Exam 10: Protecting Your Property

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Medical payments coverage [would | would not] pay for the medical bills of passengers in your car who are not related to you.

Premium discounts may result from

A personal property floater and a personal liability umbrella policy offer similar coverage.

The asset most likely to be specifically itemized in a personal property floater is

Which of the following events would probably increase your auto premiums?

An automobile covered under a policy with a $500 collision deductible is damaged in a collision with a fence.It could be repaired for $15,000,replacement cost is $25,000,and the depreciation and physical condition deduction is $5,000.How much will the insurance company pay?

One should never admit fault at the scene of an accident.

Section II of a homeowner's insurance policy covers personal property.

Co-insurance is a policy provision to discourage the policyholder from being

After packing up to return home for the holidays after the fall semester,Peter stopped at Double T bookstore to sell back his used textbooks.After collecting $25,he headed back to his pickup truck only to find a broken window,the truck broken into,and all his suitcases and personal property gone.The damages to his pickup would be covered by

A rental car could be a covered auto under your personal auto policy collision section.

The principle of indemnity generally limits the amount that the insured may collect to the actual cash value of the property.

Replacement cost coverage is available for renters but requires an extra premium.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -You use a small building on your property to manufacture widgets.This building [will | will not] be covered by your standard HO policy.

Auto insurance companies may offer premium discounts for

An 80 percent co-insurance clause requires the insured to carry insurance protection equal to 80% of the original cost of the home.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Your $10,000 stamp collection would be best protected under [your HO policy | a personal property floater].

You are single and age 35.Getting married will lower your auto insurance premiums.

A(n)____ agent represents multiple insurance companies.

The "other-insurance clause" helps prevent the violation of the principle of indemnity.