IC Assessment 3

This will assess your current knowledge base on the Inland Marine line of business. If the question comes with a hint, please select as this is a screen shot that will help assist in answering the question.

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The class for Small Tools is .

If there is $20,000 in Photographic Equipment what would the coverage limit on the rating screen be?

  • $20,000
  • $15,000 & $5,000
  • $5,000 & $15,000

Match the class with the coverage

  • Contractors Equipment
    047
  • Builders Risk
    136
  • Installation Floater
    134
  • Musical Instruments
    208
  • Photography Equipment
    325

Inland Marine Coverage is typically used for property that stays on premises.

  • True or False

On the IM7514, if no tools are indicated, the deductible should be shown in the Mobile Equipment Deductible field.

  • True or False

If equipment is added with replacement cost the limit should not be reduced due to depreciation.

  • True or False

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rates should be recalculated every year at renewal.

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The loss cost multiplier to apply to Inland Marine is  for filed rates.

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Legal Liability and Owners form are two different types of coverage.

On the IM7006 for newly purchased equipment, New Equip Perc of Cat Limit Ind, is always selected unless otherwise instructed.

  • True or False