Schriefer RMI4224 Exam 2 review
questions and answers already passed
Inland marine insurance evolved from which of the following lines of insurance?
Casualty insurance
Commercial auto insurance
Fire insurance
Marine insurance - correct answer ✔✔Marine insurance
Which of the following statements is/are correct concerning the ISO Bailees Customers
Coverage Form?
I. It provides coverage for personal property of others that is in the insured's care, custody or
control on a named perils basis.
II. It gives the insured the right to settle any covered loss valued at $500 or less with the
property owner and seek reimbursement of their payment from the insurer provided the
insured complies with two additional duties.
I only
II only
Both I & II
Neither I nor II - correct answer ✔✔II only
Which of the following types of commercial property would be considered an inland marine
insurance "non-filed" class of business property?
Costumes used in a Broadway production.
A camera in the inventory of a camera dealer.
, A large crane used by a contractor.
Guitar in the inventory of a musical instrument dealer. - correct answer ✔✔A large crane used
by a contractor.
Each of the following statements concerning the ISO Valuable Papers And Records Coverage
Form are true, EXCEPT:
Covered property means any property owned or property of others in the insured's care,
custody or control that meets the policy definition of "valuable papers and records."
The coverage territory includes property in transit within the U.S., Puerto Rico, and Canada.
There is no coverage for loss or damage caused by delay, loss of use, or loss of market.
The coverage form pays up to $10,000 for loss or damage to covered property while it is away
from the covered premises unless the insured selects a higher limit for this coverage extension.
- correct answer ✔✔The coverage form pays up to $10,000 for loss or damage to covered
property while it is away from the covered premises unless the insured selects a higher limit for
this coverage extension.
Swanson Construction Company owns several large cranes and bulldozers it uses in its
commercial construction business. Which of the following inland marine coverage forms would
be most appropriate to provide coverage for this equipment?
Builders risk policy.
Motor truck cargo carriers coverage form
Product withdrawal coverage form.
Contractors equipment coverage form. - correct answer ✔✔Contractors equipment coverage
form.
Each of the following statements concerning transportation coverage are true EXCEPT:
Common carriers are subject to a strict liability negligence standard for the handling of property
of others with a few exceptions.
Private carriers transport goods for a specific or limited number of clients under a negotiated
contract.
questions and answers already passed
Inland marine insurance evolved from which of the following lines of insurance?
Casualty insurance
Commercial auto insurance
Fire insurance
Marine insurance - correct answer ✔✔Marine insurance
Which of the following statements is/are correct concerning the ISO Bailees Customers
Coverage Form?
I. It provides coverage for personal property of others that is in the insured's care, custody or
control on a named perils basis.
II. It gives the insured the right to settle any covered loss valued at $500 or less with the
property owner and seek reimbursement of their payment from the insurer provided the
insured complies with two additional duties.
I only
II only
Both I & II
Neither I nor II - correct answer ✔✔II only
Which of the following types of commercial property would be considered an inland marine
insurance "non-filed" class of business property?
Costumes used in a Broadway production.
A camera in the inventory of a camera dealer.
, A large crane used by a contractor.
Guitar in the inventory of a musical instrument dealer. - correct answer ✔✔A large crane used
by a contractor.
Each of the following statements concerning the ISO Valuable Papers And Records Coverage
Form are true, EXCEPT:
Covered property means any property owned or property of others in the insured's care,
custody or control that meets the policy definition of "valuable papers and records."
The coverage territory includes property in transit within the U.S., Puerto Rico, and Canada.
There is no coverage for loss or damage caused by delay, loss of use, or loss of market.
The coverage form pays up to $10,000 for loss or damage to covered property while it is away
from the covered premises unless the insured selects a higher limit for this coverage extension.
- correct answer ✔✔The coverage form pays up to $10,000 for loss or damage to covered
property while it is away from the covered premises unless the insured selects a higher limit for
this coverage extension.
Swanson Construction Company owns several large cranes and bulldozers it uses in its
commercial construction business. Which of the following inland marine coverage forms would
be most appropriate to provide coverage for this equipment?
Builders risk policy.
Motor truck cargo carriers coverage form
Product withdrawal coverage form.
Contractors equipment coverage form. - correct answer ✔✔Contractors equipment coverage
form.
Each of the following statements concerning transportation coverage are true EXCEPT:
Common carriers are subject to a strict liability negligence standard for the handling of property
of others with a few exceptions.
Private carriers transport goods for a specific or limited number of clients under a negotiated
contract.
