Commercial package policy Study guides, Class notes & Summaries

AINS 103 (Latest 2023/ 2024 Update) Exploring Commercial Insurance Exam Review Questions and Verified Answers| 100% Correct| Grade A Q: Which one of the following is one of the covered causes of loss in the commercial property policy Causes of Loss—Basic form? Answer: Vandalism Q: Billy owns a baseball souvenir store in Cooperstown, NY. He insured his store under a Building and Personal Property Coverage Form (BPP) with a $275,000 limit and a $1,500 deductible. A large fire in ...

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

Which of the following represents uncertainty about outcomes that can be negative or positive? ️ Risk The primary role of insurance is to ️ Indemnify individuals and organizations for covered losses. The insurance agent suggested that Sally's Snack Shop buy a policy that combines property, crime, and liability coverage into one policy. This is referred to as as a(n) ️ Commercial package policy (CPP) Coverage for money and other business property from various causes of loss such as...

What is a Modular Policy? - A modular policy is a policy consisting of several different documents, none of which by itself forms a complete contract. What is a Commercial Package Policy (CPP)? - A Commercial Package Policy is a modular policy that combines different forms and more than one line of coverage. What must a CPP policy consist of? - A Declaration Page (stating premium charges and coverage limits) A Policy Conditions (six conditions that apply to the entire contract) Two or mor...

The Occurrence form it doesn't matter when the loss is reported, but the date the loss occurred must be during the policy period. The Supplemental Extended Reporting Period The cost of the endorsement may be up to 200% of the CGL's annual premium. This is a one-time charge and is fully earned at issuance. Product liability would cover Product liability applies to bodily injury the product causes away from the insured's premises. A customer contracting food poisoning is a perf...

Abandonment - - Insurance company may choose to take damaged property and pay insured the value - Insured CANNOT surrender damaged property to insurance company Active Retention - Identify the loss/risk exposure and really consider the risk itself and all the measures around it. (ex. Should we transfer it, retain it etc.) Admitted (standard or retail) Insurance companies - Regulated by the state, They often must subscribe to rating and form regulations of that state. Agent or Broker - "I...

California Commercial Insurance Exam Questions and Answers 100% Pass What is a Modular Policy? - Correct Answer ️️ -A modular policy is a policy consisting of several different documents, none of which by itself forms a complete contract. What is a Commercial Package Policy (CPP)? - Correct Answer ️️ -A Commercial Package Policy is a modular policy that combines different forms and more than one line of coverage. What must a CPP policy consist of? - Correct Answer ️️ -A Declar...

Personal Lines Insurance Practice Exam Questions and Answers Latest | 100% Correct. Bobby, age 16, borrows his parents' car without their permission and gets into an accident. Which of the following statements about coverage under the parents' personal auto policy is CORRECT? A) Bobby is covered by his parents' policy because he is included in the definition of named insured. B) Bobby is not covered for this accident because he used the car without permission. C) Bobby is not covered ...

NEW YORK INDEPENDENT FIRE ADJUSTER EXAM SIMULATOR - SERIES 17-64 RATED A+ Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. For a loss that would otherwise be covered for th...

Policy Components correct answer: Policy Cover Common Declarations Interline Endorsements Common Policy Conditions Coverage Part Components correct answer: Declarations Coverage Forms Conditions Endorsements General Form Structure correct answer: General Liability Commercial Property Inland Marine Commercial Auto Equipment Breakdown Crime Farm Policy Components - Common Declarations correct answer: Lists who, what, where, when, and how much Lists coverage parts that ar...

Commercial Package Policy (CPP ) (examfx flashcards) questions & answers 2023/2024 What are the 2 coverages triggers in commercial crime policies? - ANSWER-Discovery Form and Loss sustained form What is the purpose of a claims-made form? - ANSWER-To pay for bodily injuries or property damage reported during the policy period What type of perils are covered by the Advertising Injury Form? - ANSWER-Libel, slander, defamation, violation of privacy, infringement of copyright or titles ...