Insurance- Property section 3F

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Author:
h_scott
ID:
292135
Filename:
Insurance- Property section 3F
Updated:
2014-12-27 23:58:54
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Insurance
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Description:
Property insurance section 3f
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  1. Jeweler's block covers all EXCEPT:
    A: Earrings owned by the insured while being worn by an employee
    B: A customers ring left for repair
    C: A ring sold but left to be sized
    D: Jewelry stock for sale
    A: Earrings owned by the insured while being worn by an employee
  2. On an ocean marine policy, the peril of voluntarily throwing cargo overboard to save the ship is known as:
    A: Jettison
    B: Barratry
    C: Salvage
    D: Abandonment
    A:Jettison
  3. The BI and PD coverage on a farm liability policy provides coverage for:
    A: Injury to the farmers
    B: Pollution
    C: Business activities other than farming
    D: Injury to a guest
    D: Injury to a guest
  4. The client has a boiler and machinery policy written with a policy limit of $100,000. If damage to covered equipment is caused by water, how much will the policy pay?
    A: The actual cash value of the machine
    B: $100,000
    C: The amount of the loss
    D: $25,000
    • D: $25,000
    • (The most the insurer will pay for direct damage as a direct result of a breakdown of covered equipment due to water damage is $25,000.)
  5. All of the following are true regarding expediting expenses coverage on an equipment breakdown protection policy EXCEPT:
    A: Property damage to the property of others may be covered
    B: There is no deductible
    C: Breakdown of covered equipment is a covered peril
    D: Coverage may be suspended by the insurer
    B: There is no deductible
  6. On an equipment breakdown protection policy, expediting expenses covers all EXCEPT:
    A: The reasonable costs to make temporary repairs
    B: The reasonable costs to expedite permanent replacement
    C: The reasonable costs to expedite permanent repairs
    D: The reasonable costs of permanent replacement
    • D: The reasonable costs of permanent replacement
    • (Permanent replacement is covered, but not as an expediting expense.)
  7. Covered equipment on an equipment breakdown protection policy includes:
    A: Aircraft
    B: Vehicles
    C: Equipment buried below ground
    D: Equipment used in the transmission of energy
    D: Equipment used in the transmission of energy
  8. A commercial floater will provide coverage:
    A: U.S., Canada and Mexico
    B: U.S. and Mexico
    C: U.S. and Canada
    D: U.S., Canada and Puerto Rico
    D: U.S., Canada and Puerto Rico
  9. Each of the following is true about farm coverages EXCEPT:
    A: Farm coverage may be written as a monoline policy, or as part of a package
    B: Livestock may be insured
    C: The principal residence may be covered by farm or homeowners insurance
    D: Property and liability coverages may be included
    C: The principal residence may be covered by farm or homeowners insurance
  10. A farm insurance policy does not cover:
    A: Crops in storage
    B: Autos operated on the highway
    C: Livestock
    D: Mobile agricultural equipment
    B: Autos operated on the highway
  11. Which business would not get a bailee's policy?
    A: TV repair shop
    B: Dry cleaner
    C: Bank
    D: Bicycle repair shop
    C: Bank
  12. Which of the following would be eligible to be insured on a commercial inland marine floater?
    A: Fixtures
    B: Exports
    C: Municipal bridge
    D: Furniture
    C: Municipal bridge
  13. An inland marine policy that covers the insured's merchandise held for sale, the insured's property off premises, customer's property in the custody of the insured and property being transported is a:
    A: Bailee's customer's goods floater
    B: Commercial equipment floater
    C: Commercial articles floater
    D: Jeweler's block policy
    • D: Jeweler's block policy
    • (The jeweler's block coverage form covers the insured's merchandise held for sale, including loose gem stones, property which has been sold but not yet delivered and similar property of others in the care, custody or control of the insured. Property in transit and property in showcases on premises may also be covered.)
  14. Which of the following types of businesses needs bailee's coverage?
    A: Appliance repair shop
    B: Office building
    C: Apartment house
    D: Drug store
    A: Appliance repair shop
  15. A party who has temporary control of your property in storage or for repair is known as a:
    A: Attendee
    B: Mortgagee
    C: Licensee
    D: Bailee
    D: Bailee
  16. Farm policies do not cover:
    A: Fire
    B: Flood
    C: Windstorm
    D: Lightning
    B: Flood

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