Wrong questions property - 2

A commercial inland marine form that may include a reporting form best describes:

accounts receivable

In liability insurance, paying defense costs and expenses in a suit brought against the insured is a contractual obligation known as the:

duty to defend

What optional coverage is NOT available under a Businessowners Policy (BOP)?

sprinkler leakage

Wanda Jones has a set of earrings valued at $5,000. However, each earring is only worth $1,000. In the event of a loss of one of the earrings due to a fire, the company would settle the claim by:

paying Wanda $4,000.

Which of the following is not a covered premise under Section II of a Homeowners (HO) Policy?

farmland

Rita has a property policy covering her home and contents. After a heavy wind storm she wants to know if that peril is covered. She needs to review the:

cause of loss form attached to her policy.

Traci just bought a mobile home and needs to buy insurance for it. How will the Homeowners (HO) Policy handle this request?

An endorsement is required in order to cover it on a homeowners policy.

Liability determined by each party's contribution to an accident defines:

comparative negligence

Transferring risk by accumulating funds BEST describes the concept of:

insurance

What damages awarded to the injured person are covered by liability insurance?

both general and special damages

Kim shows up at the agent's office to pay her premium on her policy that cancelled last night. The agent accepts the premium and Kim believes her policy is paid. This is an example of what kind of agent authority?

apparent

What is NOT covered under a standard Businessowners Policy (BOP)?

underground pipes, flues, and drains

What does NOT have a special limit under Coverage C - Personal Property of a Homeowners (HO) Policy?

property you take with you on a trip to Myrtle Beach

A Building and Business Personal Property coverage form provides all of the following coverages, EXCEPT:

growing crops and land

In a property insurance contract, an insured's consideration is the:

payment of the premium

What is true about the earthquake endorsement when added to the Homeowners (HO) Policy?

Earthquake rates for frame dwellings are less expensive than rates for masonry/brick dwellings.

Tiffany buys a policy and is not happy with the claim denial based on the wording. She feels the language is vague. The court agrees with her and awards her coverage. This is an example of a(n):

contract of adhesion

Which of the following is NOT an example of fraud under state and federal law?

Asking the insurer to pay for your TV that was stolen out of state.

A newspaper is interested in protecting against additional costs of continuing to print the newspaper in the event its buildings are destroyed by a covered peril. What coverage should the newspaper purchase as part of their Building and Business Personal Property coverage?

extra expense

When a fire department is called to save or protect covered property and charges the insured for the protection service, a Businessowners Policy (BOP) will pay up to how much for the service charge?

$2,500