WEBCE INLAND MARINE INSURANCE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS

WEBCE INLAND MARINE INSURANCE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS Leave the first rating inland marine insurance a group of property insurances designed to insure exposures that cannot be conveniently or reasonably confined to a fixed location or insured at a standard rate under a standard form ocean marine insurance insurance covering the transportation of goods by vessels crossing both foreign and domestic waters including any inland or aviation transit/ also covers damage to vessels involved in shipments and any legal liability Nationwide Marine Definition created in 1933, to qualify for marine insurance coverage, property must be in transit or bear some other relationship to transportation so that marine insurance is different than casualty and fire floaters property insurance whose coverage floats wherever the insured property goes, only used by inland marine insurers - covers jewelry, furs, fine arts, cameras - basically open perils that covers losses from "all risk" and issued as an endorsement or freestanding personal inland marine insurance is tailored to a specific type of covered property, provides the amount of insurance desired, broader than other types of coverage, covers insured property anywhere in the world, no deductible in most cases personal articles floater two forms Personal Articles Agreed Value Loss Settlement Form (PM 00 10) - pays agreed value specified in the schedule, regardless of what an appraisal might show Personal Articles Standard Loss Settlement Form (PM 00 09) - pays the lowest of cost of repairing the item, ACV, replacement cost, applicable policy limit personal articles floater common coverages - Jewelry: specified amount of coverage - Cameras and musical instruments: scheduled or unscheduled (blanket basis) - Golf - Fine arts, stamp collections, and coin collections: should do scheduled basis since blanket coverage has limits of 250/1000 commercial inland marine coverage forms some ISO, some specified to insurance companies - accounts receivable floater, bailees' customers floater, commercial articles floater, contractors' equipment floater, electronic data processing floater, equipment dealers floater, installation floater, jewelers blocks floater, signs floater, transportation coverages, valuable papers accounts receivable floater pays the increased costs of collecting accounts, the cost to reestablish the accounts receivable records to the extent possible, and any amounts that remain uncollectible as a result of the destruction of accounts receivable due to covered loss - open perils basis - coinsurance provision 80%