Chapter 1
The authority granted to an agent through the agent's contract is referred to as
Express Authority
The transfer of an insured's righ to seek damaged from a negligent party to the insurer is found in which clause
Subrogation
Which of the following dwelling coverage forms would pay replacement cost for the dwelling?
DP-2 and DP-3
When is liability coverage included in a HO policy?
It is included automatically
In insurance, an offer is usually made when
An applicant submits an application to the insurer
A policy that insures all property at multiple locations for a single amount is referred to as
Blanket
In dwelling policies, automatic increase in insurance is
Coverage by endorsement
Personal Property coverage under a HO policy would cover...
The insured's camera if it was stolen while insured is on vacation
What is the term for the entity that an agent represents regarding contractual agreements with 3rd parties?
Principal
What describes the transefer of a legal right or interest in an insurance policy?
Assignment
All of the following are other coverages included in both the broad and special form dwelling policy EXCEPT
Theft of personal property
Limited fungi, wet or not, or bacteria endorsement in HO policies applies to
Property and liability losses
In forming an insurance contract, when does acceptance usually occur?
When an insurer's underwriter approves coverage
Which provision defines how the policy will respond if there is more than one insurance policy written on the same risk
Other insurance
How much is the premium for the dwelling under construction endorsement under the dwelling policy?
The average amount of insurance during construction
The HO policy covers collapse causes by all of the following EXCEPT
Foundation cracks
Which authority is NOT stated in an agent's contract but is required for the agent to conduct business?
Implied
What type of info would be found in the Insuring Agreement section
Renewal Dates
Under the dwelling policy, Coverage C - Personal Property is
Limited to covering a servant's property while at the insured location
What would not be covered by HO liability insurance?
Intentional tort