Other Types of Property & Casualty Insurance Quiz 3

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問題一覧

Who are the parties to a bond?

Principal, obligee, and guarantor

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

Sewer backup

What losses are considered when computing individual FMHA emergency loan eligibility?

Losses on crops which the farmer chose to insure will be considered

Who provides and sells coverage under a state FAIR plan?

Private insurance companies operating in that state

According to the principles of ocean marine insurance, an actual total loss may occur in all of the following situtations EXCEPT

When cargo is misplaced

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

Employment practices liability insurance (EPLI) would NOT cover claims arising from

Deliberate law violation

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

Commercial general and professional

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?

Fair Access to Insurance Requirements

The purpose of FAIR plans is

To provide property insurance to insureds living in high-risks areas

Cargo is damaged short of its destination. An agent of the insurer at an immediate port sells the damaged cargo at the best price. Settlement is based on the difference between insured value and the net sales proceeds. This is considered

A salvage loss

Which of the following special liability coverages will provide protection to managers of a corporation for claims arising from a wrongful act committed by the manager while in an official capacity?

Directors and officers liability

A ranchowners policy is most similar to which of the following?

Homeowners

Which of the following statements regarding FAIR plans would most likely be true?

FAIR plans provide coverage exclusively to high-risk areas

In accordance with American Institute Hull Clauses, a pro rate return of premium will be given for all the following reasons EXCEPT

If the policy is cancelled by the insured

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