Idaho Property & Casualty Exam Prep Latest Update Questions and Answers 100% Verified Which of the following statements is false with respect to requirements for rates?
- Rates may not be inadequate
- A purpose of the rate regulation is to diminish competition between insurers
- Rates may not be unfairly discriminatory
- A purpose of the rate regulation is to regulate cooperative action among insurers - Correct Answer B
- Modified Perils
- Simplified Perils
- Broad Perils
- Open Perils - Correct Answer D
The Businessowners Coverage Form to the Businessowners Policy provides coverage on which of the following basis?
Which of the following describes the coverage of the Extra Expense Coverage Form?A It covers the loss of business income during the period of restoration B It covers the expense of disposing of spoiled merchandise caused by a power outage C It covers the necessary additional expenses incurred during the period of restoration which would not otherwise have been incurred in the absence of a direct loss D It covers the expense of removing the debris of a covered direct loss - Correct Answer C
All of the following are true of negligence, except:
A It is the failure to use ordinary care 1 / 4
B It does not require a duty to be owed C It is a type of tort D It does not include breach of contract - Correct Answer B All of the following are Optional Coverages under the Businessowners Policy, except: A Money and securities B Employee dishonesty C Outdoor signs D Personal property of others that is in the insured's care, custody and control - Correct Answer D Policyholder S has an HO-5 policy with a $250,000 Coverage A limit. After a strong wind blows a mailbox into S's front picture window, causing $2,500 damage, S immediately buys $250 of wood and plastic sheeting to cover the damaged window and prevent further damage. How much will S's policy pay?A
$2,250
B
$2,750
C $250 D $500 - Correct Answer B 2 / 4
The Collision or Running Down Clause in Ocean Marine Insurance covers:
A Collision damage to another vessel when the shipper is liable B Collision damage to the insured vessel when it collides with a pier or fixed object C Damage to the insured vessel caused by running aground D Collision damage to the insured vessel when it collides with another vessel - Correct Answer A Which Ocean Marine insurance provision protects against direct damage caused by bursting of boilers?A Boiler & Machinery Clause B Inchmaree Clause C Mechanical Failure Clause D Running Down Clause - Correct Answer B Bodily Injury may include which of the following?A Loss of Earnings B Slander
C 3 / 4
Invasion of Privacy D False Arrest - Correct Answer A Which of the following covers an employee in a position of private trust and protects an employer against loss caused by the employee's dishonesty.A Performance bond B Fidelity bond C Lender's bond D License bond - Correct Answer B Which of the following is correct regarding products liability under the CGL?A Coverage applies to the bodily injury (BI) and property damage (PD) the product causes, but not to the product itself B Products liability coverage commences immediately upon sale of the product, before the purchaser leaves the insured's premises C Products liability coverage includes dram shop liability insurance D Coverage applies to BI and PD caused by the product, and to damage to the product itself once in the purchaser's care, custody and control - Correct Answer A Notice of premium or coverage changes must be sent out with ___ days' notice.
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