Quiz 3 Day 2 General Lines
Quiz by Brian Morton
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- Q1
Many inland marine insurance policies accompany covered property whether it remains in a single location or moves from one location to another. Because of this, what are inland marine policies often called?
floaters
drifters
sliders
gliders
60s - Q2
Why are inland marine insurance policies often referred to as "floaters"?
When compared with other policies, they provide minimal coverage.
They cover property being transported across the ocean.
They cover property on lakes and rivers.
They follow covered property wherever it might go.
60s - Q3
The valuation provision in the commercial inland marine common conditions form establishes the fact that covered property will be valued at the smallest of three amounts. Which is NOT one of those three amounts?
actual cash value of the property at the time of the lost
acquisition cost plus reasonable physical depreciation
cost of replacing the property with substantially identical property
cost of restoring the property to its pre-loss condition
60s - Q4
The large heating and air-conditioning systems Albert installs in commercial buildings are expensive, and Albert wants to make sure he has insurance on this equipment during the time when it is being installed. What kind of floater should Albert purchase?
a completed operations floater
a contractors' equipment floater
an operations floater
an installation floater
60s - Q5
Lucy owns a variety of valuable items, including expensive jewelry, a collection of fine paintings, several mink garments, and her grandfather's restored DeSoto auto, which she drives on special occasions. A personal articles floater can be used to cover all of the following items EXCEPT:
the DeSoto
the mink garments
the paintings
the jewelry
60s - Q6
According to the Nationwide Inland Marine Definition, inland marine insurance may be used to cover all the following types of property EXCEPT:
computers
buildings
jewelry
fine arts
60s - Q7
Adeline purchased a personal articles floater that covers her ring because her homeowners policy, form HO 3, has a sublimit on theft of jewelry. Why should Adeline also cover her expensive camera under the personal articles floater?
The floater has a higher deductible than her homeowners policy.
The floater includes coverage for theft, which her homeowners policy would not cover.
The floater includes coverage for breakage, which her homeowners policy would not cover.
If Adeline covers her camera with a floater, she can reduce the personal property limit on her homeowners policy.
60s