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Personal Lines Exam Prep Questions And Accurate
Answers (A+ Graded)
Actual cash value is defined as. - Answer replacement cost minus depreciation. Fine arts are normally insured on an ______ ______ _____, whereby an insured, andinsured agree, at time of insuring, on an amount of insurance to be paid at the event of a loss. - Answer Agreed Value Basis The owner of clothes to be cleaned would be a ______. The dry cleaner cleaning theclothes is the ______. - Answer Bailor, Bailee
After payment of loss, the insurer has the right to take possession of damaged property.- Answer True
The ______ covered in a property policy are always in the insuring agreement. - AnswerPerils
Extra living expense is an indirect loss and not a direct loss. - Answer True When property is covered on a ___________ ____ _____, there is no deduction fordepriciation. - Answer Replacement Cost Basis
____ _____ ________, cover risks of direct physical loss and the perils that are not named.- Answer Open Peril Policies
The insuring agreement contains the insurer's promises to the insured. The insuredsname is found in the ____________. - Answer Declarations
Repairs to their property must be Personally made by the insured. -Answer False-, Theinsured has a choice as to who will make the repairs.
____________ is a legal process against a third party, not the insured. -AnswerSubrogation
______________ occurs when two policies covering the same property contain differentcoverages. -Answer Nonconcurrency
A property bought ten years ago for $100,000, has a replacement value today of$200,000. it is depriciated 3% each year. what is todays actual cash value? - Answer $140, The _________ ______ states the procedure to be followed if the insured and insurerdisagree on the amount of loss. - Answer Appraisal Clause
_____ ________ policies provide coverage for only the perils listed in the policy. - AnswerNamed Peril
The insuring clause personalizes the policy as too, who and what are insured. -AnswerFalse-, The declarations personalize the policy.
The loss under a property policy states that the insured cannot abandon property to theinsurer. -Answer True
A ______ ____ must be caused by an insured peril that set the loss in motion. -AnswerDirect loss
The perils that are not covered are in the __________ of a property policy. - AnswerExclusions
The _______ ____ covers the dwelling for open perils, and the contents for the broad formperils. - Answer Special Form
The homeowners policy specifically excludes property of roomers, and boarders. -Answer True
A homeowners policy excludes coverage for other structures that are used in whole orin part for ________. - Answer Business
There is no coverage for the dwelling under an HO-4, only ________ coverage. - AnswerContents
Under a HO-3 policy when property is removed because it is endangered by a coveredperil, the coverage is open peril for _____ days. - Answer 30
earth movement is excluded from all __________ ________. - Answer Homeowners Policies A limit of $_____ applies to a boat, it trailer, motor and equipment under section 1 of ahomeowners policy. - Answer $1,
The scheduled personal property endoresment has no deductible. - Answer True
