
Common Policy Provisions
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Duties After Loss
Notify the insurer promptly
Ignore the damage until further notice
Submit a claim without proof of loss
Refuse to cooperate with the investigation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Other Insurance
Explains how coverage applies when more than one policy covers the same loss. Example: A homeowners and umbrella policy both cover liability; the umbrella applies excess.
Describes the benefits of having multiple insurance policies for the same risk.
Indicates that only one policy can cover a specific loss at a time.
States that insurance policies cannot overlap in coverage.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Loss Payable Clause
Specifies how claim payments are made to a third party with an insurable interest, such as a lender or lessor.
Defines the terms of coverage for personal property in a rental agreement.
Outlines the responsibilities of the insured in case of a claim.
Details the process for renewing an insurance policy.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Named Insured Provisions
Grants specific rights and responsibilities to the named insured, such as receiving notices and making policy changes.
Allows any insured party to request cancellation or receive premium refunds.
Only the second named insured can request cancellation or receive premium refunds.
Provides no rights or responsibilities to the named insured.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Vacancy or Unoccupancy
Vacancy means no people or property, while unoccupancy means property present but no people.
Vacancy refers to a property that is occupied by people, while unoccupancy means it is empty.
Vacancy and unoccupancy are the same, both indicating that a property is occupied.
Vacancy means a property is present but unoccupied, while unoccupancy means it is completely empty.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Pro Rata
Each insurer pays a share of the loss based on its proportion of total coverage. Example: Two insurers each cover 50% of a $100,000 building; each pays $50,000 on a total loss.
Each insurer pays a fixed amount regardless of the total coverage.
Insurers only pay for losses that exceed a certain threshold.
Each insurer pays only for the damages they directly caused.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Insureds — Named, First Named, Additional
Named Insured: Listed in declarations.
First Named: Primary contact with special rights.
Additional Insured: Added by endorsement.
Additional Insured: Automatically included in all policies.
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