contents) coverage is written on a dwelling form, an extension of coverage may be used to provide worldwide personal property coverage for an amount up to:
    A: 10% of the Coverage C limit
    B: 25% of the Coverage C limit
    C: 50% of the Coverage C limit
    D: 40% of the Coverage C limit
    A: 10% of the Coverage C limit

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