IDAHO PROPERTY INSURANCE TEST 2024
WITH 200+ QUESTIONS AND CORRECT
ANSWERS (100% CORRECT ANSWERS)
IDAHO PROPERTY INSURANCE AGENT
LICENSURE EXAM PREP (NEW!!)
All of the following are considered parts of the policy structure EXCEPT
Insuring clause.Conditions.Provisions.Exclusions.Provisions The part of a property policy that shows the amount of insurance, premium, and policy term is the a)Insuring clause.b)Conditions.c)Endorsements.d)Declarations.Declarations
First aid costs for others injured on the insured’s premises:
Apply only if the insured is legally liable.Also cover injuries to the insured's family members.Are deducted from the liability limit.Are paid in addition to the liability limit.Are paid in addition to the liability limit.Which of the following risks is eligible for coverage under a businessowners policy? 1 / 4
a)Banks b)Automobile dealers c)Bars or taverns d)Condominiums Condominiums An insured has a homeowners policy and is required to be a member of the homeowners association in her neighborhood. The association's community house has burned down, and the insured has been assessed $1200 for her share of the rebuilding cost. How much of the assessment will her homeowners policy pay?a)None b)$500 c)$1,000 d)$1,200
$1,000
What is the maximum number of roomers or boarders for properties insured under the dwelling policy?a)2 b)3 c)5 d)6 5 A type of policy that is used to provide a specific amount of replacement cost for a given risk after an insured property has been destroyed is called a(n) a)Specific risk policy.b)Valued policy.c)Pro-forma appraisal policy.d)Equitable sum policy.Specific Risk Policy What type of information would be found in a policy's insuring agreement?
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Policy limits Insurer's address Renewal dates Location of premises Renewal Dates Which of the following is true of dwelling policy coverage?
Exclusions only apply to broad policy forms.There are no exclusions in basic forms.Special forms only have special exclusions.Exclusions apply to all three policy forms.Exclusions apply to all three policy forms Which of the following types of valuation works best for property whose value does not fluctuate much?a)Stated amount b)Inflation guard c)Agreed value d)Market value Agreed Value A commercial property special form covers property in transit up to a)$500.b)Full replacement cost.c)$5,000.d)ACV.
$5,000
The policy conditions define a)The amount of coverage.b)How parties to the contract must act following a loss.c)The basic underwriting information.d)The excluded perils.The amount of coverage 3 / 4
The HO-3 homeowners policy provides:
a)Open peril coverage on the dwelling and broad form coverage on personal property.b)Open peril coverage on the dwelling and basic form coverage on personal property.c)Basic coverage for the dwelling and broad form coverage for personal property.d)All-risk coverage for both the dwelling and personal property.Open peril coverage on the dwelling and broad form coverage on personal property.Which of the following is eligible for a businessowners policy?
a)A convenience store with gas pumps with 60% of gross sales from gasoline sales b)A mercantile risk with gross sales of $4 million c)A 6-story office building with less than 100,000 square feet total area d)An 8-story office building A 6-story office building with less than 100,000 square feet total area When other insurance is written on the same basis as a commercial property policy, the obligation of the insurer is to cover a)All of the loss.b)The loss on an excess basis.c)The loss on a primary basis.d)A share of the loss.A share of the loss An insured owns several buildings, each at a different location and insured on a separate policy. What type of coverage does the insured have?a)Specific b)Schedule c)Blanket d)Special Specific
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