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Exam 10: Property and Motor Vehicle Insurance

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Question 51

Multiple Choice

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Which one of the following is not covered by renter's insurance?

A) Financial loss due to damage of personal property
B) Fire damage to the building's roof from faulty wiring
C) Additional living expenses
D) Financial loss due to loss of personal property
E) personal liability

F) B) and D)
G) B) and C)

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Question 52

Multiple Choice

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Starting a small business that may or may not succeed is an example of ___________ risk.

A) speculative
B) pure
C) commercial
D) personal
E) liability

F) A) and D)
G) C) and E)

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Question 53

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Medical payments coverage in a home insurance policy is designed to pay for legal action taken against a homeowner who may be legally responsible for injury or property damage of others.

Joan Stone owns a home in Edmond,Oklahoma.She is worried her property might be damaged due to some unforeseen event.This worry about the uncertainty as to a loss is an example of a:

Which form of a homeowner's policy expands coverage to include replacement cost on contents?

Ginger Simpson ran off the road and hit a bridge support.She was seriously injured and spent three days in the hospital.What part of Ginger's automobile insurance policy would cover Ginger's injuries?

Your home insurance policy has a $500 deductible.If a windstorm causes $2,000 damage to your home,what amount of the claim would the insurance company pay?

The most common method of dealing with risk is to:

The ____________ method to settle claims is based on the current replacement cost of a damaged or lost item less depreciation.

An umbrella policy provides additional personal liability coverage beyond the basic amounts in most homeowner policies.

Which one of the following types of coverage would pay for damage to your automobile in an accident for which you were at fault?

Explain the difference between strict and vicarious liability.Provide examples.

While cleaning your home,a worker damages some furniture.You take action against the worker's employer to cover the cost of the damage.This is an example of a ____________ liability.

Property owners face potential property losses due to two risks,physical damage and:

A household inventory helps to provide evidence of ownership and value of items covered by home insurance.

Renter's insurance would include coverage for:

The 100/300 amounts for bodily injury liability insurance refer to the costs of insurance coverage.

Which one of the following factors is used to determine a person's driver classification?

_________ coverage protects your automobile from risks such as glass breakage,falling objects,vandalism,or damage caused by hitting an animal.

Uninsurable risks are considered _____ risk.