While performing duties for the business, all of the following would be an insured under Business Liability Coverage of a partnership's businessowners policy (BOP), EXCEPT: - Answer All executive officers of an LLC.
Which one of the following would be covered under the Extra Expense insuring ...
AINS 103 Simulated Exam Questions
Fully Solved.
While performing duties for the business, all of the following would be an insured under Business
Liability Coverage of a partnership's businessowners policy (BOP), EXCEPT: - Answer All executive
officers of an LLC.
Which one of the following would be covered under the Extra Expense insuring agreement of the
Business Income (and Extra Expense) Coverage Form? - Answer Costs to move office equipment to a
substitute location.
An intangible asset resulting from a collection of perceptions and opinions, past and present, about an
organization that resides in the consciousness of its stakeholders is known as an organization's: - Answer
Reputation.
Ivan is a commercial insurance producer looking to expand his book of business. He is researching local
businesses trying to determine which businesses might be eligible for the businessowners policy (BOP)
and which would not be eligible. Which one of the following businesses would be ineligible for BOP
coverage? - Answer Amusement parks are generally not eligible for BOP coverage. Retail stores, small
restaurants with limited cooking, and trade contractors are generally eligible for BOP coverage.
Marlene is a producer for East Goshen Mutual. She recently met with the owners of Sugartown Farms to
try and determine if they are eligible for the ISO businessowners policy (BOP). Which one of the
following facts about Sugartown Farms would prevent it from being eligible for the BOP? - Answer
Sugartown Farms has a restaurant with a bar for local patrons.
Sugartown Industries insures its building and personal property under the commercial property coverage
part of a commercial package policy (CPP). Following a lightning storm, a portion of the building was
damaged from a small fire. The operations manager pulled out the CPP to make sure that the building
was covered for this type of loss. Which one of the following components of the commercial property
coverage part would provide the operations manager with information on the covered perils? - Answer
The causes of loss form. The three types of cause of loss forms - Basic, Broad, and Special - allow the
insured to select, or the underwriter to offer, a range of covered perils.
, Under the Commercial General Liability (CGL) Coverage Form, medical payments coverage applies to
which one of the following situations? - Answer Sara is a volunteer helping the named insured clean up
their grounds.
Which one of the following causes of loss is covered by the commercial property policy Causes of Loss—
Broad Form but not the Basic Form? - Answer Falling objects.
The Property Custody Company (PCC) stores customer property for a fee. PCC is insured under a bailees'
customers policy. One day, due to the negligence of an unrelated party and not due to any negligence of
PCC, property owned by one of PCC's customers is destroyed while in PCC's custody. Which one of the
following describes how PCC's insurer will handle the claim for the damage to PCC's customer's property
under PCC's bailees' customers policy? - Answer It will pay the claim because PCC's policy covers
damage to customers' goods in its possession regardless of negligence.
A private company posted a video on the internet introducing a new product. The music used in the
video was from a copyrighted song. When the company sought coverage under Part B of their
Commercial General Liability (CGL) Coverage Form after a claim was filed against them for damages,
coverage will most likely be excluded based on which one of the following exclusions? - Answer
Coverage for infringement of copyright, patent, trademarks, or trade secret are excluded unless it occurs
in an advertisement exclusion.
Devon Distributing purchased smart watches for all their long haul drivers. The devices were monitored
from the headquarters so the location of the driver was always known to Devon management. The
watches could also send text messages and accept phone calls, so there was constant communication.
This allowed Devon management to respond immediately in the event of an emergency or failure of a
vehicle. This network is an example of: - Answer The Internet of Things.
Business income insurance covers which one of the following types of losses that could result from a
fire? - Answer The extra expenses for renting a temporary office.
Smith Stores had net income of $5,000 per month in the 12 months before a covered business income
loss. The store is unable to reopen for three months. During that time, continuing expenses totaled
$6,000. What is the amount of Smith Stores' business income loss? - Answer $21,000. The business
was interrupted for three months, for a business income loss of $15,000, plus continuing expenses of
$6,000, equals $21,000.
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