Bpp optional coverages - Study guides, Class notes & Summaries

Take 2 - 6. Which one of the following statements is correct with respect to the Building and Personal Property (BPP) Coverage Form? The BPP lists several types of classes of property that do not qualify as covered property. (The BPP provides coverage against direct physical loss only.) Under Property Not covered section it states that there is a number of classes of property not covered. For this reason, you need to have a list of property covered and not covered read together when tryin...

CIC Commercial Property Exam Prep Endorsements used to modify coverage extensions (6) - ANSWER 1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants Explain replacement cost - ANSWER - without deduction for depreciation - claims are paid on acv until repairs or replacements is complete and then difference is paid - doe...

BPP Loss Conditions - Answer- Abandonment Appraisal Duties in the Event of Loss or Damage Loss Payment Recovered Property Vacancy Valuation Coinsurance Mortgageholder What are the 4 Loss Payment options? - Answer- 1. Pay the Amount of the Damage 2. Pay the cost of repairing or replacing the damaged property 3. Take all or any part of the property and pay either agreed or appraised price 4. Repair/replace with LKQ When will vacancy be covered? - Answer- if building has been vacan...

Three ways of analyzing commercial property loss exposures - Answer- types of property causes of loss to property financial consequences of property losses Two types of property - Answer- real property personal property real property - Answer- tangible property consisting of and, all structures permanently attached to the land, and whatever is growing on the land ex: buildings, land, underground piping, radio transmission towers property that is permanently attached to structure als...

A building had been vacant for 60 days, and the insurer didn't know about it, when it sustained 100K, 5K, and 1K losses due to windstorm, theft, and sprinkler leakage, respectively. What amount is covered under CPP? 85K, 0, and 0. If a building is vacant for 60 or more consecutive days before the loss, they won't pay for any loss caused by vandalism, sprinkler leakage, building glass breakage, water damage, theft, or attempted theft... otherwise you'll only get 85% Various building de...

1 PROPERTY AND CASUALTY REVIEW EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A unique exclusion that is found only in the Fine Art Floater is: Correct Answer: Art on Exhibition (Due to most frequent thefts during gallery showings) Which section of a Special form policy determines whether a peril is covered? Correct Answer: Exclusions New zoning laws prevent an Insured from replacing a destroyed property. If the Insured transfers ownership of the property to the ...

RMIN 5100S exam 2 study guide 2024 with complete solution categories of commercial loss exposures property, personnel, liability, net income loss property loss - tangible: personal property, real estate -intangible: patent, copyright personnel loss death, disability, injury, retirement liability loss your responsibility to someone else for property damage, bodily injury, or net income loss net income loss reduction in income due to a direct loss commercial property loss exposures...

Categories of personal property - Answer- Contents, Property in transit, Property in the possession of others, Floating property Floating property - Answer- does not remain at a fixed worksite or is in transit between work sites. Property in transit - Answer- Transported by a variety of means, for any length of time Property in the possession of others - Answer- an organization may place its property in the possession of others for repair or storage Financial Consequences of a proper...

  Cancellation - Answer: 10 days before eff date for nonpayemnt 30 days for any other reason Changes/Endorsements - Answer: First Named Insured is authorized to make the changes Examination of Your Books and Records - Answer: The insurer may examine the insured's books and records anytime during the policy period and up to 3 years afterward. Inspections and Surveys - Answer: The insurer has the right, but is not obligated, to make inspections and surveys at anytime. These surve...

4 elements to property loss exposures -assets exposed to property loss -the causes of loss -the potential financial consequences of loss -the parties that can be affected by loss- (Property Owners, Secured Lenders, and Property Holders) Property Loss Exposure A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, or loss of use) to property in which that person or organization has a financial ...