Mobile Home, Flood, Watercraft

Question 1 of 19

Who would NOT have insurable interest in a Mobile Home?

The Mortgage Company
The Owner
The Spouse of the owner living in the mobile home
The sister of the owner

Question 2 of 19

An insured has a Mobile Home properly covered, goes on vacation where he has his suitcase, camera, and clothes stolen.

The loss is not covered.
The loss is covered only if it occurs in the US.
I don’t know, it is a claims question.
The loss would be covered.

Question 3 of 19

Losses to mobile homes are usually paid on a/an

replacement cost basis
stated value basis
listed value basis
actual cash value basis

Question 4 of 19

The Flood Insurance Program is:

An insurance commissioner program.
An insurance industry program.
A state-run program.
A federal government program.

Question 5 of 19

In a typical property policy, the limits of insurance shown in the Declarations apply per __________.

maximum period of indemnity
aggregate
insured per policy period
occurrence

Question 6 of 19

Electricity atmospherically produced by nature is a description of:

A hostile fire, which is not covered by a Businessowners Policy.
An electrical current caused by a boiler overheating.
Any type of electricity, not all of which is covered by property policies.
Lightning, which is an insured peril under property policies.

Question 7 of 19

Can anyone obtain flood insurance?

Only those in flood zones
Anyone who lives near a river may obtain flood insurance
Of course
Anyone who lives in a participating community may obtain flood insurance

Question 8 of 19

Losses caused by all of the following are covered under the National Flood Insurance Program, EXCEPT:

Overflow of tidal waters.
Rapid accumulation or runoff of surface water.
Earth movement caused by flood.
The land which is damaged by flood.

Question 9 of 19

The National Flood Insurance Program provides coverage for losses caused by all of the following occurrences, except __________.

mudslides caused by flood waters
overflow of tidal waters
runoff from heavy rain
runoff from a sprinkler system breaking

Question 10 of 19

All of the following statements are true regarding flood insurance, except:

Coverage is available in flood zone and non-flood zone areas, as long as the property is in a participating community.
Coverage comes with a standard dollar deductible and is effective 30 days after application.
Coverage may be provided for personal as well as commercial property.
Coverage becomes effective immediately upon premium payment and completed application.

Question 11 of 19

All of the following are true statements regarding Mobile Home coverage, EXCEPT:

For the most part, the coverages, sections, and conditions are the same as for any regular homeowners policy.
In order for a loss to be paid, the insured must have insurable interest in the property.
A mobile home policy is a package policy because it includes both property coverage and liability coverage.
A mobile home policy is similar to that of a commercial property policy rather than that of a homeowners policy.

Question 12 of 19

Which of the following statements regarding Flood Insurance is not correct?

There are two flood policies: The Standard Flood Insurance Policy (SFIP) and the Preferred Risk Policy (PRP).
The Preferred Risk Policy (PRP) offers lower-cost protection for homes and apartments in areas of low-to moderate-flood risk.
Flood insurance is a one peril policy. It only insures losses due to FLOOD.
The Preferred Risk Policy (PRP) offers greater protection and a substantially higher premium.

Question 13 of 19

If you had to guess, which of the following would not be needed on an insurance contract?

The name and address of the company
Signature of the producer
Signature of the insured
signature of a separate witness

Question 14 of 19

In order for a property owner to qualify for Flood coverage, the:

Insurance company requires the property be in a flood zone.
Producer must collect the full annual premium and issue a binder.
Owner must agree to a 10% deductible.
Insured property must be in a participating community.

Question 15 of 19

The insured has purchased two mobile home policies of equal coverages and limits. If there is a covered loss, how will the claim be paid?

Each insurer will decide their amount of exposure to the claim.
The matter will be decided by arbitration.
One insurer will pay primary and the other secondary (excess).
Each insurer will pay 1/2 of the loss.

Question 16 of 19

Which of the following is not a covered peril under a specified cause of loss under the ISO Special Property Coverage Form?

Property losses from falling objects.
Property losses from the weight of snow, ice, or sleet.
Property losses from frozen plumbing.
Property losses from power failure whose source is off the premises.

Question 17 of 19

A Mobile Home is insured for $100,000. Wind damages the detached garage of the insured. What is the maximum that would be paid for this loss?

$5,000
$250
$100,000
$10,000

Question 18 of 19

A Mobile Home is insured for $100,000. If the mobile home is totaled by fire what is the maximum payable for personal property, coverage C?

$100,000
$50,000
$250
$40,000

Question 19 of 19

Even though most coverage under the Mobile Home policy and Homeowners policy is the same, there are some differences. Which is a difference?

Coverage A, structure coverage
Coverage B, other structures
Additional Coverage
Personal property or contents

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