Property And Casualty Exam Questions

Hull {Ans: covers loss of the ship itself or it could be a fleet insured}All bonds have three parties: {Ans: Principal Obligee Guarantor}(ERP) Extended Reporting Periods {Ans: extends the time for reporting a claim at the end of the period}False Advertising {Ans: It is unlawful for any person to make a statement which is untrue, deceptive, or misleading regarding insurer or agent by advertisement (publication)}rebating {Ans: Giving anything of value not specified in the insurance contract as an inducement for the applicant to buy your insurance is illegal (includes cash, assets, or personal services)}Hostile Fire {Ans: One that escapes the control of the insured. Insurance covers this type.}