Drea's 2-20 Quiz (320 Questions)

320 Questions | Total Attempts: 608

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Drea


Questions and Answers
  • 1. 
    If John, while helping Robert move to his new home, accidentally drops Robert's entertainment system and it is damaged beyond repair. It will cost $950 to replace it. Will John's HO-2 policy provide coverage?
    • A. 

      HO-2 does not provide coverage for property under his custody, control and care

    • B. 

      Yes, it would be covered in full under section II (Damage to Property of Others)

    • C. 

      Yes, it would be covered under Coverage D of his HO-2 policy

    • D. 

      Yes it would be covered in full under section I (Damage to Property of Others)

  • 2. 
    If John has an HO-3 policy with $200,000 in Coverage A, and due to a loss he is unable to occupy his home, how much would coverage D provide?
    • A. 

      $100,000

    • B. 

      $50,000

    • C. 

      $60,000

    • D. 

      $20,000

  • 3. 
    Of the options listed below, which one is not eligible for an HO-4 policy?
    • A. 

      Renter of Single family home

    • B. 

      Owner of a condo unit

    • C. 

      Those who occupy a residence in an ineligible building

    • D. 

      Those who live in an apartment of a commercial building they own

  • 4. 
    Which of the following options provides open peril coverage for the building, other structures, and personal property, and is also the broadest coverage form of all the homeowners forms
    • A. 

      HO-8

    • B. 

      HO-5

    • C. 

      HO-3

    • D. 

      HO-2

  • 5. 
    Coverage B does not appear in which of the following Homeowner Forms? 
    • A. 

      HO-5

    • B. 

      HO-3

    • C. 

      HO-6

    • D. 

      HO-8

  • 6. 
    Coverage D limits can be increased in all of the Homeowners forms with the exception of which one?
    • A. 

      HO-5

    • B. 

      HO-3

    • C. 

      HO-2

    • D. 

      HO-8

  • 7. 
    The following statement below are true regarding a DP-1 policy with the exception of which one?
    • A. 

      Building losses are covered on an all risk basis

    • B. 

      Content losses are paid at an actual cash value basis

    • C. 

      Building losses are paid at an actual cash value basis

    • D. 

      Lightening is one of the covered causes of loss listed

  • 8. 
    If Coverage A is not included in a DP-2 policy, then Coverage C is limited to how much?
    • A. 

      $5,000

    • B. 

      $4,000

    • C. 

      $2,500

    • D. 

      $10,000

  • 9. 
    Of the following options below, which one is found in a DP-3 policy but not in a DP-1 policy?
    • A. 

      Personal Property

    • B. 

      Additional Living Expense

    • C. 

      Fair Rental Value

    • D. 

      Other Structures

  • 10. 
    Commercial Package Policies can combine 2 or more of the following coverages with the exception of which one?
    • A. 

      Boiler and Machinery

    • B. 

      Pollution Liability

    • C. 

      Ocean Marine

    • D. 

      Liquor Liability

  • 11. 
    Business personal property coverage is on a replacement cost basis as long as the limits of insurance are equal to at least what percentage of the covered property replacement cost?
    • A. 

      80%

    • B. 

      50%

    • C. 

      75%

    • D. 

      90%

  • 12. 
    The Cause of Loss - Basic Form provides coverage for all of the following perils with the exception of which one?
    • A. 

      Riot

    • B. 

      Sprinkler leakage

    • C. 

      Lightening

    • D. 

      Weight of ice, snow or sleet

  • 13. 
    A business income coverage extension provides what dollar amount in automatic coverage for 30 days at each newly acquired location?
    • A. 

      $100,000

    • B. 

      $200,000

    • C. 

      $250,000

    • D. 

      $150,000

  • 14. 
    A doctor's patients need the doctor ,not the building the doctor is in. If the doctor needs to move to another location while the building is being repaired, what coverage would pay for the cost of temporarily setting up another location?
    • A. 

      Extra Expense Coverage Form

    • B. 

      Building Replacement Coverage

    • C. 

      Relocation Endorsement on a Coverage Extension

    • D. 

      Coverage Extension

  • 15. 
    In the Cause of Loss Basic Form ______________ is excluded, but resultant damage from a covered cause of loss is covered.
    • A. 

      Vandalism

    • B. 

      Sprinkler leakage

    • C. 

      Civil commotion

    • D. 

      Mechanical breakdown

  • 16. 
    While conceptually similar to the homeowners program, the business owners policy, provided an indivisible package of basically required coverages designed to meet the ordinary needs of certain classes of business which fall under 8 areas of eligibility. Which of the following is not one of those 8 areas?
    • A. 

      Mercantile, wholesaler, service, or processing risk

    • B. 

      Offices and office condo associations

    • C. 

      Self-Storage facilities which provide outdoor storage of any type of motorized vehicles

    • D. 

      Convenience food stores with or without gasoline sales

  • 17. 
    In a Builders Risk Coverage Form the proper amount of insurance for coverage of losses without penalty is what percentage of the expected completed value?
    • A. 

      75%

    • B. 

      90%

    • C. 

      100%

    • D. 

      80%

  • 18. 
    John has a Personal Articles Floater for his camera, telescopic lenses, and his carrying case. His PAF has an itemized list with all of his equipment as required. John acquires a new camera but forgets to update his itemized list. Two weeks after purchase he suffers a loss with the new camera and wants his new camera covered. Would his PAF provide coverage for this newly acquired camera?
    • A. 

      No, because this only provides coverage for one camera and supporting equipment

    • B. 

      Yes, because it has not been more than 45 days since the newly acquired camera

    • C. 

      No, because the new camera was not added to the itemized list

    • D. 

      Yes, because it has not been more than 30 days since the newly acquired camera

  • 19. 
    Which of the following is not considered a Commercial Property Floaters category?
    • A. 

      Commercial Property Floaters Risk: Currency Risks

    • B. 

      Commercial Property Floaters Risk: Business Floaters

    • C. 

      Commercial Property Floaters Risk: Bailees

    • D. 

      Commercial Property Floaters Risk: Dealers Policies

  • 20. 
    After a community study that results in a flood hazard boundary map being developed, and limited coverage amounts becoming available, the community is said to be in what NFIP program?
    • A. 

      Emergency Program

    • B. 

      Temporary Program

    • C. 

      Regular Program 

    • D. 

      Intermittent Program

  • 21. 
    What is the total coverage amount (basic amount + additional amount) that a single family dwelling can receive under the NFIP?
    • A. 

      $150,000

    • B. 

      $250,000

    • C. 

      $100,000

    • D. 

      $500,000

  • 22. 
    A Farm coverage insured may obtain earthquake coverage by purchasing what? 
    • A. 

      Earthquake Rider

    • B. 

      Earthquake Endorsement

    • C. 

      Earthquake Clause

    • D. 

      Earthquake Clause of Loss Form

  • 23. 
    The Florida Valued Policy Law applies to which of the following?
    • A. 

      Mobile Homes

    • B. 

      All coverages on the declarations page

    • C. 

      Motor Homes

    • D. 

      Total Losses to a building only if caused by fire

  • 24. 
    What can be added to the Homeowners contract which provides coverage for watercraft which is excluded under the HO policy itself.
    • A. 

      Watercraft Policy

    • B. 

      Watercraft Cause of Loss Form

    • C. 

      Watercraft Endorsement

    • D. 

      Watercraft Rider

  • 25. 
    John suffered a loss due to a covered peril on his farm and one of his silos was destroyed. Under John's Farm Property coverage, which coverage provides coverage for his loss?
    • A. 

      Coverage A

    • B. 

      Coverage G

    • C. 

      Coverage D

    • D. 

      Coverage C

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