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AINS 103_ Practice Quiz-All Chapters WITH 100- SURE ANSWERS
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AINS 103_ Practice Quiz-All Chapters WITH 100- SURE ANSWERS
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10/5/24, 8:44 AMEUNICE
AINS 103: Practice Quiz-All Chapters WITH 100% SURE
ANSWERS
Terms in this set (134)
For most businesses, which peril poses the For most businesses, fire poses the greatest risk of a large or total property loss.
greatest risk of a large or total property
loss?
Extra expenses are expenses, in addition to Cost to rent temporary office space.
ordinary expenses, that an organization
incurs to mitigate the effects of a business
interruption. Which one of the following is
an example of an extra expense?
An electrical contractor was hired to install Completed operations liability.
a new 100-amp fuse box in the Smith's
home. During installation, the contractor
inadvertently left a small screwdriver in a
duct space behind the panel. Three weeks
later, the screwdriver caused an electrical
short which led to a fire. Which one of the
following loss exposures best categorizes
the electrical contractor's legal liability
exposure for the fire damages?
Upon entering a restaurant, a customer Premises and operations liability.
grasped a handrail that broke off, causing
the customer to fall and break his wrist. This
is an example of which one of the following
types of commercial general liability loss?
Inland marine insurance is insurance that Many different classes of property that typically involve an element of transportation
covers: on land.
Workers compensation benefits include Rehabilitation benefits.
which one of the following?
1/15
, 10/5/24, 8:44 AM
Bio-Pharma was a highly-regarded Reputation.
pharmaceutical company. That changed
last year when it was revealed that Bio-
Pharma researchers had fabricated test
results of the company's new hypertension
drug, and a company official bribed a key
regulator to get the drug approved. These
revelations led to a sharp decline in sales
of all of Bio-Pharma's drugs, a sharp
decline in net income, and a decline in Bio-
Pharma's stock price. This scenario clearly
indicates the value of a corporation's...?
When a clothing manufacturer decides to Loss or damage caused by computer viruses.
expand the sale of its clothing line by
offering internet purchases, it creates new
exposures not otherwise covered, or not
fully covered, by a traditional policy. These
include:
Sally is a commercial property claims The commercial property declarations page contains information such as a
adjuster. When she is first assigned a claim, description of the property insured, the kinds and amounts of coverage provided,
she reviews the commercial property part and any optional coverages, among other information.
of the policy to make sure that the property
that suffered the loss matches the
description of the property insured. She
also reviews the kinds and amount of
coverage provided. Which one of the
following components of the commercial
property part will provide Sally with this
information?
Billy owns a baseball souvenir store in $275,000. $310,000 - $1,500 = $308,500, which exceeds the BPP limit. The insurer will
Cooperstown, NY. He insured his store pay $275,000. The deductible is subtracted from the loss, not the limit.
under a Building and Personal Property
Coverage Form (BPP) with a $275,000 limit
and a $1,500 deductible. A large fire in the
store caused significant damage amounting
to $310,000 in covered damages. How
much would Billy's insurer pay under his
BPP?
Which one of the following is one of the Explosion is a covered cause of loss under the basic form. All the others are
covered causes of loss in the commercial additional causes of loss covered by the broad form (and they are also covered
property policy Causes of Loss—Basic under the special form).
form?
Which one of the following is correct with It provides a small amount of insurance to cover the increased cost to comply with
respect to the Increased Cost of ordinances or laws regulating the repair, rebuilding, or replacement of covered
Construction additional coverage of the buildings.
Building and Personal Property Coverage
Form (BPP)?
Which one of the following would be The increased cost of rent at a temporary location.
considered an extra expense under the
Business Income (and Extra Expense)
Coverage Form of the commercial package
policy?
2/15
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