Property and Casualty Insurance Basics Quiz 5

通報

問題一覧

All of the following are conditions commonly found in the insurance policy EXCEPT

Insuring agreement

All of the following are factors in the determination of actual cash value EXCEPT

Insurance premium paid

What are the two types of compensatory damages?

Special and general

Which of the following describes contributory negligence?

Any degree of negligence by the injured party may bar recovery

Which of the following is a mandatory part of an insurance policy that varies with each individual policy?

Declarations

An insured owns a building that is valued at $400,000. To comply with the 80% coinsurance provision of his insurance policy, how much should he insure the property for?

80% of the property's replacement cost or more

Which of the following defenses attests that if a person recognizes and understands that there is a danger involved in an activity and voluntarily chooses to encounter it, the person may be barred from seeking recovery for injuries due to negligence?

Assumption of risk

Which of the following would modify the original insurance contract by either adding or removing coverage?

Endorsements

Property insurance that provides $100,000 coverage for a building and $50,000 coverage for personal property at a single location is called

Specific coverage

An insured's home is mortgaged by the local bank. The insured is required to carry insurance on the home, showing the bank as the mortgagee. If the home is damaged by a covered peril, which of the following is true?

Losses will be paid to the mortgagee and mortgagor as their interest appears

A policy that insures all property at multiple locations for a single amount is referred to as

Blanket

Using an air-cooled engine, a proposed insured has developed a new, experimental aircraft. If the inventor applies for liability insurance, what rating type will the insurer most likely use?

Judgment

Payment for medical expenses, loss of wages, funeral expenses, or the cost to repair or replace damaged property are known as what type of compensatory damages?

Special

What will happen if a house covered by a standard mortgage clause is a total loss?

The insurer pays the mortgagee according to the mortgagee's interest in the property

At the time of loss insured against in a property and casualty policy, the insurer's claim settlement options include all the following EXCEPT

Replacing the property with other property of a lesser kind or quality

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