Other Types of Property & Casualty Insurance Quiz 7

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問題一覧

Which of the following is NOT a contract bond?

Litigation bond

Type of professional liability coverage a medical doctor needs is

Malpractice coverage

Which of the following is true regarding a risk retention group?

It is a liability insurance company owned by its members

In a personal umbrella policy, the amount paid by the insured for certain losses not covered under the primary coverage is called

Self-insured retention

Which bonds may be required when a person appeals to a higher court after a judgment already has been entered to guarantee that a judgment will be paid?

Appeal bonds

A professional who wants coverage for all liability exposures should purchase what form of liability insurance?

Commercial general and professional

How are surety bonds different from insurance?

Surety bonds guarantee specific duties or obligations will be fulfilled; insurance pays for losses

What type of ocean marine insurance provides physical damage coverage for the ship while it is in transit?

Hull

The National Flood Insurance definition of flood includes all of the following EXCEPT

Sewer backup

The party to a surety or fidelity bond who promises to fulfill the obligation is the

Principal

Directors and officers liability insurance defends actions against a corporation or its officers and directors alleging wrongful acts. With regard to the coverage provided, wrongful acts include any of the following EXCEPT

Embezzlement

Bob's neighbor will not stop parking his motorcycle in Bob's rose garden no matter how many times he has been asked to quit parking there. Bob finally gets a court order requiring the neighbor to refrain from parking there. It turns out it was his neighbor's property all along. What bond was Bob required to post guaranteeing his neighbor's damages in this wrongful action will be paid?

Injuction

A covered watercraft was damaged in an accident. The actual cash value of the damaged property was assessed at $10,000.The cost of repairs for the watercraft was assessed that $5,000. The insured's watercraft policy is written with a $25,000 limit. How much will the insurer pay for coverage to damage to the watercraft?

$5,000

What is the highest level of protection available under a Federal Crop Insurance policy?

75%

FAIR Plans are state insurance pools that provide property insurance to high risk areas, such as neighborhoods that have deteriorated or are in urban decay. What does the acronym FAIR stand for?

Federal Association of Insurance Regulators

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