Ohio Personal Lines (Insurance Exam) Questions And Answers

Water Damage {Ans: Flood, surface water waves, tidal water, overflow of a body of water, water or waterborne material that backs up through sewers or drains or overflows from a sump or sump pump, water or waterborne material below the surface ground - including water exerts pressure on or seeps or leaks through a building, sidewalk, driveway, foundation, swimming pool, or other structures ( such as basement walls) is referred to as being:}Coverage D {Ans: Coverage that provides insurance for indirect losses that occur as a result of direct losses to property (Fair Rental Value) insured under Coverages A, B, or C that are covered by the policy}Loss Valuation {Ans: A property policy pays for losses to property based on the evaluation method contained on the policy, or chosen by the insured in an endorsement added to the policy}Endorsement {Ans: A policy form that alters or adds to the provisions of a property and casualty contract}Indemnity {Ans: Does not allow the insured to profit from a loss; instead, it restores the insured to the same financial or economic condition the existed prior to loss}1 {Ans: The Department must notify a person within _____ business