Hawaii Property

Front 1

Broad Form Coverage includes basic Fire, extended coverage, plus:

Back 1

*Breakage of glass,
*Falling objects
*Weight of snow, ice, or sleet
* Water damage (accidental discharge as a direct result of broken water system)

Front 2

Special Form Coverage provides what type of coverage?

Back 2

All Risk

Front 3

Special Form Coverage includes which two type of Forms:

Back 3

* Basic Form and Broad Form coverage

Front 4

In addition to Basic and Broad Form coverage, what is additionally covered by Special Form?

Back 4

Any other loss, unless the peril is specifically excluded, such as flood, earthquake, war, nuclear accident, etc.

Front 5

Basic Form Coverage protects your business against these perils or causes of loss:

Back 5

*Fire
*Lightning
*Explosion
*Windstorm or hail
*Smoke
*Aircraft or vehicles
*Riot or civil commotion
*Vandalism
*Sprinkler leakage
*Sinkhole
*Volcanic action

Front 6

Endorsements

Back 6

Written provisions that adds to, deletes, or modifies the provisions of the original contract

Front 7

ACV stands for:

Back 7

Actual Cash Valuation

Front 8

Actual Cash Valuation (AVC)

Back 8

The replacement cost minus the depreciation

Front 9

RCV stands for:

Back 9

Replacement Cash Valuation

Front 10

RCV

Back 10

The replacement cost without deducting depreciation

Front 11

Agreed amount or Functional Replacement Cost

Back 11

Commonly used to value art objects and other unique items

Front 12

Surety Bonds

Back 12

Provides monetary compensation if the bonded party fails to perform certain acts.

Front 13

BOP stands for:

Back 13

Business Owners Policy

Front 14

Many insurance companies have bundled property and liability coverage into what is commonly called:

Back 14

BOP - Business Owners Policy or package policy

Front 15

Monoline Policies

Back 15

Single line of insurance. Example:
*Fire
*Auto

Front 16

Business Interruption provides sufficient funds to pay your :

Back 16

Fixed expenses and lost business income during a period of time when your business is not operational.

Front 17

Business Income means:

Back 17

The net income (net profit or loss before income taxes) that would have been earned or incurred, as well as continuing normal operating expenses, including payroll.

Front 18

Extra Expense Coverage under Business Interruption will coverer

Back 18

will reimburse you for covered expenses while temporarily relocated at another premise during your reconstruction due to a covered loss.

Front 19

Non-owned Automobile Coverage is:

Back 19

If you or your employees use your personal vehicles on company business.

Front 20

Excess Liability is commonly referred as:

Back 20

Umbrella Policy

Front 21

When does an Umbrella Policy kick in?

Back 21

Only when the limit of the basic, underlying policy is reached

Front 22

CPP stands for:

Back 22

Commercial Package Policy

Front 23

CPP allows the insured to:

Back 23

select the coverage needed and customize the policy

Front 24

7 CPP types of coverage

Back 24

1 General Liability
2 Crime coverage
3 Equipment Breakdown/ Boiler & Machinery
4 Auto
5 Inland Marine
6 Farm
7 Commercial Property

Front 25

In CPP what coverage is NOT available

Back 25

Workers Compensation

Front 26

In an Equipment Breakdown basic policy what is NOT excluded?

Back 26

Explosion of Steam Boilers

Front 27

CPP stands for:

Back 27

Commercial Package Policy

Front 28

CPP allows the insured to:

Back 28

select the coverage needed and customize the policy

Front 29

7 CPP types of coverage

Back 29

1 General Liability
2 Crime coverage
3 Equipment Breakdown/ Boiler & Machinery
4 Auto
5 Inland Marine
6 Farm
7 Commercial Property

Front 30

In CPP what coverage is NOT available

Back 30

Workers Compensation

Front 31

In an Equipment Breakdown basic policy what is NOT excluded?

Back 31

Explosion of Steam Boilers

Front 32

Equipment Breakdown coverage covers...

Back 32

The sudden & accidental breakdown of the vessel

Front 33

Installation Floaters is used to insure

Back 33

Appliances intended to become a permanent part of the building.

Front 34

Give example of appliances covered under Installation Floaters

Back 34

* Refrigeration systems
* elevators
* other large appliances

Front 35

How much is the premium for the "Dwelling Under Construction" endorsement under the Dwelling Policy?

Back 35

65% of the completed value premium

Front 36

When a regular Bill of Lading is issued, who is responsible for damaged property?

Back 36

The Carrier

Front 37

Bill of Lading

Back 37

Contract for the transport of goods between shipper and carrier specifying the carriers duties and responsibilities

Front 38

HO-6 is designed specifically to cover:

Back 38

Condominiums

Front 39

Cover B is for:

Back 39

Other Structures

Front 40

Cover B - Other Structures covers:

Back 40

* separate structures at the same location

Front 41

Cover B - Other Structures applies to

Back 41

*Detached garages
*Other out buildings (fences, sheds)
*Manufacturing equipment owned specifically by insured

Front 42

Coverage C

Back 42

Personal Property

Front 43

Coverage C - Personal Property covers

Back 43

personal property commonly found in homes owned by the insurer or other family members.

Front 44

Camera and Musical Equipment form insures

Back 44

their stock, including related equip and accessories, and to protect customer's property left for repairs, cleaning or service.

Front 45

Camera and Music Equipment form excludes

Back 45

*Property sold and delivered
*Accounts, bills, currency, deeds, money, evidences of debt, securities;
*Furniture, fixtures, office supplies
*Machinery, tools, patterns, molds
*Property in the mail
*Contraband/illegal
*damage caused by fire or damage to glass, lettering, artwork

Front 46

Which HO polices are written only for the owner-occupant of a dwelling used exclusively for private residential purposes and not as a vacation home?

Back 46

H02, HO3, and HO5

Front 47

HO2, HO3,and HO 5 may not contain more than how many families?

Back 47

4 families

Front 48

HO2, HO3, HO5 must be insured at what % for building coverage?

Back 48

80%

Front 49

Camera and Musical Equipment form insures

Back 49

their stock, including related equip and accessories, and to protect customer's property left for repairs, cleaning or service.

Front 50

Camera and Music Equipment form excludes

Back 50

*Property sold and delivered
*Accounts, bills, currency, deeds, money, evidences of debt, securities;
*Furniture, fixtures, office supplies
*Machinery, tools, patterns, molds
*Property in the mail
*Contraband/illegal
*damage caused by fire or damage to glass, lettering, artwork

Front 51

Which HO polices are written only for the owner-occupant of a dwelling used exclusively for private residential purposes and not as a vacation home?

Back 51

H02, HO3, and HO5

Front 52

HO2, HO3,and HO 5 may not contain more than how many families?

Back 52

4 families

Front 53

HO2, HO3, HO5 must be insured at what % for building coverage?

Back 53

80%

Front 54

H0-2 (Broad Form) excludes:

Back 54

* Inside of bldg damage by rain, snow, sleet, sand, dust, unless wind or hail damage first created the opening
*inside by loss of falling objects unless onject first damages roof or an outside wall
*Fences, driveways, and walkd for damage from a vehicle owned or operated by resident
*damage from water or stream if dwelling is vacant for more than 60 days

Front 55

HO-2 uses which form?

Back 55

Broad Form

Front 56

HO-3 uses which form?

Back 56

Special Form

Front 57

HO-4 uses which form?

Back 57

Contents Broad Form

Front 58

HO-4 is also referred to as:

Back 58

Tenant Broad Form

Front 59

HO-4 insures

Back 59

Personal property for broad perils.

Front 60

HO-4 cannot issue coverage to:

Back 60

Owner-occupant

Front 61

HO-4 form maybe written for a

Back 61

tenant who resides in a rented dwelling or apartment, but does not provide coverage on the dwelling.

Front 62

HO-5 uses which form?

Back 62

Comprehensive Form

Front 63

In an HO-5 form landlord furnishings are limited to how much?

Back 63

$2500 limit

Front 64

Bailee's Customer coverage forms are used to cover

Back 64

losses to customers' property in the care, custody or control of the insured.

Front 65

Bailee's Customer Policy

Back 65

This coverage covers loss to customers' property without regard to the insured;s legal liability for the loss. It covers both the bailee's interest and the bailors.

Front 66

Furriers Block

Back 66

This coverage is written for insureds in the fur business and covers merchandise held for sale and customers' property that the insured has temporary custody of for cleaning, repair, or storage

Front 67

Cleans, Dryers, and Laundries

Back 67

This coverage form provides protection for insureds in the laundry or dry cleaning business loss or damage to customers' property while in their possession

Front 68

Warehouseman's

Back 68

This coverage form covers customers' peroperty while it is stored at a warehouse, and it is usually written to apply as excess over other valid and collective insurance of the property owner.

Front 69

Personal Property special limitations for money, bank notes, bullion, gold/silver, platinum, coins, other metals

Back 69

$200 limit

Front 70

Personal property special limit:
securities, accounts, deeds, evidences of debt, letters of credit, notes, passports, tickets, stamps

Back 70

$1500 limit

Front 71

Personal property special limits:
watercraft and their trailers, furnishings, equipment and outboard motors

Back 71

$1500 limit

Front 72

Personal property special limits:
THEFT Jewelry, watches, furs, precious and semiprecious stones

Back 72

$1500 limit

Front 73

Personal property special limits:
THEFT Firearm

Back 73

$2500 limit

Front 74

Personal property special limits:
THEFT silverware and silver plated ware, gold ware and gold plated ware, flatware, pewterware, tea sets, trophies

Back 74

$2500 limit

Front 75

Motor Truck Cargo Policy - Truckers Form

Back 75

Used by common carriers that transport goods of others for a fee.

Front 76

Motor Truck Cargo Policy
Truckers Form coverage extension also applies while

Back 76

the goods are in terminal where they are unloaded, loaded, sorted, or reloaded for delivery

Front 77

Motor Truck Cargo Policy -
Shippers/Owners Form

Back 77

When private carriers or owners ship their goods using their own trucks

Front 78

The Equipment Breakdown policy Expediting Expenses cannot exceed:

Back 78

$25,000

Front 79

Multiple incidents of terrorism would be deemed one incident if they occur within how many hours?

Back 79

72 hours

Front 80

Name (3) classes of inland marine risk:

Back 80

1 Commercial property floaters risks
2 Domestic shipments and transportation
3 Bridge, tunnels, and other instrumentalities of transportation and communication

Front 81

What covers perishable property

Back 81

Refrigeration interruption coverage