Basic Insurance
A device for the transfer of risk from an individual to a large group with similar risk.
Insurance
30/60/25 is the minimum required liability in which state?
Texas
This endorsement is used to add additional coverage for jewelry, furs, and collectibles.
Miscellaneous Property Schedule
A bailee coverage providing protection for the customer's vehicle while it is in the insured's care, custody or control for storage, repair, or service.
Garagekeepers Coverage
The primary difference between auto insurance and aircraft insurance is that aircraft must meet stricter qualifications (T or F)?
True
Gambling, stocks, and stock markets would be an example of this kind of risk.
Speculative Risks
If hail damages the top of the insured's vehicle, what kind of claim would this be considered?
Comprehensive coverage
Liability and theft coverages can be added to the dwelling policy by _____?
Endorsement
Bodily injury and property damage, personal injury and advertising liability, and medical payments are all included under what coverage?
Commercial General Liability (CGL)
The person who may be able to benefit from the surety bond if the principal does not perform as required.
Obligee
What are the four reasons people purchase insurance?
1. Transfer risk
2. Peace of Mind
3. Required by law
4. Required by vendor
The insured takes their vehicle out to the middle of the desert and sets it on fire. This is a ______ hazard.
Moral
The ___ - ____ provision offers boat owners a premium credit during winter months when the boat is in storage.
Lay-up
A building under construction would look to get this kind a form.
Builder's risk coverage form
____ is defined as the circulation of false or maliciously critical information for the purpose of injuring any person.
Defamation
Which condition states that the insured cannot assign or transfer their policy to another person without hte written consent of the insurer.
Assignment
What is the appraisal process for?
Disputes in amount
What are the three different dwelling polices?
1. DP-1 Basic Form
2. DP-2 Broad Form
3. DP-3 Special Form
The oldest form of insurance is known as ____.
Ocean Marine
Fidelity bonds cover losses due to what?
employee dishonestly (usually fraud or theft by employee)
The difference between concealment and misrepresentation
Concealment involves withholding information rather than misstating it.
The steps in determining negligence are...
1. Legal duty owed
2. breach of legal duty
3. actual damages
4. proximate cause
HO101 adds_____ _____ to personal property as well as cloth awnings and wall-to- wall carpeting.
Replacement Cost
Barns and/or grain silos are covered under this farm policy.
Coverage G
as a representative authorized to act on the insurer's behalf an agent may be granted certain types of authority. What are the three levels of authority?
1. Express
2. Implied
3. Apparent