Mobile Home / Scheduled Article Floater
This is the valuation method for a Mobile Home policy or endorsement.
What is Actual Cash Value (ACV)?
True or False: Earthquake Insurance is available only as an endorsement on certain HO forms.
What is false?
This is the valuation method of a Watercraft policy.
What is Actual Cash Value (ACV)?
Umbrella policies provide excess _______ coverage.
What is liability?
NFIP defines a flood as a temporary condition of the partial/complete inundation of normally dry land that are 2 or more _____, as well as 2 or more _____.
What is:
-acres
-properties
This is the limit of coverage that Coverage C allows on a mobile home policy.
What is 40% of A?
This is the available deductible for Earthquake Insurance.
What is 5%-20% of the as-declared Coverage A limit?
This is the coverage on a watercraft policy that will cover the structure of the boat, as well as any detachable equipment needed to make the boat function.
What is Hull Insurance?
When the underlying policy is unable to pay, this steps in and functions like a deductible.
What is self-insured retention (SIR)?
This is the standard deductible under the NFIP.
Additionally, this standard deductible is applied twice: once for ______ and once for ______.
What is:
-$1,000
-once for the building and once for personal property
Upon getting a Personal Article Floater, the valuation method that covers the property in question changes from this to this.
Additionally, the perils covered change from this basis to this basis.
What is from ACV to Agreed Value?
What is from named to open?
When it comes to determining what counts as a single occurrence, the initial quake is considered as well as all aftershocks in a ________ period of time.
What is 72 hour?
This names the coverage on a watercraft policy that does not need to determine fault in order to pay out to the third party.
What is Medical Payments?
This is the minimum limit that umbrella policies can have.
What is $1 million?
In order for the __-day waiting period to begin, the applicant must have submitted the ______ and the ______.
What is:
-30
-complete application
-paid the first due premium
These are the DP forms that will accept a Mobile Home Insurance Endorsement; additionally, these are the HO forms that will accept a Mobile Home Insurance Endorsement.
What is:
-DP-1, DP-2 and DP-3
-HO-3, HO-5 and HO-4 (if the insurer allows)
Some policies have limited coverage available for ______________ upgrades.
What is building code?
These are the exclusions on a watercraft policy.
(name at least two)
ALL POSSIBLE ANSWERS:
What is: personal property, business use, racing, anything/anyone that is being towed
Assume M had an underlying policy with a 300/300/100 limit, an umbrella policy with a limit of $1 million, and a self-insured retention of $5,000.
This is the amount M's umbrella policy would pay if M is responsible for $75,000 worth of damages in Mexico City.
What is $70,000?
Under the NFIP, the limit for 1-4 family homes is $_____ on the emergency program and $_____ on the regular program.
Additionally, the limit for personal property is $_____ on the emergency program and $_____ on the regular program.
What is:
-$35,000 and $250,000
-$10,000 and $100,000
These are the names of the other available floaters that are available for personal property, based on these descriptions:
-Floater that insures worn/carried items by tourists and travelers while anywhere in the world
-Floater that insures personally used cameras and related equipment
-Floater that insures private collections of fine art on a scheduled location basis
-Floater that insures jewelry and furs both on and off premise
What is:
-Personal Effects Floater
-Cameras Floater
-Fine Arts Floater
-Personal Jewelry Floater
These are the exclusions on an Earthquake Insurance policy.
(name at least five)
(ALL POSSIBLE ANSWERS)
What is:
Underground structures, retaining walls, awnings, outdoor antennas, exterior masonry veneer, trees, fire, vehicles, sinkholes?
This is whose watercraft policy would take primary if you lend your speedboat to a friend, who later causes damages to your boat and another party's boat.
What is your/my policy?
Assume M had an underlying policy with a 300/300/100 limit, an umbrella policy with a limit of $1 million, and a self-insured retention of $5,000.
M was not able to keep up on the payments on their underlying policy, and it was cancelled.
A few weeks after the cancellation, M was responsible for $310,000 in damages. This is the amount that M's umbrella policy will pay.
What is $10,000?
BONUS -- From where will the remaining $300,000 come from?
Under the NFIP, the cause of the flood MUST be from at least one of these instances in order to be covered.
(name all four)
What is:
-Rapid accumulation of surface waters
-Overflow in inland or tidal waters
-Mudflow from an accumulation of water
-Collapse of land along a shore line from erosion from waves or currents exceeding cyclical levels