Insurance- Property section 3C

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Author:
h_scott
ID:
292131
Filename:
Insurance- Property section 3C
Updated:
2014-12-27 20:05:09
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Insurance
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Property insurance 3c
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  1. Which of the following are excluded on the NFIP flood insurance policy?
    A: Overflow of tidal waves
    B: Commercial structures
    C: Wharves, piers, bridges and docks
    D: Unusual runoff of surface waters
    C: Wharves, piers, bridges and docks
  2. Crop hail insurance would never cover which of the following perils?
    A: Hail
    B: Low yield
    C: Fire
    D: Vandalism and malicious mischief
    B: Low yield
  3. Which of the following is true regarding multiple peril crop insurance (MPCI)?
    A: It is only available on corn crops
    B: It provides coverage that is more limited than catastrophic risk protection (CAT)
    C: It provides comprehensive coverage against weather-related causes of loss and certain other unavoidable perils
    D: It provides coverage for a very low fee
    C: It provides comprehensive coverage against weather-related causes of loss and certain other unavoidable perils
  4. Who sets the rates for crop insurance policies?
    A: Private insurers who sell the policies
    B: The Federal Trade Commission
    C: The USDA's Risk Management Agency
    D: The Federal Insurance Administration (FIA)
    C: The USDA's Risk Management Agency
  5. Under the National Flood Insurance regular program, a single-family home may be insured up to:
    A: $100,000
    B: $150,000
    C: $185,000
    D: $250,000
    D: $250,000
  6. Which of the following is true about flood insurance?
    A: Participating insurers may offer flood insurance under a write your own program
    B: Dwelling fire and HO policies cover flood
    C: Flood insurance is only written by the federal government
    D: Flood insurance covers landslide and mudslide
    A: Participating insurers may offer flood insurance under a write your own program
  7. Who sets the rates for policies sold through the National Flood Insurance Program?
    A: The Federal Trade Commission
    B: The USDA's Risk Management Agency
    C: Private insurers who sell the policies
    D: The Federal Insurance Administration (FIA)
    D: The Federal Insurance Administration (FIA)
  8. Federal flood insurance covers:
    A: Growing crops
    B: Motor vehicles
    C: Tidal wave caused by a hurricane
    D: Piers, wharves and docks
    C: Tidal wave caused by a hurricane
  9. When an insurer's losses from their write your own flood insurance program exceeds premiums and investment income, how are losses paid?
    A: By assessing customers
    B: By the state Guaranty Fund
    C: There is no coverage
    D: By the federal government
    D: By the federal government
  10. Minimum catastrophic risk protection (CAT) coverage is which of the following?
    A: A more limited coverage than crop hail insurance
    B: A more limited coverage than multiple peril crop insurance
    C: The most expensive type of crop insurance
    D: A broader coverage than multiple peril crop insurance
    B: A more limited coverage than multiple peril crop insurance
  11. Hurricane coverage includes coverage for all of the following when the direct force of the windstorm first damages the building causing an opening EXCEPT:
    A: Damage to the interior caused by sleet
    B: Flood
    C: Damage caused to property inside a building by dust
    D: Damage to the interior caused by hail
    B: Flood
  12. Each of the following is true about the National Flood Insurance program EXCEPT:
    A: Coverage may be written by private insurance carriers
    B: The federal government reimburses insurance companies for losses
    C: Coverage is sold by licensed insurance agents
    D: Eligibility requirements are set by private insurance carriers
    D: Eligibility requirements are set by private insurance carriers
  13. Flood insurance will exclude damage done by:
    A: Overflow of inland or tidal waters
    B: Mudflow on normally dry land
    C: Collapsed shore
    D: Windblown rain
    D: Windblown rain
  14. Federal flood insurance will cover which of the following?
    A: Mudslide
    B: Mudflow
    C: Storm sewer backup
    D: Landslide
    B: Mudflow
  15. All are true about the National Flood Insurance Program EXCEPT:
    A: Private insurers may participate in the program
    B: Coverage is unlimited
    C: It is regulated by the Federal Insurance Administration (FIA)
    D: Communities must apply for eligibility
    B: Coverage is unlimited
  16. Which of the following is incorrect regarding windstorm coverage?
    A: Windstorm coverage may have a separate deductible, expressed as a percentage of the limit
    B: In some states windstorm coverage is available through a state-run program
    C: High-risk areas such as coastal or beach regions will require a homeowner to purchase special insurance coverage for windstorms and/or hurricanes
    D: All states limit the coverage provided for the peril of windstorm
    D: All states limit the coverage provided for the peril of windstorm

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