Chapter 7 Test

Front 1

On an equipment breakdown policy, expediting expenses does not cover the reasonable cost

Back 1

of permanent replacement

Front 2

Policy limits on a CGL

Back 2

are listed as occurrence limits and also include aggregate limits

Front 3

On a commercial building and personal property form, the insured receives certain extensions of coverage at no additional premium charge if 80% coinsurance. Excluded from the extensions is

Back 3

Debris removal

Front 4

On a claims made CGL the supplemental

extended reporting period

Back 4

cost extra and must be added by endorsement

Front 5

Commercial cause of loss form that covers theft of business personal property is the

Back 5

Special (All Risk)

Front 6

Valuable Papers Insurance does not provide coverage for

Back 6

Money and Securities

Front 7

In most situations the coverage territory for General Liability Insurance means territory

described in the policy

Back 7

Japan is not covered

Front 8

Mandatory coverage under the commercial Package policy are

Back 8

Commercial Property and Liability

Front 9

The taking of property by a visible sign of forced entry or threat of bodily harm would be covered by what?

Back 9

Robbery and Safe Robbery

Front 10

Which type of Crime coverage requires more then just an inventory computation in order to prove a loss has occurred

Back 10

Employee Theft

Front 11

____________ would not be eligible under the nationwide marine definition

Back 11

Warehouses

Front 12

The commercial Building and Personal Property Form deductible

Back 12

is per occurrence no matter how many buildings are damaged in the loss

Front 13

The most significant difference between the Claims Made and the Occurrence Forms of a

General Liability policy is

Back 13

what triggers the insurance coverage

Front 14

Libel, slander and false arrest are covered under

Back 14

Personal Injury

Front 15

A CGL provides medical expense payment for injuries if the expenses are incurred and reported to the insurer within _________ years

Back 15

1 year

Front 16

The commercial property policy may cover

Back 16

Buildings

Business personal property

Property of others

Front 17

In order to avoid problems with under or over insurance, a business with a fluctuating inventory should write coverage on a ____________ basis

Back 17

Value Reporting

Front 18

Business income coverage is

Back 18

Indirect consequential coverage

Front 19

Claims paid under a GCL reduce the aggregate limits of liability remaining to pay future claims during the policy period. However the aggregate limits are reinstated in full

Back 19

automatically at the policy anniversary date

Front 20

In order for coverage to apply within the products and complete operations hazard of a CGL the injury or damage must NOT

Back 20

have occurred n the insured's premises

Front 21

Liquor Liability is not covered

Back 21

on CGL

Front 22

Am inland marine policy that covers the insured's merchandise held for sale, the insured's property of premises, customers property in the custody of the insured, and property being transported is a

Back 22

Jeweler's Block Policy

Front 23

An optional coverage on the commercial property policy to minimize the suspension of operations is known as

Back 23

Extra Expense Coverage

Front 24

A farm insurance policy does NOT cover

Back 24

autos reported on the highway

Front 25

Farm coverage's do not

Back 25

Home owners policy

Front 26

The BI and PD coverage on a Farm Liability policy provides coverage for

Back 26

injury to a guest

Front 27

The $1,000 additional coverage for Fire Dept. Service Charge is the maximum payable per loss

Back 27

Regardless of the # of fire departments

Regardless of the # of types of services

Front 28

The coverage extension "Business personal Property temporarily in Portable Storage Units" will provide $10,000 of coverage up to

Back 28

90 Days

Front 29

In the newest edition of the Commercial Property form which of the following is now considered part of the building

Back 29

Vegetated Roofs

Front 30

The newest version of the Commercial Property Policy increased the debris removal additional coverage to

Back 30

$25,000

Front 31

____________ is not a specialized commercial property form

Back 31

Extortion

Front 32

Volunteer workers are covered under the commercial General Liability Policy but only under which circumstance

Back 32

While performing duties related to the business

Front 33

Which crime form covers the Holiday Inn if a guest claims their property was damaged while in a hotel safe

Back 33

Guests Property

Front 34

covers the brokerage in case of loss to someone's securities

Back 34

Securities deposited by others