Property & Casualty Insurance (Ohio) Exam Questions and Answers, Exams of Nursing

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An individual who represents an insured (client) - correct answer ✅Broker Usually defined to include bobily harm, sickness, or disease, also including required care, loss of service, and resulting death - correct answer ✅Bodily Injury Termination of contract of insurance in force by voluntary act of the insurance company or insured, effected in accordance with provisions in the contract or by mutual agreement. - correct answer ✅Cancellation Doctrine that states a defendant is liable only for the amount of damages allocated to that defendant in direct proportion to the defendant's percentage of fault. - correct answer ✅Comparative Negligence The portion of an insurance contract that sets fourth the right & duties of the insured & the insurance company. - correct answer ✅Conditions The transfer of a legal right of interest in an insurance contract to another person. - correct answer ✅Assignment Covers, by single amount or insurance protection, the same kind of property in different types of property at a single location. - correct answer ✅Blanket Form

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A type of policy limit found in liability policies that limits coverage to a specified total amount for all losses occurring within the policy period. - correct answer ✅Aggregate Limit A person, firm or corporation other than the named insured on a policy, or a lender named in a mortgage clause, who is protected against loss by the terms of the policy. - correct answer ✅Additional Insured Cost to replace damage property at today's value minus a deduction for depreciation due to wear & tear or obsolescence. (ACV=RC-D) - correct answer ✅Actual Cash Value (ACV) 1 - Newly Acquired Property 2 - Personal Property of Others 3 - Valuable Papers 4 - Personal Property Temporarily Off-Premises 5 - Outdoor Property - correct answer ✅Name 5 extensions of coverage within a Commercial Property Policy?

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1 - Debris Removal 2 - Fire Dept. Service Charge 3 - Removal of Business Personal Property 4 - cost of Extracting Pollutants - correct answer ✅Name 4 additional coverages within a Commercial Property Policy? 1 - Business Income (Business Interruption) 2 - Continget Business Interruption (Business Income from Dependent Properties) 3 - ExtraExpense - correct answer ✅Name 3 Primary Indirect Loss Coverages availible under a Commercial Property Policy? 1 - Burglary 2 - Robbery 3 - Extortion 4 - Safe Burglary 5 - Theft - correct answer ✅Name 5 Named Perils of Crime Insurance?

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1 - Employee Dishonesty 2 - Forgery or Alteration 3 - Money & Securities (Inside/Outside) 4 - Computer & Funds transfer Fraud 5 - Extortion - correct answer ✅Name 5 Crime Policies that cover Loss of Money? 1 - Basic Tail - automatic, no charge, 60 days 2 - Supplemental Tail - must be purchased, charge can be up to 200% of the expiring premium. - correct answer ✅Name 2 types of Tails in the CGL? 1 - Retro - Active Date 2 - Extended Reporting Period ("Tail") - correct answer ✅Name 2 terms unique to the claims made version of the CGL? 1 - Basic Cause of Loss Form 2 - Broad Cause of Loss Form 3 - Special Cause of Loss Form - correct answer ✅What are 3 causes of loss forms of the Commercial Property Policy?

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1 - Declarations Page 2 - Property Conditions Form 3 - 1 or more Coverage Forms 4 - 1 or more Cause of Loss Forms - correct answer ✅Name 4 components of a Commercial Property Policy? 1 - Coverage A - Building 2 - Coverage B - Business Personal Property 3 - Coverage c - Personal Property of Others - correct answer ✅Name 3 optional Property Coverages under a Commercial Property Policy? 1 - Common policy Declaration page 2 - Common policy Conditions page 3 - Commercial Property coverage part 4 - Commercial General Liability coverage part - correct answer ✅Name 4 essential components of the CPP (Commercial Package Policy)? 1 - Occurrence version

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2 - Claims made version - correct answer ✅Name 2 versions of the CGL? 1 - Premises 2 - Operations 3 - Completed Operations 4 - Product Liability 5 - Contractual Liability 6 -Independent Contractors (Owners & Contractors Protection) 7 - Fire legal Liability - correct answer ✅What are the 7 types of accidents covered by Coverage A, BI & PD, under a CGL? 1 - Coverage A, BI & PD 2 - Coverage B, Personal Injury & Advertising Injury 3 - Coverage C, Med. Payments to Others - correct answer ✅Name 3 coverages under a CGL Policy 1 - Lease Agreements 2 - Easements

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3 - Agreements to indemnify a municipality 4 - Sidetrack agreement - correct answer ✅Name 5 Types of Liability Assumed Under Contract Covered by the CGL? 1 - Commercial Property 2 - Commercial General Liability 3 - Business Auto 4 - Inland Marine 5 - Crime 6 - Boiler & Machinery 7 - Farm - correct answer ✅Name 7 Commercial Lines Policies Eligible for "Packaging" within the CPP (Commercial Package Policy)? 1 - Cancellation 2 - Policy changes 3 - Audit by insurer 4 - Inspection by insurer 5 - Premium

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6 - Transfer of rights - correct answer ✅What are the 6 common policy conditions of the CPP? 1 - Fire 2 - Missiles or Fall objects 3 - Theft 4 - Explosion or Earthquake 5 - Windstorm 6 - Hail, water, flood 7 - Malicious Mischief or Vandalism 8 - Contact with a bird or animal 9 - Breakage of glass 10 - Riot or Civil Commotion - correct answer ✅Name 10 Grouping of Perils covered by Comprehensive? 1 - Garage mechanics 2 - Private parking lot owners 3 - Auto dealerships - correct answer ✅What are the 3 types o Businesses Eligible to buy Garage Insurance?

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Other driver is at fault, has insurance & the Part A (Liability) limit is less than your Part C uninsured limit & ultimately, you sustain injury compensable to you more than his limit of liability. - correct answer ✅Definition of an "Underinsured Motor Vehicle? Used in insurance rate or premium calculations. It refers to applicant's recent past loss history & becomes a factor in determining present premium. - correct answer ✅Experience Loss that is a result or consequence of a direct loss. Aka consequential loss. - correct answer ✅Indirect Loss Written agreement attached to a policy to add or subtract insurance coverage. Once attached, endorsement takes precedence over original provisions of policy. - correct answer ✅Endorsements Causes, conditions, or property listed in the policy that are not covered & for which not benefits are payable. - correct answer ✅Exclusions

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Insurance protection that only applies after another policy's protection has been exhausted. An umbrella policy is an example of it. - correct answer ✅Excess or Excess Coverage Decrease or disappearance of economic value. - correct answer ✅Economic Loss Date on which insurance policy or bond goes into effect & from which protection is furnished. - correct answer ✅Effective Date Portion of premium for which policy protection has already been given during the non-expired portion of policy term. - correct answer ✅Earned Premium Obligation to exercise reasonable care. Duty is on element of negligence. - correct answer ✅Duty Condition found in property-casualty policies that explains the insured's responsibilities after a loss occurs. - correct answer ✅Duties Following a Loss

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Legal agreement between two parties promising a certain performance in exchange for a certain consideration. - correct answer ✅Contract Liability an insured incurs because of the actions of others (family or employees). Also called Vicarious Liability. - correct answer ✅Contingent Liability Auto driven by the insured that they don't own. - correct answer ✅What is Non-owned? Portion of loss considered the responsibility of the insured. - correct answer ✅Deductible Decrease in the value of property over a period of time due to use, wear & tear, and obsolescence. - correct answer ✅Depreciation Actual physical damage to, or destruction of, tangible property. - correct answer ✅Direct Loss

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1 - Comprehensive 2 - Collision - correct answer ✅Name 2 coverages of Part D, Physical Damage, of a Personal Auto Policy? 1 - Other driver is at fault, and he has no insurance 2 - Other driver is at fault, he has insurance, but limits of liability are below Ohio's minimum. 3 - Other driver is at fault, he has insurance, but his company denies the claim. 4 - Hit & Run - correct answer ✅What are the 4 definitions of an "Uninsured Motor Vehicle"? 1 - Bail Bonds 2 - Appeal Bonds & Interest 3 - Loss of Earnings - correct answer ✅What are 3 Supplementary Payments (Additional Coverage) of Part A auto liability? Split - $12,500/$25,000 B.I., $7,500 P.D.

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Combined Single- $32,500 Liability - correct answer ✅What are Ohio's Minimum Split & Combined Single Limits of Auto Liability Insurance? 1 - Medical payment 2 - UM/UIM 3 - Physical damage (Comprehensive, Collision) - correct answer ✅The 3 Optional coverages of the Personal Auto Policy (PAP) 1 - Sailing craft under 26' in length. 2 - Outboard motors below 25HP 3 - Inboard motors below 50HP - correct answer ✅3 Watercraft exposures of Loss covered for Liability in an HO Policy. 1 - Ordinance & Law 2 - Earth movement 3 - Sewer backup 4 - Off premises power failure - correct answer ✅4 of the 8 General perils Exclusions that can be covered by Endorsement.

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HO 3 - All-risk (open peril) for structures. Named perils for contents HO 5 - All-risk (open peril) for both structures & contents - correct answer ✅What 2 HO Policies provide open peril coverage? HO 2 (REV FL SHAW + WWF) HO 4 (REV FL SHAW + WWF) HO 6 (REV FL SHAW + WWF) HO 8 (REV FL SHAW) - correct answer ✅What 4 HO Policies are Named peril only? Fire Aircraft Theft Riot Explosion Vehicle Vandalism Lightning

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NOTE: Wind damage to trees is not covered - correct answer ✅What 8 covered perils damaging Trees, Plants, & Shrubs are covered in an HO policy? Jewelry - Limit of $1,500 for theft only Firearms - Limit of $2,500 for theft only Silverware - Limit of $2,500 for theft only - correct answer ✅What are 3 types of property that have maximum limits for the peril of Theft in an HO policy? Claims Expense First Aid Expense Damage to Property of Others Loss Assessment - correct answer ✅What are 4 automatic coverages of section 2 of an HO Policy? B - Other Structures- 10% of Coverage A C - Personal Property- 50% of Coverage A

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D - Additional Living Expenses- 30% of Coverage A - correct answer ✅What are the automatic percentages of Coverage A Dwelling assigned to Coverage B,C, & D? HO 2 (Broad) HO 3 (Special) HO 4 (Renters) HO 5 (Comprehensive) HO 6 (Condo) HO 8 (Modified) - correct answer ✅What are the 6 different versions of the HO Policy? A - Dwelling B - Other Structures C - Personal Property D - Additional Living Expenses - correct answer ✅What are 4 automatic coverages of section 1 of an HO Policy? E - Personal Liability

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F - Medical Payments to Others - correct answer ✅What are 2 automatic coverages of section 2 of an HO Policy? Debris Removal Fire Department service Charge Reasonable Repairs Removal to Protect - correct answer ✅What 4 additional coverages are found in all Dwelling policies, DP 1, DP 2, and DP 3? Collapse Glass Breakage Ordinance & Law Trees, Shrubs, Plants - correct answer ✅What 4 additional coverages are found in DP 2 & DP 3 only, NOT DP 1? DP 1 - ACV both dwelling & contents DP 2 - Dwelling - Replacement Cost* - Contents - ACV DP 3 - Dwelling - Replacement Cost* - Contests - ACV

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• If co-insurance of 80% is not met - correct answer ✅State how DP 1, DP 2, & DP 3 indemnified loss? REV FL SHAW has joined the WWF Riot Explosion Vehicle, Vandalism, Volcano Fire Lightning Smoke Hail Aircraft Wind Weight of Ice Water Plumbing source Falling Objects

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Freezing of Pipes - correct answer ✅What's the Acronym to remember the 15 Broad form Named Perils? Risk evaluation Risk pricing - correct answer ✅2 functions of Underwriting? Loss ratio Expense ratio Combined Ratio - correct answer ✅3 types of Underwriting ratios? DP 1 (Basic) DP 2 (Broad) DP 3 (Special) - correct answer ✅3 versions of the Fire Dwelling policy? Ordinance & Law Earth movement Flood, including sewer backup Off-premises power failure

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War Nuclear Neglect Intentional - correct answer ✅What are 8 general property peril exclusions? Rev. F.L. Shaw Riot Explosion Vehicle - Vandalism - Volcano Fire Lightning Smoke Hail Aircraft Wind - correct answer ✅Acronym to remember the 11 Basic form named perils? 1 - Intentional - NEVER insured

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2 - Accidental or unintentional; properly called negligence (these are insurable under liability policies) - correct answer ✅2 types of Torts 1 - Manual rating 2 - Experience rating 3 - Merit rating 4 - Retrospective rating 5 - Judgement rating 6 - Loss cost rating - correct answer ✅6 ways to determining rates? 1 - A duty to provide a certain reasonable standard of care 2 - Breach of that responsibility 3 - The breach of duty to provide resonable care is the proximate cause 4 - Injury; either bodily injury or property damage - correct answer ✅ 4 requirements of Negligence? 1 - Assumption of Risk 2 - Intervening cause

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3 - Contributory negligence 4 - Comparative negligence 5 - Statute of limitations - correct answer ✅What are the 5 defenses for Negligence? 1 - Compensatory - payable by an insurer. 2 - Punitive - never paid by an insurer. - correct answer ✅What are 2 basic types of Damage Awards? 1 - Direct Loss 2 - Indirect/Consequential Loss - correct answer ✅What are 2 types of Loss? 1 - Accidental - quick, sudden 2 - Occurence - loss that occurs slowly over time - correct answer ✅What are the 2 types of Direct Loss? 1 - Named peril (specific peril) 2 - Open peril (all risk) - correct answer ✅2 ways to identify Perils covered in any property policy?

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1 - Absolute (Strict) Liability - imposed on someone automatically 2 - Vicarious Liability - being help liable for the civial torts committed by others - correct answer ✅What are 2 modifications of normal Negligence theory? 1 - General 2 - Special - correct answer ✅What are 2 types of Compensatory Damages? 1 - Actual Cash Value 2 - Replacement Cost 3 - Functional Replacement Cost - correct answer ✅What are 3 ways to indemnify property loss? 1 - Specific - One limit applies to one thing. 2 - Blanket - One Limit applies to more than one thing. - correct answer ✅What are 2 types of Property policy limits?

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Replacement cost - Depreciation = ACV - correct answer ✅How to calculate ACV 1 - Declarations Page 2 - Definitions 3 - Insuring clause 4 - Conditions 5 - Exclusions 6 - Additional coverages - correct answer ✅What are the 6 parts of every Property & Casualty policy? 1 - Named Insured 2 - First Named Insured 3 - Additional Insured - correct answer ✅What are the 3 types of "Insured"? 1 - Pro-Rata liability 2 - Primary/Excess - correct answer ✅What are the types of "Other Insurance" clauses?

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1 - Combined Single 2 - Split - correct answer ✅What are the 2 types of liability policy limits? 1 - United States 2 - U.S. Possessions 3 - Puerto Rico 4 - Canada - correct answer ✅What are the 4 definitions of territory? 1 - Earned premium 2 - Unearned premium; refunded to the insured if policy cancels before the expiration date. - correct answer ✅What are the 2 types of premium? 1 - Pro-Rata 2 - Short-rate - correct answer ✅What are the 2 ways to calculate return premium if a policy is cancelled before the expiration date? 1 - Express 2 - Implied