What kind of property is not covered by flood insurance? – ANSWER\u0002Basements and underground structure (ex. septic tanks), animals,
money\/accounts\/bills, land, anything else covered by other policies
(motor vehicles, aircraft, watercraft)
Loss Valuation on flood insurance – ANSWER- (amount of insurance
purchased\/80% Dwellings Total replacement cost) x Loss Amount
Standard deductible on flood insurance – ANSWER- $1K for Dwelling
and $1K for Content
Personal Inland Marine Insurance – ANSWER- Floaters or policies for
world-wide coverage of personal property on an open-peril basis.
Is flood excluded from Personal Inland Marine Insurance? – ANSWER\u0002NOPE. It’s covered!
What are the floaters available on Personal Inland Marine Insurance? –
ANSWER- Personal Articles Floaters, Personal Property Floaters, and
Personal Effects Floaters
What perils are covered under Personal Inland Marine Insurance
floaters? – ANSWER- all; open-peril
Which PIMI floater would be appropriate for a diamond ring? Why? –
ANSWER- Personal Articles Floater – itemizes valuables such as
jewelry and furs
What is a Personal Effects Floater good for? What deductible does it
have? – ANSWER- world-wide open peril coverage of personal property
for people who are traveling – luggage, sports equipment, clothes, and
camera. NO DEDUCTIBLE.
What is a Personal Property Floater good for? What kind of limit do they
have? – ANSWER- World-wide open peril coverage of personal
property – usually for special occasions like weddings or exhibitions.
There is a blanket limit!
Does personal inland marine insurance cover flood? – ANSWER- Yes.
Somehow.
All of the following coverage is available under a Standard Flood
Insurance Policy issued by the National Flood Insurance Program
except:
a. Loss of Use
b. Dwelling
c. Personal Property
d. Removal – ANSWER- A. Loss of Use
The maximum number of days that a Standard Flood Insurance Policy
will cover property removed is:
a. 15 days
b. 20 days
c. 30 days
d. 45 days – ANSWER- d. 45 days
If the limits of insurance available under the National Flood Insurance
Program are inadequate, where can additional coverage be purchased?
a. Homeowners Flood Endorsement
b. Excess Flood Endorsement
c. Personal Umbrella Policy
d. Difference in Conditions Policy – ANSWER- d. Difference in
Conditions Policy
Define Yacht. – ANSWER- “Swim Swam” – a sailboat with an auxiliary
inboard motor.
Why does Yacht insurance get a Lay-Up warranty? – ANSWER- During
months when a watercraft is not in use – typically in winter – a discount
is applied to premium.<\/p>\n\n\n\n
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