MISSISSIPPI INSURANCE TEST COMPLETE QUESTIONS & ANSWERS
(GRADED A).Buy Quality Materials!
Under the commercial property condominium association form, coverage is
based on:
The association agreement and bylaws.
Explanation:
The coverage provided by the form will be based on the condominium association
agreement and by laws.
Which of the following causes of damage is not covered under the HO policy?
An earthquake.
Explanation:
Earthquake coverage must be separately purchased and is not covered under the HO
policy.
If, during a legal proceeding, the court determines that the facts brought forth,
together with the applicable law, fail to make a prima facie case, the court may,
without consideration by the jury, administer:
A directed verdict.
Explanation:
Lacking establishment of a prima facie case, the court may enter a directed verdict for
either the plaintiff or the defendant.
The insured is covered under a BOP and sustains a direct loss to his building and
contents. What is the period of time the policy provides coverage for the loss of
income?
The policy pays for up to twelve months after the loss..
Explanation:
The BOP automatically includes loss of income on an actual loss sustained basis for up
to twelve months after the loss even if the policy was set to expire in the meantime.
If Commercial Property Insurance is written on the Building and Personal
Property Coverage Form and a loss occurs, the insured must furnish a signed
statement of loss within:
60 days after the request of the insurer.
Explanation:
The form requires that the insured provide a signed proof of loss within 60-days after
the request of the insurer. This is standard in the insurance industry.
The burden of proof in determining the value of property and the cause of loss
lies with:
The insured.
Explanation:
The burden of proof initially lies with the insured. The insured is also obligated to
produce estimates of loss.
In the required bonding of adjusters, which of the following is the surety?
Insurance company.
Explanation:
The surety is the insurance company that issues the bond.
(GRADED A).Buy Quality Materials!
Under the commercial property condominium association form, coverage is
based on:
The association agreement and bylaws.
Explanation:
The coverage provided by the form will be based on the condominium association
agreement and by laws.
Which of the following causes of damage is not covered under the HO policy?
An earthquake.
Explanation:
Earthquake coverage must be separately purchased and is not covered under the HO
policy.
If, during a legal proceeding, the court determines that the facts brought forth,
together with the applicable law, fail to make a prima facie case, the court may,
without consideration by the jury, administer:
A directed verdict.
Explanation:
Lacking establishment of a prima facie case, the court may enter a directed verdict for
either the plaintiff or the defendant.
The insured is covered under a BOP and sustains a direct loss to his building and
contents. What is the period of time the policy provides coverage for the loss of
income?
The policy pays for up to twelve months after the loss..
Explanation:
The BOP automatically includes loss of income on an actual loss sustained basis for up
to twelve months after the loss even if the policy was set to expire in the meantime.
If Commercial Property Insurance is written on the Building and Personal
Property Coverage Form and a loss occurs, the insured must furnish a signed
statement of loss within:
60 days after the request of the insurer.
Explanation:
The form requires that the insured provide a signed proof of loss within 60-days after
the request of the insurer. This is standard in the insurance industry.
The burden of proof in determining the value of property and the cause of loss
lies with:
The insured.
Explanation:
The burden of proof initially lies with the insured. The insured is also obligated to
produce estimates of loss.
In the required bonding of adjusters, which of the following is the surety?
Insurance company.
Explanation:
The surety is the insurance company that issues the bond.
