Types Of Property Policies

Front 1

HO-8

Back 1

used to insure houses with replacement cost more than market value and those built with irreplaceable materials. It is a modified HO-1 and provides ACV coverage for Coverage A

Front 2

Coverage by endorsement

Back 2

automatic increase in insurance is an endorsement that may be added to a DP to increase the amount of insurance by an annual percentage to offset the effects of inflation. This endorsement requires additional premium

Front 3

Maximum eligibility requirements for BOP

Back 3

6 stories high, 25,000 sq ft. Mercantile space in apartment building; 100,000 sq ft for the office building; $3 million gross sales

Front 4

NOT covered in the dwelling policies

Back 4

Earth movement

Front 5

NOT covered under building coverage in a building and personal property policy

Back 5

outdoor fixes and furniture, items used to service the property, permanently installed machinery and equipment, and additions under construction, including the materials, supplies and equipment within 100 feet of premises

Front 6

NOT considered a flood

Back 6

sewer backup

Front 7

NOT one of the additional coverage in the builders risk form

Back 7

Vandalism

Front 8

4 additional coverage offered by the builders risk form

Back 8

debris removal, fire department service charge, pollutant cleanup and removal, and preservation of property

Front 9

which provision is found in the common policy conditions section of the policy

Back 9

the first name insured may cancel the policy at anytime by giving written notice to the insurer

Front 10

covered items under the Electronic Data Processing coverage

Back 10

-computer hardware that is specifically scheduled

-extra expense the insured incurs to continue the business following a loss

-data processing media, including magnetic tapes or paper tapes, punch cards and discs

Front 11

How much will the Loss Assessment additional coverage of the insured's homeowners liability policy pay?

Back 11

up to $1,000 per occurrence for the insured's share of loss assessment charged against them as owner or tenant of the residence premises during the policy period by a corporation or association of property owners

Front 12

what coverage provides protection to contents damaged by fire

Back 12

coverage c - personal property provides coverage for the contents of an insured dwelling

Front 13

what could be considered causes for flood conditions covered by the national flood insurance program?

Back 13

overflow of inland or tidal waters, unusual and rapid accumulation or runoff of surface waters from any source, and mudflow

Front 14

What is the maximum amount an insurer will pay under the equipment dealers pollution cleanup and removal extension of an inland marine policy

Back 14

$10,000 for all expenses incurred during a 12-month period

Front 15

Who would participate in a WYO program

Back 15

private insurers that wish to write and service National Flood insurance polices on a no-risk bearing basis

Front 16

trip transit

Back 16

covers a single shipment of good for a specific trip

Front 17

installation floater is used to insure what?

Back 17

appliances intended to become a permanent part of the building

Front 18

Physicians and surgeons equipment floater is not intended

Back 18

medical supplies locate din a hospital

Front 19

Monoline

Back 19

consists of the declarations and conditions, endorsements, and other attachments applicable to a single line of insurance (ex. if a celebrity insured what made them famous; legs, lips,)

Front 20

if no premium is shown, what does that mean?

Back 20

there is no coverage for that part

Front 21

If the insured dies, what happens?

Back 21

automatically transfer to a legal representative

Front 22

what is covered in an unendorsed homeowners policy

Back 22

medical payment to others, fire or lightening

Front 23

Builders risk is written in what form

Back 23

completed value form

Front 24

what would not be covered under coverage A in a dwelling policy

Back 24

theft of a renter's lawnmower used to service the premise

Front 25

under commercial property coverage program, the basic causes of loss form insures against loss caused by?

Back 25

sprinkler leakage

Front 26

Homeowners policy

Back 26

will pay up to $2,500 for silverware by theft; $1,500 for boats, motors, trailers, $1,500 for loss of trailers not used with boats; but no more than $200 for coins

Front 27

Utility service- direct damage

Back 27

would pay for the loss of the meat that was damaged because of no refrigeration

Front 28

the regular national flood insurance program would insure an eligible single-family dwelling for up to

Back 28

$250,000

Front 29

standard property deductible per occurrence on a cpp

Back 29

$500

Front 30

if an abc truck is broken into on the way to delivering it, the driver locks the truck and leaves it parked, is it legally liable for its loss

Back 30

no, the driver had taken reasonable measure to protect the property by locking the truck

Front 31

under conditions of a film coverage form, how long must the insured maintain records of each production

Back 31

3 years after the policy expires

Front 32

what is covered under the mail floater of a commercial inland marine policy ONLY if it is sent by registered mail

Back 32

Currency and unsold travelers checks

Front 33

the mobile home endorsement alters the homeowners policy to cover a mobile home and other structures on land...

Back 33

owned or leased by the resident of the mobile home

Front 34

what is covered under the camera and musical instruments dealer floater

Back 34

a customer's camera left at a camera shop for repair

Front 35

permitted incidental occupancies

Back 35

covers liability exposures arising from an incidental business conducted within a building on the residence premises

Front 36

what is NOT covered by the basic causes of loss form under a commercial property policy

Back 36

damage caused by flood, surface water, mudslide, water that backs up from a sewer or drain, or ground surface water that seeps through the foundation, basements, doors, or windows

Front 37

homeowners policy does NOT cover collapse caused by....

Back 37

foundation cracks

Front 38

personal injury

Back 38

must be added by endorsement to a homeowners policy in order to apply

Front 39

The extension of coverage under the Commercial Fine Arts Floater includes coverage for newly acquired property for a maximum of

Back 39

$10,000

Front 40

Individuals in the business of selling construction equipment and mobile equipment should insure with a/an

Back 40

equipment dealers coverage form

Front 41

What is the coinsurance requirement for a theatrical property floater under an Inland Marine policy?

Back 41

80%

Front 42

Under the examinations of books and records condition, the insurance company has the right to examine and audit the insured's books and records related to the policy

Back 42

during the policy period and for up to 3 years after the termination of the policy

Front 43

Hired and nonowned auto liability

Back 43

adds coverage for employee use of automobiles in the insured's business and the insured's use of rented autos if no coverage is provided on a business's auto policy

Front 44

the major portion of the premium for an equipment breakdown policy pays...

Back 44

for inspections and examinations

Front 45

a unique feature in the bailee form is that it covers...

Back 45

customer's property whether or not the insured has been negligent

Front 46

what is the time frame for coverage under a floor plan merchandise form is written on a reporting form basis that requires the insured to file reports with the insurer

Back 46

within 30 days after the end of each month

Front 47

the essential elements of a cpp

Back 47

policy conditions, interline endorsements, declarations,

Front 48

contractor's equipment floater

Back 48

an individual's construction company leaves mobile equipment and construction machinery on the job site until the project is completed

Front 49

how much will homeowners policies pay for a loss assessment

Back 49

$1,000

Front 50

which is not true concerning the fair rental value coverage provided in a dwelling policy

Back 50

loss or expense caused by the cancellation of a lease is covered

Front 51

a neighbor's tree has fallen into the insured's. the insured's homeowner policy will not py to remove the tree unless.....

Back 51

the tree is blocking the driveway

Front 52

what are common carriers required to issue to every shipper that transports goods....

Back 52

a uniform bill of lading

Front 53

DP-1

Back 53

insures the structure on an actual cash value basis. DP-2 and DP-3 insure the structure on a replacement cost basis

Front 54

bill of lading

Back 54

a contract between the carrier and the shipper detailing the carrier's responsibilities and duties

Front 55

The business income coverage form covers consequential loss of business income that occurs when a business must suspend operations because of a direct loss. Which of the following terms best describes the nature of this type of coverage?

Back 55

time element

Front 56

The business income coverage form covers consequential loss of business income that occurs when a business must suspend operations because of a direct loss. Which of the following terms best describes the nature of this type of coverage?

Back 56

permitted incidental occupancies