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AINS 103 Ch.5 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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AINS 103 Ch.5 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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AINS 103 Ch.5 QUESTIONS ANDANSWERS WITH SOLUTIONS 2024
Business owners policies (BOP) - ANSWER Designed for small to mid sized businesses
Most BOP eligibility rules are based on critera relatred to business size and complexity of loss exposures
such as total square footage of the floor area, annual gross sales, building height, business type
Apartment buildings critera - ANSWER may not be able to exceed a certain number of floors or units.
Premitted occupancies may include offices and eligible wholesaler, retail, service, processing, and
contractor businesses
office buildings critera - ANSWER may not be able to exceed a certain number of floors or total floor
area. Permitted occupancies migt include eligible wholesale, retail, service, processing, and contractor
businesses
contractor criteria - ANSWER may only be eligible up to a certain amount of receipts and payroll. General
contractors and hazardous trades are usually ineligible
main street businesses criteria - ANSWER retail, wholesale, service, or processing buildings that do not
exceed a specified total floor area and their personal prop
resturants criteria - ANSWER BOP are often avaliable for fast food resturants and resturants with limited
cooking facilities that do not exceed a certain total floor area and seating capacity. Restrictions on sale of
beer, wine, and liq apply
motels criteria - ANSWER motels may be a limit of 3 stories in height. Integrated bars and seasonal
operations are usaully ineligible
BOP fast food - ANSWER often avaliable for fast food resturants and resturants w limited cooking
facilities. A limited cooking facility is one in which food is prepared with appliances that do not emit
smoke or grease laden vapors that require an exhaust system.
, what are some other restrictions that might be placed on the eligibility of a resturant for coverage under
a BOP? - ANSWER other restrictions a resturant may face in regard to BOP coverage pertain to square
footage, seating capacity, and the sale of beer and wine
businesses that are not eligible for BOP because of their loss exposures and certain types of risk -
ANSWER automobible businesses: auto dealers, auto repair shops, and parting garages
bars and pubs
most manufacturing firms
one or two family dwellings other than multiple unit garden apt complexes
Amustment parks and other places of amusement such as arcades and bowling alleys
financial instutions
apartment building criteria - ANSWER may not be able to exceed a certain number of indv units
main street businesses include - ANSWER retail, wholesale, service, or processing buildings and personal
prop that does not exceed a specified total floor area
why arent financial institutions not eligible for BOP - ANSWER because of their many loss exposures
motels limits - ANSWER may have limit of 3 stories in height. Integrated bars and seasonal operations
usually inelgible
what do businessowners policies provide - ANSWER free standing package policy that combined prop
and liab coverages into one form
designed for small to midsized businesses with relatively smiple loss exposures
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