Social Science Business Insurance
Oklahoma Exam - 4
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Insurance Exam 15 Chapter 6: personal auto policy Exam 3 ExamFX
21 terms 118 terms 82 terms 31 terms
Jacci_Philipp Preview anna_jenkins158 Preview kathryn_merrill6 Preview eas
Which of the following would be "an insured" under a Any person who is driving a covered auto owned by the named insured after
Business Auto policy? receiving permission
Lucy has insured her one-family home under a standard $10,000
HO-3 form with a Coverage A limit of $100,000. If she
suffered a $100,000 loss to her covered dwelling, how The HO-3 form provides 10% of the Coverage A - Dwelling limit for Coverage B -
much coverage would be provided under Coverage B for Other Structures. The most the insurance company will pay is $10,000 ($100,000
her unattached garage on the premises? multiplied by 10%).
The Building & Personal Property Coverage form of the The Replacement Cost Valuation optional coverage
Commercial Property program includes some optional
coverages. Which of the following is the optional The Replacement Cost Valuation optional coverage changes the standard ACV
coverage that changes the standard valuation condition valuation condition to RCV but subject to the same coinsurance condition.
of the form, but keeps the coinsurance provision in
place?
The Coverage A insuring agreement of a Commercial Insurance cannot be written to cover losses that are known to have already taken
General Liability policy has recently been re-written to place
clarify that:
The Coverage A insuring agreement of a Commercial General Liability policy has
recently been re-written to clarify that Insurance cannot be written to cover
losses that are known to have already taken place. This is called the "Known Loss
Rule".
All Homeowners forms provide the "Property Removed" 30 days
additional coverage for up to how many days?
The limit is 30 days on the standardized Homeowner forms.
, Max holds an adjuster license in Oklahoma. After a $100
hearing, Max was found to have committed an unfair
claim settlement practice and the minimum fine allowable The minimum fine that may be imposed for committing an unfair claim settlement
by law was imposed. Which of the following is the practice in Oklahoma is $100.
amount of the fine Max must will pay?
Monique lives in Texas and is covered under a standard April 15th, because when a company broadens their coverage with no additional
Personal Automobile policy. Her policy was issued by premium charge, it takes effect on the date it is implemented in an insured's state
Binders Keepers Insurance, a company that is domiciled of residence
in North Carolina and also transacts insurance in Texas,
New Mexico, California, and Arizona. Binders Keepers Monique's broadened coverage will become effective on April 15th, because
has broadened their coverage under the policy without when a company broadens their coverage with no additional premium charge, it
additional premium, as of April 1st. They are rolling out the takes effect on the date the coverage is implemented in an insured's state of
change in coverage as follows:North Carolina - April residence.
1stTexas - April 15thNew Mexico - April 20thCalifornia -
April 30thWhen can Monique expect her coverage to be
broadened?
The first party to an insurance contract is: The insured
The insured who purchased the contract and is also covered by the contract is the
first party.
Which of the following terms means "liability through Vicarious/Imputed liability
another person"?
Vicarious means "through or in place of another person." There are times when a
person may be held responsible for the negligent acts of another person. This is
known as vicarious or imputed liability.
A gas line explodes outside of Mindy's Mending Shop, Outdoor Property
ruining her new landscaping. Which coverage extension
of Mindy's Commercial Property policy would cover the The coverage extension "Outdoor Property" adds coverage for trees and shrubs
cost of replacing the damaged trees and shrubs? that were excluded in the "property not covered" section of the policy.
The National Flood Insurance Program will pay which of $1,000
the following amounts to assist with moving of property
to safety when there is imminent flood danger? The NFIP provides $1,000 of coverage to move property to safety, but that
amount decreases the coverage limit payable for damaged property.
Which of the following phrases best describes a A condition that increases the chances of a loss
"hazard?"
Poor wiring, oily rags, bad housekeeping or maintenance are examples of
"hazards" that increase the opportunity for a loss to occur.
Which of the following statements is TRUE regarding the Coverage for fire damage liability applies only to the area of the building the
"Damage to Premises Rented to You" coverage of a insured rents and occupies and does not provide coverage to any other areas
Commercial General Liability policy? where the fire may spread
The coverage applies only to the area of the building the insured rents and
occupies and does not provide coverage to any other areas where the fire may
spread. This is the reason additional coverage is recommended to businesses
because a fire rarely stays contained in one area.
Oklahoma Exam - 4
Save
Students also studied
Insurance Exam 15 Chapter 6: personal auto policy Exam 3 ExamFX
21 terms 118 terms 82 terms 31 terms
Jacci_Philipp Preview anna_jenkins158 Preview kathryn_merrill6 Preview eas
Which of the following would be "an insured" under a Any person who is driving a covered auto owned by the named insured after
Business Auto policy? receiving permission
Lucy has insured her one-family home under a standard $10,000
HO-3 form with a Coverage A limit of $100,000. If she
suffered a $100,000 loss to her covered dwelling, how The HO-3 form provides 10% of the Coverage A - Dwelling limit for Coverage B -
much coverage would be provided under Coverage B for Other Structures. The most the insurance company will pay is $10,000 ($100,000
her unattached garage on the premises? multiplied by 10%).
The Building & Personal Property Coverage form of the The Replacement Cost Valuation optional coverage
Commercial Property program includes some optional
coverages. Which of the following is the optional The Replacement Cost Valuation optional coverage changes the standard ACV
coverage that changes the standard valuation condition valuation condition to RCV but subject to the same coinsurance condition.
of the form, but keeps the coinsurance provision in
place?
The Coverage A insuring agreement of a Commercial Insurance cannot be written to cover losses that are known to have already taken
General Liability policy has recently been re-written to place
clarify that:
The Coverage A insuring agreement of a Commercial General Liability policy has
recently been re-written to clarify that Insurance cannot be written to cover
losses that are known to have already taken place. This is called the "Known Loss
Rule".
All Homeowners forms provide the "Property Removed" 30 days
additional coverage for up to how many days?
The limit is 30 days on the standardized Homeowner forms.
, Max holds an adjuster license in Oklahoma. After a $100
hearing, Max was found to have committed an unfair
claim settlement practice and the minimum fine allowable The minimum fine that may be imposed for committing an unfair claim settlement
by law was imposed. Which of the following is the practice in Oklahoma is $100.
amount of the fine Max must will pay?
Monique lives in Texas and is covered under a standard April 15th, because when a company broadens their coverage with no additional
Personal Automobile policy. Her policy was issued by premium charge, it takes effect on the date it is implemented in an insured's state
Binders Keepers Insurance, a company that is domiciled of residence
in North Carolina and also transacts insurance in Texas,
New Mexico, California, and Arizona. Binders Keepers Monique's broadened coverage will become effective on April 15th, because
has broadened their coverage under the policy without when a company broadens their coverage with no additional premium charge, it
additional premium, as of April 1st. They are rolling out the takes effect on the date the coverage is implemented in an insured's state of
change in coverage as follows:North Carolina - April residence.
1stTexas - April 15thNew Mexico - April 20thCalifornia -
April 30thWhen can Monique expect her coverage to be
broadened?
The first party to an insurance contract is: The insured
The insured who purchased the contract and is also covered by the contract is the
first party.
Which of the following terms means "liability through Vicarious/Imputed liability
another person"?
Vicarious means "through or in place of another person." There are times when a
person may be held responsible for the negligent acts of another person. This is
known as vicarious or imputed liability.
A gas line explodes outside of Mindy's Mending Shop, Outdoor Property
ruining her new landscaping. Which coverage extension
of Mindy's Commercial Property policy would cover the The coverage extension "Outdoor Property" adds coverage for trees and shrubs
cost of replacing the damaged trees and shrubs? that were excluded in the "property not covered" section of the policy.
The National Flood Insurance Program will pay which of $1,000
the following amounts to assist with moving of property
to safety when there is imminent flood danger? The NFIP provides $1,000 of coverage to move property to safety, but that
amount decreases the coverage limit payable for damaged property.
Which of the following phrases best describes a A condition that increases the chances of a loss
"hazard?"
Poor wiring, oily rags, bad housekeeping or maintenance are examples of
"hazards" that increase the opportunity for a loss to occur.
Which of the following statements is TRUE regarding the Coverage for fire damage liability applies only to the area of the building the
"Damage to Premises Rented to You" coverage of a insured rents and occupies and does not provide coverage to any other areas
Commercial General Liability policy? where the fire may spread
The coverage applies only to the area of the building the insured rents and
occupies and does not provide coverage to any other areas where the fire may
spread. This is the reason additional coverage is recommended to businesses
because a fire rarely stays contained in one area.
