AINS 23 Practice Test Questions and
Answers
BPP - Insuring Agreement is an element contained in the - Answer-commercial property
coverage form
BPP - Covered Cause of Loss is an element contained in the - Answer-commercial property
declarations page
BPP - Newly Acquired or Constructed Property...
BPP - Buildings under construction - are they considered vacant? - Answer✔✔-no
BPP - The Loss Payment Condition states... - Answer✔✔-that the insurer will pay no more than
the insured's financial interest in the property
BPP - Mortgageholder Condition fact... - Answer✔✔-in most cases, the loss payment is used to
repair the damages and the mortgage continues in force as before
BPP - Replacement Cost Optional time limit that an insured must notify the insurer of a loss that
will be paid on a replacement cost basis? - Answer✔✔-180 days
BPP - How is the amount of loss calculated under the extension of Personal Property of Others?
- Answer✔✔-written agreement between the property owner and the insured
BPP - What Common Property Condition permits the insurer to verify property values necessary
for rating premiums? - Answer✔✔-examination of books and records
BPP - The EQ and Volcanic Eruption endorsement includes coverage for... - Answer✔✔-the full
policy limit
BPP - The EQ and Volcanic Eruption (sub-limit form) endorsement includes coverage form
contains a COINS? T/F - Answer✔✔-false
BPP - the EQ and Volcanic Eruption endorsement contains a COINS clause? T/F - Answer✔✔-
true
BPP - Commercial Property losses DO OR DO NOT increase proportionately with the value of the
insured property? - Answer✔✔-do not
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