PROPERTY & CASUALTY INSUARANCE
PRACTICE EXAM (MT) QUESTIONS WITH
100% VERIFIED ANSWERS
\.HO-2 - ANSWERS-mid range home insurance policy that is named
perils
\.HO-3 - ANSWERS-Most common---open perils on house, named perils
on personal belongings
\.HO-4 - ANSWERS-renter's insurance...personal property and
improvements covered named perils
\.HO-5 - ANSWERS-open perils policy on home and personal property
\.HO-6 - ANSWERS-town home and condo named perils policy...owner
only needs to insure the interior
\.HO-8 - ANSWERS-WORST POLICY---Named perils on home and
belongings but only 10 perils covered
,\.DP-1 - ANSWERS-offers most basic insurance for land
lords...cheapest... named perils(ACV)
\.DP-2 - ANSWERS-average protection, named perils policy
(Replacement Cost)
\.DP-3 - ANSWERS-best rental insurance. It is open perils excluding
ordinance, earth movement, water damage, power failure, nuclear
hazard, intentional loss, mold, govn. action... Replacement Cost----
coverage similar to HO
\.Replacement Cost - ANSWERS-
\.CPP - ANSWERS-purchased by large or expanding companies or
companies w/ heightened risk...starts with property and general liability
insurance
\.Business Income Insurance - ANSWERS-replaces lost revenue and
covers expenses if business is shut down due to any covered loss
\.Business Vehicle Insurance - ANSWERS-covers vehicles owned and
used by your business
,\.Business Crime Insurance - ANSWERS-covers losses from burglary,
corporate fraud, employee dishonesty, and other crimes that are
covered
\.Commercial Umbrella Liability - ANSWERS-increases and broadens
liability, filling in gaps left by other coverages
\.Electronic Data Processing Coverage - ANSWERS-covers costs
associated with the loss or damage of electronic data processing media
or equipment
\.Equipment Breakdown - ANSWERS-aka Boiler and Machinery
Insurance, covers losses from the malfunction of heating, electrical, air
conditioning, telephone system, and other equip
\.Employment Practices Liability - ANSWERS-covers costs tied to
disputes with employees over issues
\.Inland Marine - ANSWERS-covers transport of goods over water and
land
\.Pollution Liability - ANSWERS-covers costs related to pollution,
including clean-up and injuries
, \.Commercial Building and Business Personal Property Form -
ANSWERS-covers building, business personal property and personal
property of others for direct loss or damage, subject to declared
limits...includes add-ons
\.Causes of Loss Form - ANSWERS-causes of loss form is combined with
one or more coverage forms, the commercial property conditions, the
common policy conditions form, and the declarations to make up ISO
commercial prop policy.
\.Basic - ANSWERS-10 peril
\.Broad - ANSWERS-16 peril
\.Special - ANSWERS-all risk
\.Business Income - ANSWERS-coverage applies to loss suffered during
repair or replacement of damaged property
\.ISO Forms - ANSWERS-1) business income and extra expense coverage
form(CP0030)
2) Business Income coverage form without expense(CP0032)(BIC)
PRACTICE EXAM (MT) QUESTIONS WITH
100% VERIFIED ANSWERS
\.HO-2 - ANSWERS-mid range home insurance policy that is named
perils
\.HO-3 - ANSWERS-Most common---open perils on house, named perils
on personal belongings
\.HO-4 - ANSWERS-renter's insurance...personal property and
improvements covered named perils
\.HO-5 - ANSWERS-open perils policy on home and personal property
\.HO-6 - ANSWERS-town home and condo named perils policy...owner
only needs to insure the interior
\.HO-8 - ANSWERS-WORST POLICY---Named perils on home and
belongings but only 10 perils covered
,\.DP-1 - ANSWERS-offers most basic insurance for land
lords...cheapest... named perils(ACV)
\.DP-2 - ANSWERS-average protection, named perils policy
(Replacement Cost)
\.DP-3 - ANSWERS-best rental insurance. It is open perils excluding
ordinance, earth movement, water damage, power failure, nuclear
hazard, intentional loss, mold, govn. action... Replacement Cost----
coverage similar to HO
\.Replacement Cost - ANSWERS-
\.CPP - ANSWERS-purchased by large or expanding companies or
companies w/ heightened risk...starts with property and general liability
insurance
\.Business Income Insurance - ANSWERS-replaces lost revenue and
covers expenses if business is shut down due to any covered loss
\.Business Vehicle Insurance - ANSWERS-covers vehicles owned and
used by your business
,\.Business Crime Insurance - ANSWERS-covers losses from burglary,
corporate fraud, employee dishonesty, and other crimes that are
covered
\.Commercial Umbrella Liability - ANSWERS-increases and broadens
liability, filling in gaps left by other coverages
\.Electronic Data Processing Coverage - ANSWERS-covers costs
associated with the loss or damage of electronic data processing media
or equipment
\.Equipment Breakdown - ANSWERS-aka Boiler and Machinery
Insurance, covers losses from the malfunction of heating, electrical, air
conditioning, telephone system, and other equip
\.Employment Practices Liability - ANSWERS-covers costs tied to
disputes with employees over issues
\.Inland Marine - ANSWERS-covers transport of goods over water and
land
\.Pollution Liability - ANSWERS-covers costs related to pollution,
including clean-up and injuries
, \.Commercial Building and Business Personal Property Form -
ANSWERS-covers building, business personal property and personal
property of others for direct loss or damage, subject to declared
limits...includes add-ons
\.Causes of Loss Form - ANSWERS-causes of loss form is combined with
one or more coverage forms, the commercial property conditions, the
common policy conditions form, and the declarations to make up ISO
commercial prop policy.
\.Basic - ANSWERS-10 peril
\.Broad - ANSWERS-16 peril
\.Special - ANSWERS-all risk
\.Business Income - ANSWERS-coverage applies to loss suffered during
repair or replacement of damaged property
\.ISO Forms - ANSWERS-1) business income and extra expense coverage
form(CP0030)
2) Business Income coverage form without expense(CP0032)(BIC)
