Question
38 Mobile homes present different property loss exposures because of their portability, construction, and site locations. The Mobile home additional coverage for Property Removed provides
38 Mobile homes present different property loss exposures because of their portability, construction, and site locations. The Mobile home additional coverage for Property Removed provides Expanded coverage for perils resulting from Ordinance or Law Coverage exposures. Coverage if the mobile home is endangered by a covered peril and must be moved. For an increased deductible due to the exposures of being within a mobile home park. Additional liability coverages for the exposures of a mobile home.
Q1: Which one of the following types of miscellaneous vehicles has the greatest property loss exposure to fire, explosion, and flood?
Q 2 The primary reason for selling a personal umbrella policy is to provide
High liability coverage limits. Worldwide coverage. High property coverage limits. Broad coverage with no retained limit.
QUESTION 3 Which one of the following would most likely be covered under a personal umbrella policy?
Interest on unpaid judgments Damage to property an insured owns Intentional injury Workers compensation
QUESTION 4 One difficulty that owners of antique and classic automobiles encounter when addressing their loss exposures through insurance is that?
Physical damage coverage on an actual cash value basis does not reflect the automobile's current value. Liability insurance for such automobiles is difficult to obtain. Liability coverage is often restricted when such automobiles are driven in parades and other special events. Physical damage coverage on a replacement cost basis is typically the only option available.
QUESTION 5 Insurance Company sets its rates by developing rating classifications and pricing its insurance based on rating classifications applicable to its customers. Close analysis reveals that in many cases, Insurance Company's rating classifications do not include homogeneous groupings of insureds. Based on this, which one of the following criteria used by state regulatory agencies to assess insurance company rates would be the best basis to contest Insurance Company's rates?
Rates must not be unfairly discriminatory Rates must be affordable Rates must not be excessive Rates must not be inadequate
QUESTION 6 Which one of the following is true regarding catastrophe models? It is generally easier to place confidence in modeling the severity of a hurricane than in the frequency of a hurricane. It is generally easier to place confidence in probabilities of the frequency of a terrorist attack than the frequency of a hurricane. Projected loss values for hurricanes are not dependent on the accurate input of property values. Specific data on building construction (such as number of stories) is part of the engineering model component.
QUESTION 7 Insurance Company management noticed a downward trend in both its new and renewal homeowners premiums. They conclude that it is most likely due to its homeowners products not meeting customer needs, with many customers being attracted to competitors' products. Based on this, which one of the following corrective actions is most appropriate for Insurance Company?
Underwriting changes Service changes Automation changes Product changes
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