RMIN 5100 Exam 2 Atkinson Questions
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What are the three Commercial Property Loss Exposure components? -
1. Types of Property
2. Causes of Loss to property
3. Financial Consequences of property losses
Examples of Real Property - land, buildings, driveway...
What are the three Commercial Property Loss Exposure components? -
✔✔1. Types of Property
2. Causes of Loss to property
3. Financial Consequences of property losses
Examples of Real Property - ✔✔land, buildings, driveways, side-walks,
underground piping, and radio transmission towers
Property that is permanently attached to a structure, such as built-inn
appliances or paneling is often considered part of the building
Examples of Personal Property - ✔✔vehicles, merchandise, furniture, tools,
clothing, and oil while being transported through underground pipeline
,Personal Property Classification: Contents - ✔✔often referred to as the
contents of a building (office furniture, machinery and equipment, and stock
such as completed products in inventory)
Policies generally use the term "Business Personal Property" to refer to the
contents of a commercial building
Also includes personal property of others that is in the insured's care,
custody, or control
Personal Property Classification: Property in Transit - ✔✔covers property of
a company (such as merchandise, raw materials, finished goods, or
supplies) that is in transit in a variety of ways
The coverage is often inadequate so the company can purchase separate
cargo insurance
Personal Property Classification: Property in the Possession of Others -
✔✔an organization may place property in the possession of others for
processing, cleaning, repairing, adjusting, storing, exhibiting, or selling.
This offers coverage for these products but is often inadequate.
,Personal Property Classification: "Floating" Property - ✔✔property that
normally does not remains at a fixed work site or that is in transit between
work sites
Insurance for Floating property is available under specialized inland marine
policies called "floaters"
Components of a Commercial Property Coverage Part - ✔✔Commercial
property declarations
One or more commercial property coverage forms
One or more causes of loss forms
Commercial Property Conditions
Any applicable Endorsements
A commercial declarations page contains information that pertains
specifically to property insurance: - ✔✔a description of the property insured
The kinds and amounts of coverage provided and the covered causes of
loss (basic, broad, special)
A list of mortgages, if any
The deductible amount
a list of property coverage forms and endorsements attached to the policy
The applicable coinsurance percentage
, Any optional coverages
The typical elements of a commercial property coverage form: -
✔✔Insuring agreement
Delineation of the property covered and not covered
additional coverages and coverage extensions
Provisions and definitions that apply only to that coverage form
The Building and Personal Property Coverage Form (BPP) can be used to
insure..... - ✔✔buildings, buisness personal property of the insured, and
personal property of others in the insured's custody
The Three Causes of Loss Forms and how they rank among each other -
✔✔Basic (least coverage)
Broad (Middle amount of Coverage)
Special (Most coverage)
Commercial Property Conditions Form - ✔✔A required component of the
commercial property coverage part that contains conditions applicable to all
commercial property coverage forms
BPP Covered Property Key Details from paragraph in Book - ✔✔the main
insuring agreement of the BPP states that the insurer will pay for direct
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