General Insurance Essentials - C81 + C82 Exam|| Most Recent
Exam 2026-2027 Actual Complete Real Exam Questions And
Correct Answers (Verified Answers) Already Graded A+ |
Newest Exam | Just Released!!
Our insured hires an independent contactor to perform
renovations to her building. Our insured will be deemed to be
liable for the acts of an
"independent" contractor in all of the following instances: -
ANSWER -Where insured hires and fires the employees of the
independent contractor
where insured supplies tools and materials from which
damages arose
Where insured provides on-site direction and supervision of
work
When is an independent contractor truly "independent" ? -
ANSWER -where insured supplies "blue prints" and leaves a
contractor to his own resources to arrive at the desired results
A house valued at $200,000 is damaged by fire: half of the
building is destroyed. The house was insured for the full value
on a Homeowners Insurance policy WITHOUT any optional By-
Law Endorsement. The town required the undamaged portion
of the house to be torn down. How would the insured's policy
,respond to the claim? - ANSWER -Pays $100,000 for the section
damaged
What does liability insurance indemnify the insured for? -
ANSWER -Sums the
insured may be required by law to pay to third parties as
damages for bodily
injury or damage to
property
What is meant by the term inherent vice? - ANSWER -The
object will by its
nature suffer
loss.
What is the purpose of the anti-concurrent causation clause? -
ANSWER -To limit coverage should more than one water
damage peril occur simultaneously.
Damage caused by flooding was traditionally excluded from
habitational policies. The exclusion was further defined as
flooding caused by which type of water? - ANSWER -salt-water
What is a typical cause of a sewer backup? - ANSWER -
Overwhelmed
municipal sewer
systems
A lightning strike to the building where Miriam rents an
apartment starts a fire causing many units, including Miriam's,
,to be uninhabitable. How would Miriam's tenants insurance
respond to her claim? - ANSWER -Indemnifies her for her loss
of contents and additional living expense
How do tenant's policies differ from Homeowners policies? -
ANSWER -There is
no coverage for a dwelling
building.
How does a rebuilding clause-deferred payment affect a claim
settlement? - ANSWER -If a building is damaged to more than
two-thirds of its value, the insurance company initially will pay
only 50 percent of the total payable, and the remainder is paid
when the insured rebuilds within the time frame and distance
specified.
How is actual cash value (ACV) calculated? - ANSWER -It is
the replacement
cost, less the amount of
depreciation.
The application for tenant's insurance requests which of the
following types of
information? - ANSWER -The location of
the dwelling
The condominium corporation is responsible for snow removal
on the condominium property. Someone trips and falls and
sues the corporation for his injuries. The corporation carries a
, liability policy with a limit of $2,000,000. The plaintiff is awarded
$2,500,000 by the court. How does the unit owners loss
assessment insurance coverage apply? - ANSWER -It will pay
the unit owners share of the insurance shortfall of $500,000.
What do condominium unit purchasers own? - ANSWER -Clear
and full ownership of a specific unit within a building and a
shared interest in the common elements
What is the difference between burglary coverage and theft
coverage? - ANSWER -Burglary coverage requires there be
unlawful removal of property from the premises by visible
forcible entry, while theft coverage does not.
What type of insurance would best suit the needs of an insured
who owns a cottage that the insured's family uses all year long
and has many features of a primary residence? - ANSWER -
Seasonal Homeowners form
"Products liability" are covered under a farmers liablity policy
- true or false? -
ANSWER -
True
Extra expense insurance does not replace income - true or
false? - ANSWER -
True
Exam 2026-2027 Actual Complete Real Exam Questions And
Correct Answers (Verified Answers) Already Graded A+ |
Newest Exam | Just Released!!
Our insured hires an independent contactor to perform
renovations to her building. Our insured will be deemed to be
liable for the acts of an
"independent" contractor in all of the following instances: -
ANSWER -Where insured hires and fires the employees of the
independent contractor
where insured supplies tools and materials from which
damages arose
Where insured provides on-site direction and supervision of
work
When is an independent contractor truly "independent" ? -
ANSWER -where insured supplies "blue prints" and leaves a
contractor to his own resources to arrive at the desired results
A house valued at $200,000 is damaged by fire: half of the
building is destroyed. The house was insured for the full value
on a Homeowners Insurance policy WITHOUT any optional By-
Law Endorsement. The town required the undamaged portion
of the house to be torn down. How would the insured's policy
,respond to the claim? - ANSWER -Pays $100,000 for the section
damaged
What does liability insurance indemnify the insured for? -
ANSWER -Sums the
insured may be required by law to pay to third parties as
damages for bodily
injury or damage to
property
What is meant by the term inherent vice? - ANSWER -The
object will by its
nature suffer
loss.
What is the purpose of the anti-concurrent causation clause? -
ANSWER -To limit coverage should more than one water
damage peril occur simultaneously.
Damage caused by flooding was traditionally excluded from
habitational policies. The exclusion was further defined as
flooding caused by which type of water? - ANSWER -salt-water
What is a typical cause of a sewer backup? - ANSWER -
Overwhelmed
municipal sewer
systems
A lightning strike to the building where Miriam rents an
apartment starts a fire causing many units, including Miriam's,
,to be uninhabitable. How would Miriam's tenants insurance
respond to her claim? - ANSWER -Indemnifies her for her loss
of contents and additional living expense
How do tenant's policies differ from Homeowners policies? -
ANSWER -There is
no coverage for a dwelling
building.
How does a rebuilding clause-deferred payment affect a claim
settlement? - ANSWER -If a building is damaged to more than
two-thirds of its value, the insurance company initially will pay
only 50 percent of the total payable, and the remainder is paid
when the insured rebuilds within the time frame and distance
specified.
How is actual cash value (ACV) calculated? - ANSWER -It is
the replacement
cost, less the amount of
depreciation.
The application for tenant's insurance requests which of the
following types of
information? - ANSWER -The location of
the dwelling
The condominium corporation is responsible for snow removal
on the condominium property. Someone trips and falls and
sues the corporation for his injuries. The corporation carries a
, liability policy with a limit of $2,000,000. The plaintiff is awarded
$2,500,000 by the court. How does the unit owners loss
assessment insurance coverage apply? - ANSWER -It will pay
the unit owners share of the insurance shortfall of $500,000.
What do condominium unit purchasers own? - ANSWER -Clear
and full ownership of a specific unit within a building and a
shared interest in the common elements
What is the difference between burglary coverage and theft
coverage? - ANSWER -Burglary coverage requires there be
unlawful removal of property from the premises by visible
forcible entry, while theft coverage does not.
What type of insurance would best suit the needs of an insured
who owns a cottage that the insured's family uses all year long
and has many features of a primary residence? - ANSWER -
Seasonal Homeowners form
"Products liability" are covered under a farmers liablity policy
- true or false? -
ANSWER -
True
Extra expense insurance does not replace income - true or
false? - ANSWER -
True
