Exam

Front 1

Commercial crime forms include

Back 1

employee theft

forgery or alteration

inside premises- theft of money/securities

inside the premises- robbery/safe burglary of other property

outside premises

computer fraud

money orders and counterfeit paper money

funds transfer fraud

Front 2

employee theft coverage

Back 2

pays for loss/damage to money/securities and other property resulting from theft or forgery committed by an employee(s)

Front 3

per employee basis

Back 3

all loss caused by one employee

Front 4

per loss basis

Back 4

the limit of insurance applies regardless of how many employees were involved

Front 5

forgery or alteration

Back 5

pays for loss resulting from forgery or alteration of checks/drafts/promissory notes made/drawn by/on the named insured or the insureds agent

Front 6

inside the premises- theft of money/securities

Back 6

pays for theft/disappearance/destruction of money/securities while inside the premises/bank premises

Front 7

inside the premises- robbery/safe burglary of other property

Back 7

loss of other property while inside the premises from actually/attempted robbery of a custodian

loss of other property from a safe/vault inside the premises from actual/attempted safe burglary

Front 8

outside the premises

Back 8

theft/disappearance/destruction of money/securities while outside the premises and in the care/custody of a messenger/armored car

loss of other property by actual/attempted robbery while outside the premises and in the care/ custody of a manager/armored car

Front 9

computer fraud

Back 9

covers loss/damage to money securities/other property due to use of computer to fraudulently transfer property from inside the premises/bank premises to person/place outside the premises

Front 10

money orders and counterfeit paper money

Back 10

covers losses that result when the insured accepts invalid money orders or counterfeit money in good faith

Front 11

funds transfer fraud

Back 11

covers losses resulting from fraudulent instructions to a financial institution to pay money from an insureds transfer account

Front 12

fidelity bonds

Back 12

guarantee an employees honest discharge of duty and are written to protect an insured against dishonest acts by employees

Front 13

principal

Back 13

the party who promises to do/not do something specific

Front 14

surety

Back 14

party who agrees to be responsible for loss that may result if the principal doesn't keep the promise

Front 15

obligee

Back 15

the party to whom the promise is made

Front 16

name schedule bond

Back 16

cover each employee named on the policy schedule for the amount listed in the schedule.

Front 17

position schedule bonds

Back 17

list positions in the company that are covered. automatically covered

Front 18

Blanket position bonds

Back 18

bonds limit applies separately to employee involved in a loss

Front 19

dwelling policy

Back 19

provides protection for individuals/families against loss to their personal dwelling/ personal property

Front 20

dwelling / homeowners

Back 20

dwelling is more limited. unendorsed dwelling policy property only. no liability.

Front 21

3 forms of dwelling policy

Back 21

basic broad and special

Front 22

DP1

Back 22

Coverage A- dwelling

Coverage B- other structures

Coverage C- personal property

Coverage D- fair rental value

Front 23

Coverage- A

Back 23

covers the dwelling, structures attached to the dwelling, materials/supplies for construction/repair of dwelling/ other structures @ location and building/ outdoor equipment used to service the premises

Front 24

Coverage- B other structures

Back 24

insures buildings not attached to the dwelling/ connected by a fence/ utility line/ similar connection. includes commercial/manufacturing/farming property is covered.

Hint 24

no fuel

Front 25

Coverage- C personal property

Back 25

covers the insureds personal property that is at the described location and is usual to the dwelling occupancy.

Front 26

Coverage- D fair rental value

Back 26

available If a covered property loss to the dwelling/other structure make the building uninhabitable and the insured cannot collect the rent he would have been able to receive if the loss had not occurred

Front 27

dwelling automatic covered perils

Back 27

Fire/lightening/international explosion

Front 28

dwelling additional perils

Back 28

riot/explosion/vehicles/smoke/hail/civil commotion/aircraft/windstorm/volcanic eruption

Front 29

other structures

Back 29

provides up to 10% of the coverage of coverage A limit may be used to cover losses to other structures.

Front 30

debris removal

Back 30

pays for the expense of removing debris resulting from a loss that is covered by the policy

Front 31

property removed

Back 31

covers loss to property that occurs while the property is being removed to protect it from a covered peril. (basic form covers 5 days

Front 32

reasonable repairs

Back 32

pays for the reasonable cost to make necessary repairs to protect property from further damage following a loss

Front 33

Improvement/alteration/additions

Back 33

provides coverage for insureds who are tenants for improvements/alterations to the dwelling made at the tenants expense. upto 10%coverage c limit

Front 34

fire department

Back 34

service charge pays up to $500 for fire department charges incurred when the fire department is called to save or protect covered property from a peril insured against.

Front 35

world wide coverage

Back 35

provides 10% of coverage c limit for personal property while it's located anywhere in the world.

Front 36

rental value

Back 36

provides 20% of the coverage A limit for loss of fair rental value payable at 1/12th of the 20% limit for each month the described location is unfit for its normal use

Front 37

loss settlement condition

Back 37

states that covered property losses are valued at actual cash value but are not to exceed the amount necessary to repair or replace

Front 38

our option condition

Back 38

gives the insurer the right to repair or replace damaged property with material or property of the like kind and quality within 30 days of receiving the insureds statement of loss.

Front 39

deductible

Back 39

only the amount over the deductible will be paid up to the limit of liability

Front 40

pair or set

Back 40

condition states that in case of a loss to an item that is part of a pair or set, the insurance company is not obligated to pay the value of the entire set

Front 41

loss payment

Back 41

the loss will be paid within 30 days after reaching an agreement with the insured

Front 42

other insurance

Back 42

if a loss is also covered by other insurance, the company will pay only it's proportion of the loss

Front 43

recovered property

Back 43

that if the insured/insurer recovers property on which the insurer has made a loss payment, the other party must be notified. if returned the loss payment will be adjusted or allow the company to have it

Front 44

broad theft coverage endorsement

Back 44

adds coverage for Theft of personal property. covers theft/vandalism/malicious mischief.

Front 45

coverage L - personal liability

Back 45

coverage for damages that the insured becomes legally obligated to pay because of an occurrence to which the coverage applies bodily injury or property damage.

Front 46

HO2 broad coverage form

Back 46

provides broad coverage for dwelling and personal property. v&mm breaking glass and theft

Front 47

HO3 special form

Back 47

provides open peril coverage for loss of a dwelling/ personal property. broad coverage for personal property

Front 48

HO4 contents broad form

Back 48

insures tenants, broad coverage for personal property none for the dwelling

Front 49

HO5 comprehensive

Back 49

provides open peril for dwelling/ other structures/personal property

Front 50

HO6 unit owners form

Back 50

provides broad coverage on personal property of a condominium owners / limited dwelling coverage

Front 51

HO8 modified coverage

Back 51

for older homes w/ replacement values that may exceed their market values. basic coverage on the dwelling personal property similar to dp1

Front 52

4 coverage policies of HO policy section 2

Back 52

Coverage A- dwelling

Coverage B- other structures

Coverage C- personal property

Coverage D- loss of use

Front 53

HO coverage a- dwelling

Back 53

covers dwelling attached structures to the dwelling /materials and supplies

Front 54

HO coverage B- other structures

Back 54

buildings on the premises that are separated from the building by clear space.

Front 55

HO4

Back 55

excludes coverages A & B

Front 56

HO6 includes limited coverage A for

Back 56

alteration/appliances/fixtures/improvements in the parts of the building where tenants live

real property pertaining to the residence premises

property that is the insureds responsibly under a condo association agreement

structures other than the residence premises owned solely by the insured at the location of the residence premises

Front 57

standard coverage a limit for HO6 is

Back 57

$1000

Front 58

HO coverage c- personal property

Back 58

personal property owned/used anywhere in the world. C limit is upto $1000

Front 59

Coverage C limit $200 for

Back 59

money/coins precious metals

Front 60

Coverage C limit $1500 for was

Back 60

securities/manuscripts other valuable paper property

watercraft trailers/ equipment

trailers (not watercraft)

electric apparatus in/on/away from vehicle

electric apparatus/accessories used for business

jewelry/fur/watches/precious/ semiprecious stones

Front 61

Coverage C limit $2500

Back 61

property on premises used for business

silverware/goldware/pewterware

firearms/related equipment

Front 62

Coverage C limit $500 for

Back 62

property away from the premises used for business

Front 63

Coverage D loss of use

Back 63

covered property loss makes dwelling uninhabitable pays for additional living expenses related to maintaining insureds normal standard of living

policy will pay fair rental value less any expenses not required

Front 64

Collapse coverage

Back 64

HO2 /HO3/HO4/HO5/HO6

Front 65

landlords furnishings

Back 65

HO2/HO3/HO5

Front 66

Building additions/alterations

Back 66

HO4

Front 67

Grave markers

Back 67

HO2/HO3/HO4/HO5/HO6

Front 68

ordnance/ law

Back 68

HO2/HO3/HO4/HO5/HO6

Front 69

HO basic perils

Back 69

fire/lightening/windstorm/hail/explosion/riot/civil commotion/aircraft/vehicles/smoke/vandalism/theft/volcanic eruption

Front 70

proportional replacement cost

Back 70

insurance carried/insurance required x amount of loss =amount of reimbursement

Front 71

HO coverage E personal liability

Back 71

covers damages that the insured becomes legally obligated to pay because of bodily injury or property damage caused by an occurrence to which coverage applies

Front 72

HO bodily injury

Back 72

bodily harm/sickness/disease/required care/ loss of service/death

Front 73

property damage

Back 73

means physical injury to/destruction of tangible property including loss of use

Front 74

coverage F medical payments to others

Back 74

pays all necessary medical expenses incurred within 3 years of an accident

Front 75

flood coverage

Back 75

starts 30 days after the date of application

Front 76

personal articles form pays the least of

Back 76

actual cash value/ cost to repair/cost to replace with substantially identical item/ amount of insurance specified in the policy

Front 77

Under a FAIR plan no application

Back 77

can be rejected because of environmental hazards beyond the insureds control.

Front 78

BOP covers

Back 78

Coverage A- buildings

Coverage B- business personal property

Front 79

Building coverage applies to

Back 79

completed additions/permanently installed equipment & machinery/fixtures/personal property used for maintenance/personal property furnished by the insured

Front 80

Business personal property covers

Back 80

property owned & used by insured in business/property of others in the insureds care/tenants improvements/Commercial leased personal property/exterior glass

Front 81

Business liability coverage

Back 81

covers the insured’s legal liability that arises from bodily injury, property damage, and personal and advertising injury

Front 82

utility services—

Back 82

direct damage coverage endorsement covers loss or damage to property caused by an interruption in water, communication, or power supply service.

Front 83

utility services—time element coverage

Back 83

endorsement pays for loss of business income or extra expense if damage to certain utility services property located outside the covered building by a covered cause of loss results in an interruption of service to the described premises.

Front 84

protective safeguards endorsement

Back 84

requires the insured to maintain the protective devices or services listed on the endorsement on specified property as a condition of the policy

Front 85

hired auto and nonowned auto liability endorsement covers the insured’s liability for one or both of the following

Back 85

Bodily injury or property damage that arises out of the maintenance or use of a hired auto by the insured or the insured’s employees in the course of the insured’s businessBodily injury or property damage that arises out of the use of any nonowned auto in the insured’s business by any person

Front 86

building and personal property coverage form

Back 86

. It covers buildings, the insured’s business personal property, and the personal property of others located at the business premises.

Front 87

causes of loss—basic form is a named perils form that lists 11 covered perils

Back 87

Front 88

The causes of loss—broad form covers all of the perils listed in the basic form and

Back 88

falling objects (does not cover damage to interior property unless the exterior of the building is damaged first);weight of snow, ice, or sleet; andwater damage (accidental discharge or leakage of water or steam as a result of the cracking or breaking of a water or steam system or appliance).

Front 89

causes of loss—special form

Back 89

covers any direct physical loss not specifically excluded or limited in the form. In other words, it provides open perils coverage.

Front 90

building and personal property coverage form

Back 90

building and personal property coverage form. It covers buildings, the insured’s business personal property, and the personal property of others located at the business premises.

Front 91

Preservation of property

Back 91

pays for loss to property that was removed from the insured location to protect it from a peril insured against. Coverage only applies if the loss occurs within 30 days after the property was removed.

Front 92

A commercial umbrella policy provides coverage in three types of situations.The policy limits applying to a loss under an underlying policy have been exhausted.

Back 92

The policy limits applying to a loss under an underlying policy have been exhausted.A loss is excluded under an underlying contract but not excluded under the umbrella (the insured must first meet the retention limit).Previous losses reimbursed under an underlying policy have reduced its aggregate limit so that a subsequent loss is not fully covered.