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Umbrella 1
Umbrella 1x2
Bond
Bonding
Bonus round!!!
100

A Personal Umbrella policy: 

Is a modified form of excess liability coverage

100

The insured carries a Commercial Auto policy with the required underlying limit of $300,000 for bodily injury claims. The Commercial Umbrella policy is written with a “per occurrence limit” of $5,000,000 and an “aggregate limit” of $25,000,000. He is involved in an accident causing a passenger train derailment and hundreds are injured. Several individuals make claims in excess of $1,000,000 each. When will the aggregate limit under the Umbrella policy be a factor in this auto claim? 

Never

100
All of the following are types of court or litigation bonds EXCEPT:
Executor bond
appeal bond
bail bond
injunction bond
Executor bond
100
All of the following are insuring agreements under the standard financial institution bond form 24 except:
Fidelity
Counterfeit Currency
In Transit
Pension Plans- ERISA Compliance
Pension plans-ERISA Compliance
100
Can a fire repair contractor or any person connected to a fire repair contractor company be issued a michigan adjusters license?
NO
200

Under an Umbrella policy, an insured has a retention limit which is a/an: 

Deductible

200
Umbrella liability policies commonly exclude damages that are covered under: 
Workers comp
200
Which of the following would not be considered a fiduciary bond:

Guardian bond
Executor bond
Appeal bond
Administrator bond

Appeal bond
200
The type of bond that guarantees a bidder will enter into a contract if awarded the bid is called:


A bid bond
200
How long does an individual have to notify the director of insurance of a change of legal name?
30 days
300

What is the term to describe the amount the insured must pay when the underlying coverage does not apply and the Umbrella policy does apply but the insured must participate in part of the claim? 

A self-insured retention 

300
The reason to purchase an umbrella liability policy is:
to provide higher liability limits and broader coverage
300
Under a surety bond, the principal is the party that:
Agrees to fulfill an obligation
300
A bank in need of a bond to provide EXCESS fidelity coverage for its employees would use:
Standard form no. 15
300
Violations of a cease and desist order may carry fines of up to <?> but may not exceed <?>
$10,000/$50,000
400

What are the three limits of liability coverage that are listed in the Commercial Umbrella policy?

The “per occurrence” limit

The “personal and advertising injury” limit

The “aggregate limit”

400
What costs are paid under an umbrella policy?
The limit and any defense costs minus any applicable self-insured retention (deductible)
400
What type of bond may be required by state or federal governments for certain types of businesses to offer products or services to the public?
License and permit bond
400
All of the following are coverage riders that may be attached to the standard form no. 24 or amend coverage except:
Standard form no. 14- Broker Dealers
Voice initiated funds transfer (VIT)
Trading losses
Automated teller machines (ATM)
Standard form no. 14- Broker Dealers
400
If you receive a letter from the Director of insurance denying your application, how long do you have to file a complaint and request a hearing?
Not more than 30 days.
500

The insured carries a Homeowner policy with an underlying liability limit of $300,000 as required by the insurer providing the Personal Umbrella policy. The Umbrella policy limit is $1,000,000 with an SIR of $10,000. After the policy is issued the insured reduces the limit to $100,000 and does not notify the insurer. The insured’s dog bites a child causing severe facial injuries. The insured is sued for $300,000 and the court awards this amount. What will the insured have to pay before the Personal Umbrella policy participates in the claim? 

$200,000

500
The insured has a $1,000,000 personal umbrella policy with a $5,000 retention limit. For a $7,000 loss not covered under the insured's personal auto policy, the insurance company would pay:
$2,000
500
The three parties to a bond are:
Surety, principal, obligee
500
What form is used to bond insurance and reinsurance companies, including life insurance companies, self insured companies, risk retention groups and title insurance companies to provide coverage for fidelity, on-premises, in-transit, forgery and alteration and securities forgery?
Standard Form No. 25 Insurance Companies Blanket Bond
500
If issued a notice of hearing, what is the minimum amount of time you will have to prepare before your hearing is held?
15 days