LA Commercial Insurance Test Practice
An insurance company requires an insured to attend and testify during a 5 day trial. As a result, the insured is no paid his standard $4,000 per week salary. What total amount will the supplementary payments section of the commercial general liability coverage form reimburse the insured for lost earnings? A) $1,000 B) $1,250 C) $0 D) $4,000
$1,250
If the policy limits of the building and Personal property coverage form have been exhausted, how much additional coverage is available for debris removal? A) $25,000 B) 25% of the policy limit C) 25% of the amount of the actual loss D) $10,000
$25,000
An insured buys a business income policy with a max policy limit of $100,000 and a 25% monthly limit of indemnity. How much can the insured collect if the lost income is $40,000 in the 1st month and $10,000 in the 2nd month? A) $35,000 B) $25,000 C) $65,000 D) $50,000
$35,000
An insured has a value reporting form that requires monthly reporting. A standard penalty applies for late or under reporting. On June 30, the insured reports that the values as of May 31 were $300,000. When the insured files a claim for a loss that occurred on May 20 in the amount of $60,000, the insurance company checks the actual inventory as of May 31 and finds that it was $500,000. What amount will the insurance company pay? A) $300,000 B) $500,000 C) $60,000 D) $36,000
$36,000
An insured has a commercial property policy with a cause of loss--broad form with a $250 deductible. During a snowstorm, a $750 rooftop sign is destroyed. How much will the policy pay for the sign? A) $500 B) $0 C) $750 D) $1,000
$500
The motor carrier act of 1980 mandated that trucking operators file proof of pollution liability. Vehicles with a gross veh. weight of 10,000 lbs. or more must carry specific limits of liability. Which of the following is NOT required y the Motor Carrier Act? A) $750,000 for interstate transportation of nonhazardous property B) $1 million for interstate or intrastate transportation of oil or other hazardous waste C) $5 million for interstate transportation of large quantities of certain hazardous materials, such as compressed gas, radioactive materials, explosives, or oil D) $750,000 for intrastate transportation of nonhazardous property
$750,000 for intrastate transportation of nonhazardous property
coverage C of the commercial general liability policy will cover reasonable medical expenses incurred within how many years of accident? A) 5 B) 1 C) 3 D) 2
1
Under the commercial articles coverage form additional acquired property is automatically covered for up to A) 45 days if it is type of property already covered by the form B) 60 days if it is a type of property already covered by the form C) 10 days if it is a type of property already covered by the form D) 30 days if it is a type of property already covered by the form
30 days if it is a type of property already covered by the form
The insured must send a signed statement of loss to the insurance company within how many days? A) 90 B) 30 C) 45 D) 60
60
The basic extended reporting period included in the commercial general liability form covers claims made up to 5 years after the end of the policy period, as long as an occurrence is reported within how long after the end of the policy period? A) 60 days B) 1 year C) 30 days D) 5 years
60 days
Which of the following statements regarding bond agreements is CORRECT? A) The cost of a surety bond reflects the surety's anticipation that a loss will occur. B) A surety bond serves as a guarantee of performance. C) A principle may e asked to provide subrogation rights to surety, in case a loss occurs. D) If a default occurs, the surety may institute legal action against the obligee
A surety bond serves as a guarantee of performance
Which one of the following situations would most likely be covered by a commercial general liability policy? A) An employee drives his auto into his employer's garage door B) Manufacturing exhaust kills a crop of tomatoes in a nearby field C) an office worker's finger is injured in an electric pencil sharpener D) A surfboard falls off a shelf and injures a shopper
A surfboard falls off a shelf and injures a shopper
Which one of the following statements describes a major difference between surety bonds and insurance? A)Insurance has 3 parties to the contract. Bonds have only 2. B) Different types of companies sell bonds and insurance. C) Insurance contracts give the insurer the right to recover from third parties. bonds only permit the surety to recover from its insured. D) Bonds guarantee something will happen. Insurance protects if something happens.
Bonds guarantee something will happen. Insurance protects if something happens.
Dennis purchased a small manufacturing firm and wants to purchase coverage for the premises-operations and products-completed operations exposures. Which of the following types of insurance should he purchase? A) Comprehensive general liability. B) Commercial general liability. C) Employment practices liability. D) Boiler and machinery.
Commercial general liability
Mark wants to purchase a policy for his manufacturing company to include premises liability, products liability, and completed operations. Which policy would cover all of these losses? A) Contractual liability. B) Products and completed operations liability. C) Personal injury liability. D) Commercial general liability.
Commercial general liability
Which of the following coverage's would protect a policyholder for assumed liability under a construction contract to install water lines for a city? A) Completed operations B) Contractual liability C) Independent contractors D) Incidental contracts
Contractual liability
Building coverage of the building and personal property coverage form insures all of the following things EXCEPT A) desks and office equipment B) personal property used to service the premises C) floor coverings D) permanently installed fixtures
Desks and office equipment
Which one of the following forms would be most appropriate to protect against a suspension of business operations for an insured that cannot afford to have its operations interrupted? A) Business income with a monthly limit of indemnity B) Extra expense insurance C) business income with the agreed value option D) extended business income insurance
Extra expense insurance
Which one of the following exposures to loss is NOT covered by the equipment breakdown protection coverage form? A) utility interruption B) Fire or combustion explosion C) Spoilage damage D) Business income
Fire or combustion explosion
John and Mary are a hardworking married couple. They own a sole proprietorship that sells farm produce. John has an additional sole proprietorship where, as an individual, he makes wood kitchen cabinets. John also owns a partnership with his brother, James, in which they make custom furniture. Which of these people is an insured under John's commercial general liability (CGL) policy? A) John only. B) John and James. C) John, Mary, and James. D) John and Mary.
John and Mary.
If the monthly limit of indemnity option has been selected under the Business Income form, how much will an insurer pay for loss of business income for each month of loss? (Assume the declarations page shows a limit of insurance of $150,000 and a fraction of 1/3.) A) $100,000.00 B) Lesser of $100,000 or the actual loss for each month. C) $50,000.00 D) Lesser of $50,000 or the actual loss for each month.
Lesser of $50,000 or the actual loss for each month.
Pete owns a business that sells alcoholic beverages. A person Pete sold alcohol to injures a third party. Pete is sued by this third party and needs what kind of protection? A) Commercial packaged policy with employers protective endorsement. B) Liquor liability/dram shop liability. C) Commercial general liability with and employers protective endorsement. D) Business owners policy.
Liquor liability/dram shop liability.
Bob's Auto Repair stores its customers' autos inside its building overnight. A fire destroys the building and everything in it. Bob's commercial general liability policy will pay for which of the following? A) Value of Bob's work on the autos but not the damage to the customers' autos. B) Neither the damage to the customers' autos nor the value of Bob's work. C) Damage to the customers' autos and for the value of Bob's work already performed on them. D) Damage to the customers' autos but not the value of Bob's work.
Neither the damage to the customers' autos nor the value of Bob's work.
Who does a surety bond protect? A) Principal B) Surety C) Obligor D) Obligee
Obligee
One of Susan's jobs as the office manager for Acme Insurance is to drop off the daily deposits at the bank on her way home from the office. If Susan is robbed one night while making the deposit, what crime form will provide coverage to Acme Insurance for the loss? A) Funds transfer Fraud B) Inside the premises - theft of money and securities C) Employee theft D) Outside the premises
Outside the premises
Which of the following bonds guarantees that bills for labor and materials will be paid to the contractor as they are due? A) Payment B) Contract C) Performance D) Completion
Payment
What type of bond is used by a contractor to guarantee that work will be completed to specifications? A) Bail B) Permit C) Performance D) Bid
Performance
Which of the following is a contract bond? A) Public official bond B) Performance bond C) Fidelity Bond D) Judicial Bond
Performance bond
A person is injured after slipping on a wet floor in a grocery store. Insurance against which of the following exposures would provide coverage? A) operations B) Premises C) completed operations liability D) Products liability
Premises
Barbara is demonstrating a floor model of her company's product in its showroom when something goes wrong with the demonstration and the customer is injured. This is an example of what type of loss? A) Completed operations. B) Products liability. C) Personal injury. D) Premises liability.
Premises liability
Patrick's Widget Company has a small fleet of owned cars used by local salespeople. Most of the salespeople, however, travel to other cities and rent cars to make sales calls. Which coverage should Patrick include on his commercial auto policy to cover this exposure? A) Symbol 7--Specifically described autos only. B) No coverage is available for rental cars under the commercial auto policy. C) Symbol 8--Hired autos. D) Symbol 9--Nonowned autos.
Symbol 8--Hired autos.
Bob's trucking company contracts with oat companies to haul its boats and boat parts. The trailers are left at an interchange for pickup. What physical damage coverage is important for bob to have to cover this exposure? A) Trailer interchange coverage B) Truckers conditions C) Liability D) Physical damage coverage
Trailer interchange coverage
If a building has been vacant for more than 60 consecutive days before a loss occurs, which one of the following types of damages will be covered under a Building and Personal Property Coverage form? A) building glass breakage B) vandalism C) attempted theft D) Weight of snow, ice, or sleet
Weight of snow, ice, or sleet
All of the following are considered bailees EXCEPT A) a shoe repair shop B) a barber shop C) a tailor and alterations business D) a dry cleaner
a barber shop
What is one of the major differences between the application of commercial blanket bond's policy limit versus a blanker positions bond's policy limit? A) a commercial blanket bond's policy limit applies separately to each loss. A blanket position bond's policy limit applies separately to each employee involved in a loss. B) A commercial blanket bond's policy limit applies aggregately for each loss. A blanket position bond's policy limit applies aggregately for each employee in that position. C) A blanket position bond's policy limit applies aggregately for each loss. A commercial blanket bond's policy limit applies aggregately for each employee in that position.
a commercial blanket bond's policy limit applies separately to each loss. A blanket position bond's policy limit applies separately to each employee involved in a loss.
Which one of the following parties is the principal in a surety bond? A) a contractor who has signed a contract to build an addition to a residence B) the homeowner who will pay the contractor for the work C) the insurance company that has provided the bond to guarantee the performance of the contractors work D) the workers who have contracted with the builder to perform the work
a contractor who has signed a contract to build an addition to a residence
Which one of the following situations is covered under a commercial general liability policy? A) an insured car strikes a pedestrian B) an insured;s customer is killed while traveling in the insured's bus C) a shopper is injured when a shelf of merchandise collapses D) an insured oat rams another boat
a shopper is injured when a shelf of merchandise collapses
Which of the following occurrences would be included under the definition of a personal injury? A) a customer is injured in a department store when a sign falls on her, and she sues the store for medical costs and pain and suffering. B) an individual is fired from her job and sues her employer for unemployment benefits C) a tenant is evicted by his landlord and sues the landlord for invasion of privacy and wrongdoing D) an employee is injured lifting a heavy carton and sues his employer for costs
a tenant is evicted by his landlord and sues the landlord for invasion of privacy and wrongdoing
A bid bond guarantees to the entity awarding the contract that the bidding contractor, if selected, will undertake the contract and will furnish a performance bond for the project. What will the bond do if the contractor does not take the job? A) agree to pay difference between the selected contractor's bid and the bid that is then accepted, plus a 10% penalty for the trouble caused B) pay the entity for the entire contract C) agree to pay difference between the selected contractor's bid and the bid that is then accepted D) agree to pay difference between the selected contractor's bid and the bid that is then accepted, plus a 20% penalty for the trouble caused.
agree to pay difference between the selected contractor's bid and the bid that is then accepted
Actual loss of business income payments by an insurer may include the following EXCEPT: A) net income that would have been earned. B) continuing normal operation expenses. C) payroll expenses. D) amount required to repair property damage that caused suspension of business.
amount required to repair property damage that caused suspension of business.
Which of the following transit policies protects the shipper or receiver of goods against loss of goods in transit incoming and outgoing all year long? A) Property in transit B) Annual transit policy C) Trip transit policy D) Bill of landing
annual transit policy
Under the CGL form, insured contracts include all of the following EXCEPT: A) contracts for the lease of the premises. B) assumption of an architect's liability for any injury or damage arising out of the insured's rendering or failure to render professional services. C) obligations required by local ordinance to indemnify a municipality (except in connection with actual work done for that municipality). D) elevator maintenance agreements.
assumption of an architect's liability for any injury or damage arising out of the insured's rendering or failure to render professional services.
The insured has an accounts receivable coverage form added to the commercial inland marine coverage form. When a fire destroys the insured's records coverage is provided for all of the following EXCEPT A) bad debts B) uncollectible sums C)reconstruction of records D) extra collection fees
bad debts
While on a tour of a toy manufacture's warehouse, a child severely cuts her finger. The toy manufacturer's insurer will cover the claim if the manufacturer carried which one of the following types of insurance? A) commercial property B) commercial general liability C) workers compensation D) employment practices liability
commercial general liability
A contractor built a home for a family. Four months after the family moved into the home, the kitchen sink fell on a family member's foot and broke it. This is an example of what type of loss? A) insured contracts B) personal injury C) completed operations D) premises liability
completed operations
A hotel has added a guest's property endorsement to its commercial crime form. A guest at the hotel removes her jewelry and leaves it wrapped in a towel at the front desk while she uses some exercise equipment. When she finishes her workout, the jewelry is gone. The policy provides A) no coverage because the guest was negligent B) coverage for jewelry only inside a safe-deposit box inside the insured's covered premises C) no coverage because the jewelry was not in the insured's possession D) coverage for the guest's jewelry in the amount shown on the dec pages
coverage for the guest's jewelry in the amount shown on the dec pages
A business owner purchases a CGL policy that includes a supplemental extended reporting period. The effective dates of the policy are December 31, 2007 - December 31, 2008. The business owner is sued over an accident that occurs on April 15, 2008, but is not discovered or reported until June 30, 2009. What coverage, if any, will the policy provide? A) coverage is granted because the incident occurred during the policy term. B) coverage is denied because the reporting period expired. C) coverage is granted because the reporting period has not expired D) coverage is denied because the owner was sued.
coverage is granted because the reporting period has not expired
which of the following statements regarding employee theft is NOT true? A) the insurer pays only the amount of the loss that exceeds the deductible. B) coverage is automatically cancelled for employees causing the loss C) coverage is not cancelled for employees causing the loss D) the insured must notify the insured as soon as possible of any loss insured against
coverage is not cancelled for employees causing the loss
The liability coverage in the Business Auto Coverage Form covers all of the following EXCEPT A) damage to the covered auto B) bodily injury suffered y others as a result of the insured driving a covered auto C) damage to property of others as a result of an accident involving a covered auto D) expenses to settle claims for losses due to an accident
damage to the covered auto
The nationwide marine definition provides insurance underwriters with A) definitions for which type of property were eligible for inland marine insurance coverage B) strict guidelines for pricing unusual risks such as bridges and property floaters C) prefiled rates for transportation and communication risks D) greater freedom in pricing and coverage for development for unusual risks
definitions for which type of property were eligible for inland marine insurance coverage
Which of the following insuring agreements of the commercial crime coverage form would best protect an insured from losses caused y an employee's deceit? A) employee theft B) inside the premises-theft of money and securities C) forgery or alteration D) inside the premises-robbery or safe burglary of other property
employee theft
An insured who needs coverage against the breakdown of boilers and other machinery and equipment should purchase A) equipment breakdown coverage B) comprehensive general liability coverage C) difference in conditions coverage D) commercial property coverage
equipment breakdown coverage
All of the following can be designated as an insured under a CGL policy EXCEPT A) a real estate management firm B) employees of the named insured, as it relates to the business C) the insured's legal representative D) family members of the insured for their personal activities
family members of the insured for their personal activities
To be defined as a robbery, an event must include which of the following conditions? A) fear or threat of violence B) Visible signs of forced entry or exit C) Mysterious disappearance D) bodily injury
fear or threat of violence
Which one of the following bonds is purchased to protect an employer from the actions of dishonest employees? A) Fidelity B) Performance C) Corporate D) Surety
fidelity
Who is responsible for making the premium payments due under a commercial package policy? A) Insurance company B) agent C) all named insureds D) first named insured
first named insured
Which one of the following commercial auto coverages covers automobiles in the insured's care? A) garage keepers B) liability C) comprehensive D) business auto
garage keepers
After business hours, someone breaks into the insured's lot behind his car dealership and steals a customer's auto. Which of the following coverages would apply to this loss? A) Liability coverage in the garage coverage form B) Garagekeepers coverage in the garage coverage form C) Liability coverage in the business auto coverage form D) Premises-operations coverage in the commercial general liability coverage form
garagekeepers coverage in the garage coverage form
A bailee is a person or organization who A) operates pumps on ships B) issues bail bonds C) has given property to another to hold D) has temporary possession of someone else's personal property
has temporary possession of someone else's personal property
Bailee's customers insurance is purchased by businesses that A) sell bailing equipment to boat owners B) provide bail bonds C) store their property in public warehouses D) have customer's property in their possession
have customer's property in their possession
A tavern owner has a CGL Policy. A Patron who claims he was injured when the bartender forcibly removed him from the premises sues both the tavern owner and the bartender. Under the CGL's duty to defend provision, the policy would A) defend the insured in the lawsuit, even if it is groundless B) have no duty to defend because the damages are not covered C) defend the insured in the lawsuit only if it has merit D) have no duty to defend the bartender because he is not an insured
have no duty to defend because the damages are not covered
Thomas has expanded his restaurant to include parking lot next door with valet service. His insurance agent is recommending that Thomas buy garage keepers coverage. He advises Thomas that all of the following exposures would be covered y this coverage EXCEPT A) if there is collision damage to a customer's car while being parked by Thomas's employee B) if a car is stored in the parking lot is stolen C) if a nearby gas station explodes and a car parked in the lot is damaged D) if a car stored in the parking lot is stolen by a restaurant employee
if a car stored in the parking lot is stolen by a restaurant employee
Which of the following is covered by ocean marine insurance? A) imports B) commercial property floater risks C) Domestic shipments D) Personal floaters
imports
Which of the following categories is covered by ocean marine insurance? A) commercial floater risks B) Domestic shipments C) imports and exports D) instrumentalities of transportation or communication
imports and exports
Which of the following types of insurance covers exposures that involve property and merchandise while in transit or "floating"? A) personal property insurance B) ocean marine insurance C) shipper's insurance D) inland marine insurance
inland marine insurance
The difference between coverage E and Coverage F in the farm personal property coverage form is A) insurance is scheduled under coverage E but a blanket limit applies to coverage F B) coverage E is a reporting form but coverage F is not C) coverage E is for liability while coverage F is for medical payments D) coverage E applies to other structures while coverage F applies to loss of use
insurance is scheduled under coverage E but a blanket limit applies to coverage F
The common policy declarations of the commercial package policy would provide which of the following information? A) perils insured against B) duties both parties to the contract C) modifications to coverage D) insured's business description
insured's business description
The garage policy covers all of the following EXCEPT A) insured's products and completed operations B) insured's medical bills C) insured's premises and operations D) insured's automobile liability
insured's medical bills
The commercial property conditions form contains circumstances that apply to all commercial property coverage forms, unless a coverage form contains circumstances that apply to all commercial property coverage forms, unless a coverage form contains a condition to the contrary. Commercial endorsements that apply to more than one part of a commercial package policy (CPP) are called A) provisional B) interpolicy C) inclusion D) interline
interline
All of the following losses of cattle would be covered under broad form farm policy EXCEPT A) loss due to accidental shooting of the cattle by a neighbor B) loss due to disease C) loss die to an accident while loading into railroad cars D) loss due to attacks y wild animals
loss due to disease
All of the following statements about a loss sustained crime insurance form are true EXCEPT A) coverage is up to 1 year after the policy expires B) losses that occur after the policy expiration are covered C) losses that are discovered within a year of expiration are covered D) losses sustained within the policy period are covered
losses that occur after the policy expiration are covered
Coverage C in the commercial general liability policy covers A) medical payments B) Advertising injury liability C) bodily injury and property damage liability D) personal injury liability
medical payments
Which one of the following is NOT a supplementary provided in the commercial general liability policy? A) Costs of judgement interest B) medical payments C) costs of an investigation D) Premiums for court bonds
medical payments
The commercial crime policy covers loss to money and securities outside the insured's premises while money or securities are in the care and custody of a A) custodian B) watch person C) messenger D) bank employee
messenger
The building and personal property coverage form can be used to insure each of the following types of property EXCEPT A) outdoor fixtures B) property belonging to others C) money D) plants and shrubs held for sale
money
Tim purchased an auto policy for his new car. There are no other insureds listed on the declarations. Tim is considered the A) additional insured B) first named insured C) named insured D) insurer
named insured
Which on of the following is NOT a commercial general liability exposure? A) operation of automobiles B) owned premises C) operations by employees D) Product manufactured or sold
operation of automobiles
When a loss occurs, the cause of loss - special form requires the insurance company to A) pay for decay or deterioration losses B) pay for all losses to the insured property C) prove that the insured used detective materials if collapse occurs during construction D) pay for all losses not specifically excluded or limited by the policy
pay for all losses not specifically excluded or limited by the policy
A corporation located in Chicago has added an extortion-commercial entities endorsement to its commercial crime coverage form. One of the directors of the corporation is captured and held for a $3 million ransom in La Paz, Bolivia. The policy A) excludes coverage in foreign countries B) excludes coverage for directors and officers who are traveling in foreign countries C) pays only if Bolivia is listed on the endorsement schedule as covered territory D) pays only if there is a threat of bodily harm
pays only if Bolivia is listed on the endorsement schedule as covered territory
All of the following coverage's may be part of a commercial package policy EXCEPT A) personal auto B) inland marine C) crime D) farm
personal auto
The garage coverage form is designed to cover vehicle dealers, including dealers that have repair facilities on the premises. the form includes all of the following EXCEPT A) liability B) garagekeepers C) personal damage D) physical damage
personal damage
Extensions of coverage are available under the business and personal property form if the A) policy indicates that 80% or higher coinsurance applies or the insured has purchased a reporting form B) amount of building insurance is $100,000 or greater C) insured has declared an amount of insurance applicable to each extension D) insured carried both building and personal property insurance
policy indicates that 80% or higher coinsurance applies or the insured has purchased a reporting form
Marcus, an employee at the beautiful home gift store, dropped and broke a customer's purchase while carrying it to the customer's car. The resulting loss would be considered which of the following under the store's commercial general liability policy? A) products completed operations B) products liability C) personal injury D) premises - operations
premises - operations
An insured has a CGL policy and hires a contractor to complete some work on a building. Which of the following is the best way to protect the insured from having to personally pay for damages as a result of the contractor's operations? A) exclude any independent contractors form the insured's CGL policy. B) Purchase a professional liability policy C) purchase an owners and contractors protective (OCP) liability policy D) add the contractor as a named insured to the insured's CGL Policy.
purchase an owners and contractors protective (OCP) liability policy
The garage coverage form is designed specifically for all of the following EXCEPT A) truck dealers B) auto dealers C) a repair shop on the dealers lot D) rental car companies
rental car companies
In a claims-made liability policy, the specific date shown in the declarations indicating the first date events are covered by the policy is called its A) inception date B) retroactive date C) policy period D) reporting period
retroactive date
Commercial Property insurance covers outdoor signs attached to the building and has a per sign payout limit. Which form would a business purchase if it wanted to less restriction on coverage? A) sign coverage form B) Equipment dealers coverage form C) Accounts receivable coverage form D) commercial articles coverage form
sign coverage form
Which business auto coverage symbol allows coverage of all vehicles, including owned, non owned, and hired autos? A) symbol 3 B) symbol 1 C) symbol 8 D) symbol 4
symbol 1
The business auto coverage form uses symbols to denote the vehicles to which each of the policy's coverages applies. Which symbol is the most restrictive? A)Symbol 9 B)Symbol 7 C)Symbol 2 D)Symbol 1
symbol 7
How is burglary defined? A) Uninvited entry onto the premises of another with the intent to commit an illegal act B) taking property of others from inside the premises by a person unlawfully entering or leaving the premises as evidenced y marks of forcible entry or exit C) Illegal entry onto the premises of another D) the use of force to enter a premises after business hours
taking property of others from inside the premises by a person unlawfully entering or leaving the premises as evidenced y marks of forcible entry or exit
The bailee policy pays A) the insurer B) the bailee C) all of the parties involved D) the bailor
the bailor
All commercial package policies must include A) commercial auto coverage B) the common policy declarations and the common policy conditions C) commercial crime coverage D) 5 or more coverage parts
the common policy declarations and the common policy conditions
The retroactive date of claims-made professional liability policy is which of the following? A) the inception date of the policy B) the date that no claims can be submitted C) the earliest date an event or loss may occur and eligible for coverage under the policy D) the date the policy expires
the earliest date an event or loss may occur and eligible for coverage under the policy
An insured who owns a convenience store arrives at the store one morning and finds the door unlocked. There is no sign of forced entry, but several items-including money in the cash register-are missing. based only on this info., the insured has suffered a A) burglary B) theft C) disappearance D) robbery
theft
In commercial crime insurance, shoplifting is classified as A) robbery B) theft C) malicious mischief D) burglary
theft
Medical payments coverage in the commercial general liability policy covers injuries to A) third parties regardless of liability B) the insured's employees C) third parties for which the insured is legally liable D) the insured
third parties regardless of liability
Bob's trucking company contracts with boat companies to haul its boats as well as boat parts. Bob is concerned that he has enough coverage if he is contracted to haul a trailer owned by the Boat company. What coverage should be used to provide this coverage? A) trailers in insured's possession B) hired autos C) non owned trailers D) specifically described autos
trailers in insured's possession
The condominium association coverage form may include all of the following property EXCEPT A) owner's business personal property B) alterations that are part of the building C) refrigerators, dishwashers, or stoves that are within the individual units D) unit owner's personal property
unit owner's personal property
Under the building and Personal property coverage form, how much will an insurer pay for the fire department service charges? A) up to $2,000 B) Actual charges C) up to $1,000 D) up to $500
up to $1,000
Which of the following endorsements is used to provide coverage based on actual values at certain locations at specific times? A) value reporting endorsement B) Spoilage endorsement C) Peak season endorsement D) ordinance or law coverage endorsement
value reporting endorsement
