Chapter 8

Which of the following statements is NOT true regarding a Personal Articles Floater?

• Broad Perils

• Provides agreed value with an appraisal

• Worldwide

• Provides coverage for scheduled personal property such as furs, jewelry and fine arts.

What is the maximum limit of coverage for the home through Flood insurance?

• $100,00

• $250,000

• $30,000

• $500,000

Which of the following statements regarding flood insurance is NOT true?

• Flood has a limit for coverage D with a maximum limit of $50,000

• Flood insurance is administered through FEMA

• Flood deductibles can be imposed to your building and personal property

• Flood has a limit for coverage C with a maximum limit of $100,000

A Boatowners policy does not cover which of the following?

• Liability cause to water skiers

• Property damage to another boat

• Physical Damage to the boat

• Bodily Injury when you hurt another person in a sailboat on the lake

True or False - Flood insurance is available for farm, residential or commercial risks.

• True

• False

True or False - Flood Insurance will cover crops.

• True

• False

After you submit an application  and premium for flood insurance, how soon does your coverage begin?  

• 12:01 am the next day

• After a 10 day waiting period

• Immediately

• After a 30 day waiting period

Of the following, which would NOT be excluded by an Umbrella policy?

• Professional services

• Personal Injury

• Errors and Omissions

• Workers Compensation

Which of the below statements is NOT true regarding Personal Article Floaters? 

• You have 30-90 days to report newly acquired property to your insurer.

• There is no deductible, coverage is worldwide and the coverage is open perils.

• If you already have property scheduled under a Floater, you will receive automatic coverage up to 50% of the amount scheduled for newly acquired property

• Inherent Vice is excluded.

Inland Marine policies are primarily designed to insure:

• Shipments that are going overseas

• Buildings and contents used for manufacturing

• Property that is mobile in nature and may be away from insured's premises

• Property that is being transported on a barge over waters