A man wanted to have a building erected at a competitive price, completed within a
specified time, with workmanship guarantee for one year. Which bonds are required?
Select one:
A. Bid Bond, Performance Bond, Payment Bond, and Maintenance Bond
B. Bid Bond, Performance Bond, Payment Bond, and Supply Bond
C. Bid Bond, Payment Bond, Supply Bond, and Permit Bond
D. Performance Bond only
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, A. Bid Bond, Performance Bond, Payment Bond, and Maintenance Bond
What role does state regulation play in a legitimate ERISA plan?
Select one:
A. There is no regulation over ERISA plans
B. All of these answers are correct
C. State insurance regulation does still apply to an insurer that may be financially
responsible for the payment of claims and any forms utilized in an insured ERISA plan
D. The state regulates any ERISA plan in the same way it regulates any authorized
insurer
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C. State insurance regulation does still apply to an insurer that may be
financially responsible for the payment of claims and any forms utilized in
an insured ERISA plan
An insured whose legally parked automobile is damaged by a mudslide may collect
for damages under which of the following coverages?
Select one:
A. No coverage
B. Other than Collision
C. Property Damage Liability
D. Collision
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B. Other than Collision
,The insured has a Commercial General Liability policy written on a Claims Made basis.
During the policy term an incident occurred and was reported to the agent. No claim
was made until two years after expiration of the policy and after coverage had been
renewed by another insurer. Which of the following describes how the insurer will
respond?
Select one:
A. The claim will be paid by the current insurance company
B. The claim will be denied because the Statute of Limitations has expired
C. The claim will be denied because the claim was not presented during the policy
period
D. The claim is covered by the carrier at the time of the incident since the incident was
reported during the policy period and the claim was made within five years of
expiration of the claims made policy
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D. The claim is covered by the carrier at the time of the incident since the
incident was reported during the policy period and the claim was made
within five years of expiration of the claims made policy
The insured owns an apartment building, which is covered by a Businessowner's
Policy. Which limits apply to covered losses to outdoor trees, shrubs, and plants?
Select one:
A. $250 any one item with a $5,000 maximum
B. $250 any one item with a $2,500 maximum
C. $500 any one item with a $2,500 maximum
D. $500 any one item with a $5,000 maximum
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C. $500 any one item with a $2,500 maximum
, A Personal Articles Floater in the Inland Marine program excludes all the following
except?
Select one:
A. Mysterious Disappearance
B. Wear and Tear
C. Inherent Vice
D. Insects and vermin
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A. Mysterious Disappearance
The ABC Corp. purchased a new business during the term of its Commercial General
Liability policy. A claim occurs for which the new business is liable but before the new
business is added to the policy by endorsement. Which of the following statements
are true?
Select one:
A. There is no coverage until the insured has advised the agent of the acquisition
B. The loss will be covered by ABC's policy if the loss occurs within 90 days of
purchase of the new business
C. There is no coverage for a new business
D. Coverage on the new business is limited to 50% of the limits of the General Liability
Policy
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B. The loss will be covered by ABC's policy if the loss occurs within 90 days
of purchase of the new business
An insured with the Building and Personal Property form covering $100,000 on
Personal property, left tools and equipment in a company van which was parked just
specified time, with workmanship guarantee for one year. Which bonds are required?
Select one:
A. Bid Bond, Performance Bond, Payment Bond, and Maintenance Bond
B. Bid Bond, Performance Bond, Payment Bond, and Supply Bond
C. Bid Bond, Payment Bond, Supply Bond, and Permit Bond
D. Performance Bond only
Give this one a try later!
, A. Bid Bond, Performance Bond, Payment Bond, and Maintenance Bond
What role does state regulation play in a legitimate ERISA plan?
Select one:
A. There is no regulation over ERISA plans
B. All of these answers are correct
C. State insurance regulation does still apply to an insurer that may be financially
responsible for the payment of claims and any forms utilized in an insured ERISA plan
D. The state regulates any ERISA plan in the same way it regulates any authorized
insurer
Give this one a try later!
C. State insurance regulation does still apply to an insurer that may be
financially responsible for the payment of claims and any forms utilized in
an insured ERISA plan
An insured whose legally parked automobile is damaged by a mudslide may collect
for damages under which of the following coverages?
Select one:
A. No coverage
B. Other than Collision
C. Property Damage Liability
D. Collision
Give this one a try later!
B. Other than Collision
,The insured has a Commercial General Liability policy written on a Claims Made basis.
During the policy term an incident occurred and was reported to the agent. No claim
was made until two years after expiration of the policy and after coverage had been
renewed by another insurer. Which of the following describes how the insurer will
respond?
Select one:
A. The claim will be paid by the current insurance company
B. The claim will be denied because the Statute of Limitations has expired
C. The claim will be denied because the claim was not presented during the policy
period
D. The claim is covered by the carrier at the time of the incident since the incident was
reported during the policy period and the claim was made within five years of
expiration of the claims made policy
Give this one a try later!
D. The claim is covered by the carrier at the time of the incident since the
incident was reported during the policy period and the claim was made
within five years of expiration of the claims made policy
The insured owns an apartment building, which is covered by a Businessowner's
Policy. Which limits apply to covered losses to outdoor trees, shrubs, and plants?
Select one:
A. $250 any one item with a $5,000 maximum
B. $250 any one item with a $2,500 maximum
C. $500 any one item with a $2,500 maximum
D. $500 any one item with a $5,000 maximum
Give this one a try later!
C. $500 any one item with a $2,500 maximum
, A Personal Articles Floater in the Inland Marine program excludes all the following
except?
Select one:
A. Mysterious Disappearance
B. Wear and Tear
C. Inherent Vice
D. Insects and vermin
Give this one a try later!
A. Mysterious Disappearance
The ABC Corp. purchased a new business during the term of its Commercial General
Liability policy. A claim occurs for which the new business is liable but before the new
business is added to the policy by endorsement. Which of the following statements
are true?
Select one:
A. There is no coverage until the insured has advised the agent of the acquisition
B. The loss will be covered by ABC's policy if the loss occurs within 90 days of
purchase of the new business
C. There is no coverage for a new business
D. Coverage on the new business is limited to 50% of the limits of the General Liability
Policy
Give this one a try later!
B. The loss will be covered by ABC's policy if the loss occurs within 90 days
of purchase of the new business
An insured with the Building and Personal Property form covering $100,000 on
Personal property, left tools and equipment in a company van which was parked just
