The PRIMARY function of an umbrella liability insurance policy is to provide coverage for • A. personal property damage caused by inclement weather. B. legal claims that exceed the policyholder's primary liability insurance limits. C. multiple dwellings and vehicles under a single insurance policy. D. vehicles that are either rented or borrowed by the policyholder.
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- uge to or loss of a dwelling and personal property of of g protects the beneficiary against the financial aspects of a traffic accident. TUSS, damage, or injury. May result in either financial gain or financial loss. 24. Financial service used to protect against loss. 25. Completion Amount of money or other services to which you are entitled under the terms of your insurance policy. Complete each statement. 26. A(n) endorsement 27. The Premium is an attachment to existing insurance coverage. is the amount the insured pays for insurance coverage. 28. The amount the insured is responsible for paying when a claim is made is the deductible 29. The process of documenting a loss against an insurance policy is called filing a(n) Claim 30. depreciation is a decrease in the value of property as a result of age or wear and tear. 31. The replacement cost minus depreciation is known as actual cash value 32. All 50 states have financial responsibility laws that require drivers to show proof of…Renter's insurance would include coverage for: OA) earthquake damage. OB) flood damage. OC) personal property. OD) umbrella liability. OE) house and other structures.Which of the following statements is correct about perils in property insurance policies? An (HO-2) form provides coverage for more perils than a (HO-3) Form. a Peril is defined as the cause of a loss A peril increases the chance of a loss a property insurance policy must contain a list of all cover perils
- Placing the insured in the same position financially as he or she or it was in immediately before the loss or damage took place. For this purpose, the insurance companies are: a. Paying compensation to the insured b. Paying commission to the insured c. Paying salaries to employees d. Paying commission to the agentsSTATE: Which of the following statements regarding homeowner's insurance is true? A. The listing agent should advise the seller to cancel homeowner's insurance immediately after by the seller's standard homeowner's going under contract B. Vacant properties are always covered insurance police C. A seller that retains possession after closing may not be covered under their homeowner's insurance policy D. Homeowner's insurance policy premiums are not affected by previous claimsState Farm State Farm Fire and Casualty Company 11350 Johns Creek Parkway Duluth, GA 30098-0001 AT2 Matt & Sarah Justice 123 GetTheW St. Atlanta, GA 30306 YEAR 2007 NAMED INSURED SYMBOLS A DO NOT PAY PREMIUMS SHOWN ON THIS PAGE. IF AN AMOUNT IS DUE, THEN A SEPARATE STATEMENT IS ENCLOSED. YOUR CAR C D G H JINA M R1 U MAKE TOYOTA MODEL CAMRY COVERAGE & LIMITS 11-2097-4 P Liability Coverage Bodily Injury Limits Each Person, Each Accident A $100,000 $300,000 Property Damage Limit Each Accident $100,000 Medical Payments Coverage Limit- Each Person $1.000 BODY STYLE 4DR Comprehensive Coverage - $200 Deductible Collision Coverage - $1,000 Deductible Emergency Road Service Coverage Car Rental and Travel Expenses Coverage Limit- Car Rental Expense Each Day. Each Loss 80% menntunar $1.000 Uninsured Motor Vehicle Coverage (Difference-In-Limits) Bodily Injury Limits Each Person, Each Accident $50,000 $100,000 Property Damage Limit ($250 Deductible) Each Accident $50.000 Total premium for JUL 21…
- Finance All of the following are examples of liability coverages, except: A Debris removal B Medical payments coverage C First-aid expenses D Compensatory damagesThe standard homeowners policy contains both property and liability coverages. True or FalseC. a legally recognized relationship between the insured and the financial loss O D. risk that have high frequency and high severity 2. When two or more policies cover the same loss, the right of the one insurer to call upon the other to share the loss is called the principle of O A. indemnity B. subrogation O C. contribution O D. utmost good faith 3, Which of the following principles of insurance denotes a positive duty of the person seeking insurance to voluntarily disclose all material facts to the risk
- provides protection against most risks of fire, theft and some weather damage. a. Earthquake insurance b. Renters insurance c. Health insurance d. Property insuranceWhich type of vehicle insurance would provide payment for medical expenses? a) Collision b) Property liability c) Comprehensive d) Uninsured motoristWhich of the following types of insurance does NOT involve a contract with an external party? a. self insurance b. directors and officers insurance c. property insurance d. life insurance