Commercial propert - Study guides, Class notes & Summaries

A tornado severely damages one of Major Manufacturing's plants. As a result of the damage, Major Manufacturing is forced to curtail its operations during the 6 months needed to complete repairs. The resulting loss of income suffered by Major Manufacturing is referred to as CORRECT ANSWERS: a time element loss. Which of the following describes a feature of standard commercial property policies? CORRECT ANSWERS: Several different forms must be combined to make up a policy. The president o...

Commercial package property (casualty) latest version graded A+ COMMERCIAL PACKAGE POLICY the commercial package policy was introduced in 1986 to replace the special multiple policy and other related monoline policies. some of the most important goals of this overhaul were the following: *simplify the text of policy forms and endorsements *modernize coverage by eliminating outdated provisions, broadening certain coverages, increasing internal policy limits, and including popular cov...

CPCU 551- Addressing Commercial Property Risk Exam Questions & Answers.CPCU 551- Addressing Commercial Property Risk Exam Questions & Answers.CPCU 551- Addressing Commercial Property Risk Exam Questions & Answers.CPCU 551- Addressing Commercial Property Risk Exam Questions & Answers.

Cancellation CORRECT ANSWER-First NI: -may cancel this policy by mailing or delivering to us advance written notice of cancellation -delivering written notice of the cancellation to First NI Named Insured CORRECT ANSWER-Is the person who is authorized to make changes to the terms of the policy with carrier consent Examination of Your Books and Records CORRECT ANSWER-At any time during the policy period and up to 3 years afterward Inspections and Surveys CORRECT ANSWER--Carrier has rig...

Learning Objective 1A - Rights and Duties of the first Named Insured - Answer-1. Authorization to Cancel 2. Receive Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payment of Premium 5. Payee (Receiver) for Return Premium Learning Objective 1B - How does Coinsurance apply? - Answer-Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or "Did Have"/"Should Have" x Loss = Recovery - Deductible Components of "Common Policy Dec" IL DS 00 09...

Summary *2024* LPC Commercial Law & Intellectual Property (CLIP) – BPP Distinction Level Notes & Step-by-Step Exam Solutions What is the difference between unilateral and a bilateral contract? Bilateral - parties assume obligation to each other. Unilateral - 1 party makes an offer for an act to be performed by other party/parties. Relevant statute to put in answer Sale of goods in a B2B context (governed by SGA 1979 and UCTA 1977) -SGSA 1982 For contract terms and exemptions questions T...

CIC Commercial Property 2022 EXAM...

CIC Commercial Property Exam Questions with Complete Solutions Learning Objective 1A - Rights and Duties of the first Named Insured - Answer️️ 1. Authorization to Cancel 2. Receive Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payment of Premium 5. Payee (Receiver) for Return Premium Learning Objective 1B - How does Coinsurance apply? - Answer️️ Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or "Did Have"/"Should Have" x Loss...