LATEST Exam FX part 3 2024

An endorsement is available for hired and nonowned auto on BOP liability... A. Only if the insured does not have commercial auto coverage B. In addition to commercial auto coverage C. Only if the insured has 4 or more employees D. Never - answers A The Mail Coverage Form is always written on a reporting form basis; after the end of each reporting period shown in the declarations, reports are due within... A. 45 days B. 15 days C. 30 days D. 31 days - answers C The inland marine coverage form for outdoor signs provides "open peril" coverage and excludes coverage for breakage only during... A. Transportation B. Repairing C. Installation or dismantling D. All of the above - answers D Which of the following is covered under the Mail floater of a Commercial Inland Marine policy ONLY if is sent by registered mail? A. Currency and unsold travelers checks B. Postage and revenue stamps C. Money orders, checks, drafts, notes D. Bonds, stocks, stock certificates, coupon attached bonds - answers A Which of the following other coverages is NOT included in the basic form dwelling policy? A. Breakage of glass B. Removal coverage C. Personal property temporarily away from the insured premises D. Tenant's improvements, alterations, and additions - answers A Under the conditions of a Film Coverage Form, how long must the insured maintain records of each production? A. 3 years after the policy expires B. 5 years after the policy expires C. 7 years after production completion D. 1 year after production completion - answers A Which of the following is true regarding single dwellings that are insured at least 80% of the replacement value? A. They are subject to a $1000 deductible B. They are automatically provided with replacement cost coverage C. They qualify for maximum compensation under the flood insurance program D. They are excluded from the flood insurance policy - answers B A BOP (business owners policy) is most similar to... A. Auto B. Umbrella C. Cargo D. Homeowners - answers D Under dwelling policy, if an insurer chooses to repair or replace damaged or lost property, it must inform the insured within how many days of receiving proof of loss? A. 10 days B. 30 days C. 45 days D. 60 days - answers B An insured condominium unit owner wants to purchase fire and extended coverage for personal property and liability coverage for himself and his family members. He should purchase... A. HO-2 B. HO-3 C. HO-4 D. HO-6 - answers D The extension of coverage under the Commercial Fine Arts Floater includes coverage for newly acquired property for a maximum of... A. $10,000 B. $15,000 C. $20,000 D. $5,000 - answers A The common policy condition is a modular part combined with other parts to create the contract. The "common policy condition" section contains provisions that are applicable to all lines of coverage that may be included in the policy. Which of the following provisions would be found in the common policy conditions section of the policy? A. The first named insured may cancel the policy at any time by giving written notice to the insurer B. Prior to the insurer making inspections, surveys, and reports relating to the insurance, approval from the insured must be obtained C. Requests for any change in the policy requested by the insured may be made by the second name insured