P&C Comprehensive Exam

What is the name for an insurer authorized to write insurance policies in a particular state?

Admitted

Which of the following is not one of the liability exposures of the CGL?

Advertising injury

Which coverage is not available under the Garage Coverage Form?

Advertising liability

An unendorsed Garage Coverage Form does not provide:

Advertising liability coverage

Which statement regarding the Accounts Receivable Coverage Form is correct?

It covers the insured's uncollectibles from customers due to a direct physical loss of the insured's business records

Which of the following is true regarding the Fine Arts Floater?

It covers such items as paintings, rare manuscripts and antiques

All of the following are true of nonresident producer licensing in Iowa, except:

No reciprocity is required from the nonresident's home state

The insured is not required to do which of the following in the event of a property claim?

Notify police, whether or not a law has been broken

Inland Marine policies generally cover property that is in which of the following locations?

On land only

Which of the following would not be covered under Section II of a Homeowners policy?

Property damage to property owned by an insured

K has a Homeowners policy with a $100,000 Coverage E limit and a $1,000 Coverage F limit. A guest falls in K's house, and their injuries result in $1,500 of medical expenses incurred over three months. How much will K's policy pay?

$1,000 K's policy will pay for the guest's medical expenses up to the Coverage F limit. This payment is made regardless of fault or negligence.

The insured is part of a homeowners association. After a property loss to the common area owned by all of the association's members, the insured is assessed $1,500 for the damages. The insured's Homeowners policy will provide:

$1,000 of coverage Under the Loss Assessment Additional Coverage in Section I, the policy will cover the insured's share of the losses up to $1,000. A Loss Assessment Additional Coverage is also provided in Section II for liability losses pertaining to a commonly owned area, and that coverage also pays up to $1,000.

The Commercial Property policy applies a limit of what dollar amount for business personal property temporarily away from the premises?

$10,000

If a permanently disabled worker is approved for additional compensation to attend a vocational rehabilitation program, how much is the employer required to pay in addition to any other disability benefits under Iowa Workers' Compensation? Assume the benefit is not extended by the Commissioner.

$100 per week up to 13 weeks

A property purchased 10 years ago for $100,000 has a replacement value today of $200,000. It has depreciated 3% each year. What is today's actual cash value?

$140,000

P's liability policy has the following limits: $50,000 per person, $250,000 per occurrence, and $400,000 aggregate. During the policy period, the policy paid out $250,000 in liability claims. If P suffers another loss of $250,000 during the same policy period, how much will the policy pay?

$150,000

After a storm, ABC Bakery suffers the following losses: $500 in damage to a free-standing sign, $500 in damage to a fence, and $1,500 in damage to a decorative Japanese maple tree. How much will ABC Bakery's BOP pay for these losses if the policy includes an Outdoor Property extension?

$2,000 The BOP's coverage extension will pay the full cost of the non-attached sign and the fence. The tree would only be covered up to $1,000.

Minimum coverage limits for an auto liability policy includes which of the following amounts for bodily injury?

$20,000 for injury to one person, $40,000 for two or more in any one accident The minimum coverage limits are $20,000 for one person and $40,000 for two or more. The $15,000 minimum is for property damage in any one accident.

Under a Mobile Homeowners policy, if the mobile home is insured under Coverage A for $100,000, how much coverage would ordinarily apply to personal property under Coverage C?

$40,000 Under the Mobile Homeowners policy, Coverage C - Personal Property is generally written at 40% of Coverage A, instead of 50% of Coverage A under a Homeowners policy.

If property under a Personal Floater risk is insured at a $5,000 valued basis, how much would the insured receive if the item is a total loss, the actual cash value is $4,000, and an auction is selling the same item for $3,500?

$5,000 If an item is insured on a valued basis, that is how much the policy will pay for a loss.

What is the maximum civil penalty the Iowa Insurance Commissioner may levy on a producer over a 6-month period for knowing violations of insurance law?

$50,000

All of the following statements about binders are true, except:

A binder specifies the premium amount

An insured's Commercial General Liability policy has a products-completed operations aggregate limit of $100,000, with a $20,000 each occurrence limit. Following claims for two separate occurrences in the amounts of $35,000 and $25,000, how much of the aggregate remains for all other products and completed operations claims in the policy period?

$60,000 $60,000 of the products-completed operations aggregate limit remains. Both occurrences are subject to the $20,000 each occurrence limit, and those payments will reduce the aggregate limit. $100,000 - $20,000 - $20,000 = $60,000.

ABC Industries has insured a factory building for $80,000. The replacement value is $150,000. If the commercial property policy insuring the building has an 80% coinsurance clause, how much will ABC's insurer pay for a $12,000 covered loss?

$8,000 The insurer will only pay for $8,000 (two-thirds) of the covered loss. The coinsurance requirement specifies that ABC Industries must maintain insurance equal to 80% of the replacement cost. 80% of $150,000 equals $120,000. Because the amount of insurance the insured holds is only two-thirds of the required amount ($80,000 of the required $120,000), the loss payment is subject to a comparable penalty.

In Iowa, how many days' notice must an insurer give an insured before cancelling a property policy for nonpayment of premiums?

10

A Businessowners policy will cover the actual loss of business income after a loss for up to:

12 months

The Earthquake endorsement to the BOP provides that coverage continues for how long after a policy expires?

168 hours

Under a Homeowners policy, an unrelated resident in the care of the named insured is also considered an insured up to what age?

21 Unrelated residents, such as exchange students, are covered up to age 21.

A Building and Personal Property Coverage Form will pay up to what percentage of the building loss amount for debris removal expenses incurred after a direct physical loss?

25%

Under the Workers' Compensation policy, the insurer may audit records pertaining to the policy, such as tax reports and payrolls, for up to how many years after the policy period ends?

3

Under a BOP, the insurer may examine and audit the insured's books and records at any time during the policy period and up to what duration after policy expiration?

3 years

Under Coverage J - Medical Payments of the Farm Liability Coverage Form, coverage is provided for reasonable medical expenses of others incurred within:

3 years of the occurrence

Which Commercial auto symbol is unique to the Garage Coverage Form?

30 There are two unique symbols under the Garage Coverage Form: Symbol 30 designates autos left with the insured for service, repair, storage, or safekeeping. Symbol 31 designates physical demise coverage for dealers' autos.

Under the Commercial Building and Personal Property Coverage Form, the commercial building owned by the insured is considered vacant unless at least what percentage of the square footage is rented or is used to conduct operations?

31%

The insurer may cancel a Businessowners Policy if the insured building has been vacant or unoccupied for how long?

60 days

A Builders Risk policy insuring a commercial building under construction automatically ends how many days after construction is complete?

90

Which of the following risks is not eligible for coverage under the Businessowners policy?

A 10-story office building Office buildings that are occupied primarily for office purposes that do not exceed 6 stories in height or 100,000 square feet in total floor area are eligible for the BOP. Apartment buildings, including residential condominium associations, are also eligible regardless of size.

A Mobile Homeowners policy is most similar to:

A Homeowners policy

Which of the following is not an example of personal and advertising injury, as understood by the CGL?

A broken leg

Under Iowa law, all of the following are permissible reasons for cancelling a commercial policy after the policy is renewed or has been in effect 60 days or more, except:

A claim made on the policy

An insured has a Commercial General Liability policy written on the Claims-Made Form. All of the following statements about the Claims-Made Form are correct, except:

A claim occurring 60 days prior to the retroactive date would be covered Under the Claims-Made Form, the occurrence must take place between the retroactive date and policy termination, and the claim arising from that occurrence must be made during the policy period or during an extended reporting period. Any loss occurring or claim being made prior to the retroactive date would not be covered by the policy. Both forms automatically provide supplementary payments coverage, which applies to Coverage A and Coverage B.

Which of the following permanent disabilities is an employer liable for under Iowa Workers' Compensation law?

A combined disability resulting from a compensable injury and a preexisting disability for which a previous employer is liable An employer is liable for a combined disability resulting from a compensable injury and a preexisting disability for which a previous employer is liable.

A contract that allows an insured to be restored to the same financial condition as prior to the loss is considered:

A contract of indemnity

Under the Watercraft Liability Endorsement on a Homeowners policy, an injury to which of the following people would be covered under Coverages E and F?

A guest of the insured

Under Section II of a Homeowners policy, which of the following may receive medical payments for expenses incurred following a bodily injury?

A guest of the insured on the residence premises

Which of the following individuals is NOT required to have an Iowa insurance producer license?

A licensed attorney providing incidental surety bonds

Which of the following must accompany a notice of termination of auto liability coverage in Iowa?

A notice that the insured might be eligible for auto coverage through the Iowa Automobile Insurance Plan A termination notice for auto liability coverage must be accompanied by a notice that the named insured might be eligible for coverage through the Iowa Automobile Insurance Plan.

The formal statement that verifies details so the insurer can determine liability is called:

A proof of loss

Under Iowa Workers' Compensation law, which of the following must an employer provide to an injured employee?

A replacement for an orthopedic appliance damaged on the job

Which of the following residents in the insured's dwelling is eligible to receive medical payments under Section II of a Homeowners policy?

A residence employee injured while performing work duties

A Commercial Crime policy written with the Inside the Premises - Robbery or Safe Burglary of Other Property Insuring Agreement would cover which of the following?

A robber breaks glass display cases and steals the jewels inside

In Iowa, Standard Fire policies must include which of the following?

A statement of whether the insurer is a stock, mutual, or reciprocal insurer An SFP must indicate whether the issuing insurer is a stock, mutual, or reciprocal insurer.

Which of the following scenarios would be covered by Coverage B - Personal and Advertising Injury Liability under a Commercial General Liability policy?

A storeowner falsely detains a young child, believing the child egged the store

Which of the following advertisements is most likely to be proper?

A testimonial that indicates any relationship between the endorser and the insurer

Which of the following advertisements is most likely to be proper?

A testimonial that indicates any relationship between the endorser and the insurer Testimonials are required to indicate any relationship between an endorser and the insurer and whether the endorser was paid.

Which of the following is not considered an uninsured motorist vehicle under the Personal Auto Policy?

A vehicle newly acquired by the named insured that has not been reported to the insurer

Under a Basic Form Dwelling policy, losses to the dwelling are paid on which basis?

Actual cash value The DP-1 settles losses to the dwelling, other structures, and contents on an actual cash value basis, rather than a replacement cost basis.

Which of the following is covered under Coverage E of the Dwelling Policy?

Additional living expenses incurred after a covered direct loss

Under the BOP, the additional coverage for preservation of property is covered in which of the following ways?

Against open perils for 30 days

All of the following statements regarding financial rating services are correct, except:

Agents and producers must place business through an insurer with the lowest rates

Which of the following scenarios would be covered by E&O insurance?

An agent neglects to renew a customer's policy after they paid the premium

In property and casualty insurance, when a form is attached to alter or add to policy provisions or conditions, it is known as:

An endorsement

Under Coverage A - Bodily Injury and Property Damage Liability of a Commercial General Liability policy, which of the following would not be covered??

An insured's employee is injured when a bookcase in the office falls on them

Negligence is what kind of tort?

An unintentional tort

Theft is specifically defined as:

Any act of stealing

If the insured and insurer do not agree on the value of a property loss, what condition would apply?

Appraisal An appraisal is a dispute resolution method used when the insured and insurer do not agree on the amount of a property loss. Arbitration is similar, but used instead for disputes regarding claim amounts or disputes regarding whether or not a loss is covered by the policy.

M has a liability policy insuring M's flower shop. After M sells the shop, the buyer asks if M can transfer the liability policy as part of the sale. Which condition prevents M from making this transfer without the insurer's consent?

Assignment

W plays hockey on the weekends and was injured while defending the goal. Which of the following defenses could the owner of the ice rink use to avoid liability for W's injuries?

Assumption of risk

Which of the following Inland Marine coverage forms covers property of others that is held by the insured for servicing or repair?

Bailees Customers Form

Under a Commercial Crime policy, the definition of securities includes all of the following, except:

Bank notes Securities include negotiable and non-negotiable instruments or contracts representing money or other property, including tokens, tickets, revenue stamps, other stamps in current use, and evidences of debt in connection with charge or credit cards. Bank notes are included in the definition of money.

Which type of reporting period is provided automatically under the CGL written on a claims-made basis?

Basic Extended Reporting Period

Which Dwelling form does not cover losses resulting from frozen plumbing?

Basic Form Freezing of plumbing systems or household appliances is covered only in the Broad Form (DP-2) and Special Form (DP-3).

A Standard Fire policy issued in Iowa must:

Be signed by the insurer to be valid

Personal injury includes all of the following, except:

Bodily injury

Which claim would be covered under Coverage E of a Homeowners Policy?

Bodily injury to a guest caused by the insured's pet dog Liability coverage does not apply to BI or PD suffered by the insured. Communicable diseases and corporal punishment are excluded under the policy.

All of the following statements about a Special Form Dwelling policy are correct, except:

Both the dwelling and contents are covered on an open perils basis On the DP-3, the dwelling and other structures are protected on an open perils basis and valued at their replacement cost, and the contents are protected against the Broad Form named perils and valued at their actual cash value. Mobile homes are only eligible for the Basic Form (DP-1).

The taking of property from inside the premises by a person unlawfully entering or leaving the premises as evidenced by visible signs of forcible entry or exit is known as:

Burglary

M and C both have Personal Auto policies with liability limits of 20/30/10. If M borrows C's car and injures a pedestrian, causing injuries that will cost $5,000 to treat, which policy will provide coverage for the injured party?

C's policy

All of the following are true of the Fine Arts Floater, except:

Coverage is written on a replacement cost basis

A claimant brings suit against the insured for negligence. The insured's defense argues that the claimant participated in causing the loss and was partially negligent, meaning the claimant is not owed any damages for the loss. This is an example of:

Contributory negligence

Under Iowa law, all of the following methods of earning continuing education credits are valid, except:

Carrying over excess credits from a previous term

Which of the following is a permitted act for an Iowa insurance producer?

Charging a fee with the customer's authorization

All of the following are reasons that compensation may not be paid for an occupational disease, EXCEPT:

Children were born after the disability began

All of the following are true of the Personal Articles Floater, except:

Claims are settled on a replacement cost basis

The Running Down Clause would cover which of the following claims?

Collision damage to another vessel when the insured is liable A Collision and Running Down Provision is contained in the standard Hull Policy to cover liability incurred for damage to another vessel or structure.

The BOP policy provides the same liability coverage as which of the following policies?

Commercial General Liability

Which of the following is included in Section III of the Businessowners Coverage Form?

Common Policy Conditions Section III of the Businessowners Coverage Form includes the Common Policy Conditions.

When damages are reduced in proportion to the degree of negligence, this is an example of:

Comparative neglegence

Which of the following defenses against negligence prevents recovery for injuries caused by a negligent party if the claimant was also negligent?

Contributory negligence

ABC Industries contracts with municipal governments to build bridges, viaducts, and similar engineering projects. If a bridge completed in the prior year by ABC Industries were to collapse, the company would be exposed to which kind of legal liability exposure?

Completed operations liability

Section I of a Businessowners policy does not cover which of the following?

Computers permanently installed in a motor vehicle subject to registration Motor vehicles and computers permanently installed in them are not covered by the Businessowners policy, as a Commercial Auto policy would provide better coverage. The same is true for aircraft, watercraft, and any computer installed in them.

Under Iowa law, all of the following are considered unfair claims settlement practices if performed frequently enough to be general business practices, EXCEPT:

Conducting an investigation prior to affirming a claim

Which of the following would not be covered under an Installation Floater?

Construction equipment

Which of the following statements about the Dwelling Special Form is true?

Contents are covered on an actual cash value basis Cracking of walls and theft are exclusions to this policy. Losses to the dwelling are paid on a replacement cost basis, while the contents are paid on an actual cash value basis.

Which of the following insurance forms is designed for the person who has the potential for a liability exposure caused by negligent acts of the contractor or subcontractor he hires to make repairs, construction, or alterations?

Contingent Liability Insurance

Structures on the premises separated by clear space from the dwelling are covered under which part of a Homeowners policy?

Coverage B

While working together on the roof of a barn, the insured's neighbor fell off and broke his ankle. Which of the following is true about the resulting claim under the insured's Farm policy?

Coverage J - Medical Payments is no-fault coverage and will pay for necessary medical expenses that the neighbor incurred regardless of negligence

Which of the following rules is CORRECT regarding Uninsured/Underinsured Motorist coverage in Iowa?

Coverage applies if the insured is struck by a driver whose insurer has become insolvent

Which of the following is correct regarding products liability under the CGL?

Coverage applies to the bodily injury (BI) and property damage (PD) the product causes, but not to the product itself

The Additional Coverages part of a property insurance policy provides:

Coverage automatically included in the policy to supplement the basic coverages in the Insuring Agreement without an additional premium

Which of the following statements about the National Flood Insurance Program is false?

Coverage becomes effective after a 24-hour waiting period

A Special Form Homeowners policy will provide all of the following, except:

Coverage for the dwelling on a named perils basis On the HO-3, the dwelling and other structures are insured on an open perils basis, and personal property is protected against the Broad Form named perils. Losses under Coverage A and Coverage B are settled on a replacement cost basis, and losses to personal property are settled on an actual cash value basis.

L has a Business Auto policy covering autos used for L's small business. All of the following are an insured under Section II - Covered Autos Liability Coverage of L's BAP, except:

D, who owns a private passenger auto L borrows for the business

Which of the following is covered by Crop Hail insurance?

Damage caused by freezing, drought, insects and disease Crop Hail covers hail, fire, lightning, wind, freezing, drought, insects and disease.

Which of the following would be covered under the Damage to Property of Others Additional Coverage of a Homeowners policy?

Damage caused intentionally by the insured's 10-year-old son

Liability coverage provided by a Personal Auto policy would cover which of the following damages?

Damage to a private garage rented to the insured, caused by the insured's child driving a covered auto

The Equipment Breakdown Protection Coverage Form always excludes coverage for which of the following?

Damage to equipment during a breakdown test

The part of a property policy that gives basic information such as the named insured, a description of the property, the location of the property, and the amount of premium involved, is known as the:

Declarations

In an effort to take business away from Insurer B, Insurer A publishes an advertisement stating that Insurer B is on the verge of insolvency. Which of the following may Insurer A be found guilty of under Iowa law?

Defamation

In Iowa, death benefits under Workers' Compensation are paid to the deceased employee's:

Dependent other than a spouse or children until the dependent is capable of earning Death benefits are payable to dependents other than a spouse or children until they are capable of earning. Death benefits to a spouse are payable for life, except that upon remarriage the obligation is terminated by paying 2 years of benefits as a lump sum. Benefits to children are paid until the child reaches age 18, until age 25 if the child is a full-time student or otherwise actually dependent, and to any child who is incapacitated from earning for the duration of the incapacity.

Water damage caused by which of the following could be a covered loss under a Dwelling policy?

Discharge of water caused by a plumbing failure

Which of the following crime forms requires the use of a Retroactive Date?

Discovery Form

A person other than the named insured may be excluded from a personal auto policy's coverage for any of the following reasons, except:

Drag racing as an occupation

An insurer may nonrenew an auto policy solely based on:

Driving record

Under the Other Insurance condition, when two property policies cover the same property on a pro rata basis, how is a loss apportioned?

Each policy will share losses proportionately according to the total insurance provided for the property

Covered equipment under the Equipment Breakdown Protection Coverage Form includes:

Electrical and mechanical equipment used in the utilization of energy

All of the following are covered under the Covered Causes of Loss - Basic option to the Farm Property coverage forms, except:

Electrocution of livestock

Under the BOP, which of the following is not an Optional Coverage?

Electronic Data

Under the Farm Property coverage forms, the definition of farm personal property includes:

Equipment, supplies, and products of farming

Under the Common Policy Conditions of the Commercial Package policy, the insurer does not have the right to do which of the following?

Examine the insured's records at any time, up to 5 years after policy expiration

In Iowa, the Commissioner of Insurance may suspend, revoke, or nonrenew a producer's license for all of the following, EXCEPT:

Failing to pass the licensing exam

Which of the following is NOT considered to be a false statement under Iowa law?

Failure to provide a temporary receipt after collecting a premium

All of the following perils are covered by the DP-1 with Extended Coverage, except:

Falling objects

Which construction classification uses materials that can withstand fire for at least 2 hours?

Fire-resistive

Which statement about the Homeowners Policy is false?

First Aid Expenses include first aid to an insured in the event of an injury First Aid Expenses do not apply to the insured or resident of the household.

Which of the following losses could be covered under Part D of a Personal Auto policy?

Flood damage to a convertible when the top is left down Other than collision coverage under Part D offers coverage for losses caused by hail, water, or flood. Personal Auto policies never provide coverage for autos being used as a public or livery conveyance at the time of loss. Damage to radar detectors is excluded by Part D, and losses to electronics that are not permanently installed in the auto are also excluded because they will be covered by Homeowners insurance.

Which of the following commercial crime insuring agreements provides coverage if a company accountant steals money by signing a businessowner's name on a $1,000 check?

Forgery or Alteration

With respect to Marine policies, the term uncontrolled means:

Forms that are not standardized by any rating bureau

All of the following statements regarding medical expenses coverage under the BOP are correct, except:

Funeral expenses are not covered as medical expenses

Which of the following would be eligible for a Businessowners policy?

Funeral home

Part B of a Personal Auto policy would pay for which of the following expenses?

Funeral service expenses incurred by an insured Part B - Medical Payments Coverage pays reasonable expenses incurred by an injured insured for necessary medical and funeral services. The medical expenses of an injured third party would not be covered by Part B, and damages awarded against the insured for those expenses would be covered by Part A - Liability Coverage. Pain and suffering is not a medical expense, and slander is a form of personal injury.

Payments for mental anguish or loss of consortium are known as:

General damages General damages are paid for noneconomic losses that are difficult to calculate objectively and that may be experienced by anyone in similar circumstances. Examples include payments for pain, suffering, disfigurement, mental anguish, and loss of consortium.

Under Iowa law, a surplus lines producer is required to do all of the following, EXCEPT:

Give notice to the Iowa Insurance Guaranty Association of each policy sold

If an insurer cancels a property insurance policy for nonpayment of premium, the insurer must do all of the following, except:

Give the insured 30 days' notice before cancellation

The following are all Additional Coverages provided by Homeowners policies, except:

Governmental Action

In bonding, the surety is also known as the:

Guarantor

Which of the following acts is considered a class D felony in Iowa?

Helping another to submit a claims form containing false information about a material fact in order to defraud an insurer

Which of the following statements about filing a Workers' Compensation claim in Iowa is INCORRECT?

If a party refuses to provide claim information, the Commissioner may dismiss the claim If one party refuses to provide claim information, the Commissioner will evaluate the information for relevance and materiality.

Which of the following statements about claim payment regarding a stolen vehicle is FALSE?

If the insurer returns a stolen vehicle, the insurer does not have to pay claims for vehicle damage

All of the following property losses are excluded by the Businessowners Coverage Form, except:

Increased cost of construction The Increased Cost of Construction Additional Coverage provides $10,000 coverage for costs incurred to comply with an ordinance or law regulating repairing or replacing damaged building parts. Earth movement, off-premises utility failure, rusts, and smog are all excluded perils for Section I.

Iowa sales practice laws require a producer to:

Indicate the name of the insurer they represent prior to beginning a sale When beginning a sale, a producer must disclose their name, the fact that they are acting as an insurance producer, and the name of the insurer they represent. If both a commission and fee will be charged, both must be disclosed. These requirements also apply to a producer acting as a specialist. The duplication of existing coverage is prohibited under state sales practices.

Under Iowa law, an insurer may not pay commissions to:

Individuals who are required to be licensed but are not

Which of the following coverage forms covers equipment during transportation, unloading and installation until control is given to the purchaser?

Installation floater

An individual faces the risk of economic loss in the event of property damage because of which of the following insurance concepts?

Insurable interest

Which of the following indicates a disrupted chain of events that frees the defendant from liability?

Intervening cause

The Mobile Agricultural Machinery and Equipment Coverage Form includes coverage for all of the following, except:

Irrigation equipment

All of the following statements about subrogation are correct, except:

It allows the insurer to file suit against the insured

All of the following are true of negligence, except:

It does not require a duty to be owed For an act to be negligent, the injured party must prove the alleged wrongdoer owed a duty to the injured party or to the public. Negligence is a kind of unintentional tort, which is an unintended civil wrong that does not include a breach of contract.

Under Section II of a Homeowners policy, which of the following statements about the Damage to Property of Others Additional Coverage is not correct?

It duplicates coverage that is included in Section I The Damage to Property of Others Additional Coverage supplements Section II's property damage liability coverage by providing limited coverage, regardless of negligence, for damage to others' property caused by an insured. However, this does not duplicate the property coverage provided by Section I of the policy.

Which of the following statements regarding the Trip Transit Coverage Form is correct?

It is used to insure single shipments

All of the following are true regarding liability coverage provided by a Personal Auto policy, except:

It is written only with split limits of liability

Which statement is true of the Equipment Breakdown Protection Coverage Form?

It may be written as a coverage part of the Commercial Package Policy Business Income and Extra Expense Coverage are often included, but not always automatically provided.

Which statement about the coverage provided by a Boatowners Policy is correct?

It provides both property and liability coverage, similar to a PAP

Choose the false statement regarding the Extra Expense Coverage Form.

It provides coverage for direct losses under the policy

Under the Building and Personal Property Coverage Form, which of the following is correct about the Preservation of Property Additional Coverage?

It provides open perils coverage for 30 days on insured property temporarily stored at another location because of the endangerment of a covered peril

Which of the following is true regarding the Boatowners Policy?

It provides open perils coverage, and losses are settled on an actual cash value basis

Choose the statement that is false about the FAIR plan.

It provides property coverage to both residential and farm dwellings

Choose the correct answer regarding Coverage F of the Farm Property Coverage Form.

It will cover farm machinery both on and away from described premises Coverage F is the Unscheduled Farm Personal Property, that covers machinery, livestock, tools, supplies, and other farm personal property on a blanket (unscheduled) basis. It does not include household or other items usual to a dwelling.

If J has no endorsements added to their Personal Auto policy, under which of the following scenarios will J's injuries be covered under Part B - Medical Payments Coverage?

J was driving their own car from the post office after retrieving her employer's mail Business use of private passenger autos is not excluded under medical payments coverage. Though there is an exclusion for bodily injury sustained while occupying vehicles used in an insured's business, this is intended to eliminate coverage for the insured's commercial autos that would need Commercial Auto insurance coverage. However, Part B does exclude bodily injuries sustained in vehicles used as a public or livery conveyance, vehicles used in an organized racing or speed contest, or vehicles furnished to the named insured (like a company car).

Under the Motor Carrier Coverage Form, Trailer Interchange coverage would cover which of the following losses?

J's company is legally liable for physical damage sustained by a non-owned trailer

Under a Business Auto policy, which of the following statements about towing coverage provided under the policy's physical damage coverage is correct?

Labor must be performed at the place of disablement to be covered The policy automatically pays for the costs of towing and labor incurred each time a covered private passenger type auto is disabled. Labor must be performed at the place of disablement.

Under Coverage A of a Dwelling policy, all of the following are covered, except:

Land

Which of the following is a loss condition under the Business Auto Coverage form?

Legal action against the insurer

Section I of a Homeowners policy does NOT include which of the following coverages?

Liability

All of the following are true of the Commercial Builders Risk Coverage Form, except:

Liability coverage is included in the form

All of the following are true of a Personal Umbrella Liability policy, except:

Liability losses relating to the insured's business are covered

All of the following statements about liability are true, except:

Liability policies pay costs incurred by an insured to sue negligent third parties

Personal injury liability includes which of the following?

Libel and slander

Bodily injury coverage may include payments for which of the following?

Loss of earnings

To avoid a false advertising charge, an advertisement for insurance in Iowa must do all of the following, except:

Make group distinctions for the purpose of exclusivity Advertisements may not falsely imply that purchasers of a policy become group members covered under the policy.

Physical damage coverage on a Personal Auto policy may cover which of the following losses to Your Covered Auto?

Malicious mischief to tires

Uninsured/Underinsured Motorist (UM/UIM) coverage:

May be rejected by the insured in writing UM/UIM coverage must be offered in every auto insurance policy, but it may be rejected if the insured does so in writing. The UM/UIM need not provide coverage equal to what the insured purchases for his/her own liability but must at least equal the minimum limits of the financial responsibility law.

Which of the following Workers' Compensation benefits typically do not have a monetary limit?

Medical benefits

The each occurrence limit of a Commercial General Liability policy would apply to amounts paid for which of the following?

Medical payments

Which statement is false regarding the Farm Liability Coverage Form?

Medical payments provide coverage only when the insured is legally liable

The coverage territory defined by a Commercial General Liability policy does not include:

Mexico

Coverage for recreational vehicles and motor homes can be added to a Personal Auto policy by the:

Miscellaneous Type Vehicle Endorsement

Under a Homeowners policy, which statement about personal property coverages is incorrect?

Money is covered up to $500 per occurrence on an unendorsed policy

Private Insurers are not allowed to write Workers' Compensation Insurance in which of the following states?

Monopolistic

Which type of state provides Workers' Compensation insurance only through a state fund?

Monopolistic

The deregulation of the trucking industry was accomplished through which 1980 regulation?

Motor Carrier Act

Which type of cargo policy would cover a person who owns their own truck and hauls their own goods?

Motor Truck Cargo Owners Coverage Form

Which provision specifies that no coverage applies if the loss benefits a person who has care, custody, or control of the insured's property?

No Benefit to Bailee

The DP-3 provides what coverage for damage to the insured's dwelling due to a power failure when lightning strikes a power transformer 2 miles away?

No coverage Damage from power failure that takes place away from the insured premises is excluded under the Dwelling forms.

An insured looking to cover the dwelling against an intentional loss would need to purchase which Dwelling form?

No dwelling form offers this coverage

Which of the following is not true about the Home Business endorsement?

Only property damage is covered

ABC Industries contracts with municipal governments to build bridges, viaducts, and similar engineering projects. If workers from ABC Industries cause damage to a taxicab while pouring the foundation for a new overpass, ABC Industries has been exposed to which type of legal liability?

Operations ABC Industries is responsible for actions that took place in the process of performing its business operations off the insured premises, so this is representative of the operations legal liability exposure. Though ABC Industries has contracted with another party, the company is still responsible for the acts of its employees arising out of the work it performs, meaning the liability would fall on ABC Industries, not the municipal government.

If a bird hits a windshield and breaks it, which Personal Auto policy coverage would pay the loss?

Other than collision coverage Coverage for damage caused by contact with a bird or animal is included under other than collision coverage under Part D - Coverage for Damage to Your Auto.

While driving in another state with higher liability coverage requirements, which of the following sections of a Personal Auto policy automatically provides the required coverage?

Out of State Coverage

Which of the following is automatically covered under a Businessowners policy?

Outdoor signs attached to the building

Employees typically exempted from Workers' Compensation laws include all of the following, except:

Part-time employees

The main purpose of the Iowa Property and Casualty Insurance Guaranty Association is:

Paying claims of an insolvent member insurer that arise prior to or within 30 days after the insolvency

Which of the following is NOT considered an unfair trade practice in Iowa?

Paying claims within the stated coverage under which the payment is made

Medical payments coverage includes which of the following?

Payment of necessary medical expenses incurred by an injury on the insured's premises Medical payments coverage pays for bodily injury caused by an accident on the insured's property or arising form the insured's activities, whether or not the insured is legally liable. Coverage does not extend to insureds, employees, or residents of the premises.

The most a policy will pay for a loss arising out of any one accident, regardless of overall policy limits, is known as the:

Per occurrence limit The per occurrence limit represents the most the policy will pay for all losses arising out of any one occurrence, regardless of other policy limits. This is distinct from an aggregate limit, which represents the most the policy will pay for all losses submitted during the policy period.

The Insuring Agreement of a policy describes:

Perils that are covered

A disability that prevents an employee from doing any work, and from which the employee is not expected to recover, is known as a:

Permanent total disability

Choose the property that is not settled on a replacement cost basis under the Building and Personal Property Coverage Form.

Personal property of others

A commercial property is insured on a Commercial Package policy. When considering the insurability of the property for renewal, the insurer can use:

Physical inspection

Generally, which of the following vehicles is not eligible for coverage under a standard Personal Auto policy?

Pickup with gross vehicle weight of 12,000 lbs.

All of the following definitions apply to a Homeowners policy, except:

Property damage is physical injury to tangible property, but does not include loss of use of that property

Sudden and accidental damage from artificially generated electrical current best describes a(n):

Power surge

Which of the following is not an example of contingent liability exposure?

Premises liability exposure

Which of the following is NOT true of surplus lines premium tax in Iowa?

Producers may charge an additional tax amount if necessary

Which of the following producers are exempt from Iowa continuing education requirements?

Producers who submit evidence of full-time active military service

Which of the following statements is INCORRECT regarding claims under the Standard Fire policy in Iowa?

Proof of loss must be signed and delivered within 30 days after notice of loss is given The insured must sign and deliver a proof of loss to the insurer within 60 days. If the insured fails to do so, the insurer must notify any mortgagee and give the mortgagee 60 days to provide a proof of loss. Once the proof of loss has been received, the insurer has 60 days to pay the claim.

Under Coverage C of a Homeowners policy, losses to all of the following are covered, except:

Property of a tenant Property of roomers, boarders, or tenants is not covered under the policy, and the roomer, boarder, or tenant would need their own insurance for their personal property. Coverage for guests and residence employees is available at the insured's request.

For a loss to be covered under a standard property policy, the insured must do which of the following?

Protect property from further damage

An insured with a Personal Auto policy on their car is using a non-owned auto to run errands. Under the insured's policy, liability coverage for use of the non-owned auto is:

Provided on an excess basis The insured's policy will provide excess coverage for the use of a non-owned auto, and it will only provide liability coverage when the auto owner's PAP has exhausted its liability limits. In other words, the car owner's coverage is primary, and the driver's coverage is excess.

Under a Businessowners policy, medical expenses coverage:

Provides coverage without regard to negligence

All of the following are true regarding Ocean Marine Insurance, except:

Rates for ocean marine insurance are strictly regulated

Liability for use of which of the following vehicles is not covered by a Homeowners policy?

Recreational dune buggy that is owned by the insured and used on a public beach

Customer B applies for a personal insurance policy in Iowa, but has a poor credit score due to extraordinary life circumstances. The insurer is NOT permitted to:

Refuse to issue the policy based on B's credit score alone

Under Workers' Compensation laws, vocational training benefits are a type of:

Rehabilitation benefit

Which of the following is the best definition of actual cash value in property insurance?

Replacement cost minus depreciation

Which of the following is not covered under the Valuable Papers and Records Floater?

Securities

When an underlying policy does not cover a particular loss, the insured's Umbrella Liability policy will drop down and cover the entire loss, after payment by the insured of a:

Self-insured retention

Under Section II of the Homeowners policy, a two-family dwelling where the insured resides in one of the units, including other structures and grounds at that location, is defined as:

Residence premises

Where can you find insurance coverage after being rejected by voluntary market insurers?

Residual market

H's jewelry is covered under Coverage C of their Broad Form Homeowners policy, but theft of jewelry is subject to a special limit of liability. If H wants better coverage for a $10,000 necklace inherited from their mother, including insurance against more perils and a higher limit of liability, which endorsement might H's agent recommend?

Scheduled Personal Property Endorsement

All of the following are true of a Homeowners Policy, except:

Section II provides coverage for damage to the insured's property

Which of the following statements is false concerning Section II of a Homeowners Policy?

Section II provides no defense in the event of a groundless, false, or fraudulent claim The policy provides for defense of any claim to which Coverage applies, even if groundless, false, or fraudulent.

The Common Policy Conditions are found in which section of the BOP?

Section III

Flood is a specified cause of loss under which section of the Garage Coverage Form?

Section IV Section IV - Physical Damage Coverage of the Garage Coverage Form offers the same specified causes of loss option that is available to physical damage coverage under a Business Auto policy, which includes coverage for the perils of flood, windstorm, and earthquake. Section III - Garagekeepers Coverage also includes a specified causes of loss option for physical damage to customer's autos, but it is more restrictive, covering only fire, lightning, explosion, theft, mischief, and vandalism damage.

Which of the following is true regarding Personal Inland Marine Insurance?

Since moveable property is also known as floating property, the policies are sometimes known as floater policies For the Inland Marine underwriter the term floating property simply means property that moves about.

Which of the following perils is not covered under a Broad Form Dwelling policy?

Smoke damage from industrial operations Smoke damage is a covered peril for the Broad Form, but coverage is not provided for smoke damage resulting from industrial operations or agricultural smudging.

Medical expenses and loss of earnings awarded to an injured party are considered:

Special damages Special damages are awarded to an injured party for actual and known expenses such as medical bills, loss of earnings, and the cost of repairing or replacing damaged property.

If the amount of liability insurance coverage is divided between bodily injury and property damage claims, the policy limits are which of the following?

Split limits

The time period in which a lawsuit may be filed after the occurrence of a claim is referred to as:

Statute of limitations

All of the following are characteristics of mutual insurers, except:

Stockholders have ownership of the company

X's neighbor shoots off fireworks on July 4th and puts the shells in X's trash can, causing a fire and damaging X's garage. X's company pays the loss and contacts the neighbor for reimbursement. This is an example of:

Subrogation

When a limit of insurance is indicated on the Declarations page of the Equipment Breakdown Protection Coverage Form, expediting expenses coverage pays for which of the following?

Temporary expenses to expedite permanent repairs of damaged property essential for the operation of the business

Which of the following is covered as business personal property under the BOP?

Tenant's improvements and betterments Improvements and betterments include additions made a part of the building that the tenant-insured occupies but does not own, including structures that the tenant made at their expense but cannot legally remove. Permanently installed machinery equipment is considered part of the building. Personal property used to maintain or service a structure or premises, like outdoor furniture and carpeting, is covered by building coverage.

Which of the following is true regarding the Medical Payments coverage under the Business Auto Policy?

The BAP does not automatically include Medical Payments coverage

All the following are true regarding commercial property coverage, except:

The Basic Causes of Loss Form covers water damage

All of the following are true regarding hearings held by the Iowa Insurance Commissioner, EXCEPT:

The Commissioner must give the subject of the hearing 30 days' notice If it is believed that any person has engaged in any unfair or deceptive act or practice or has violated any insurance laws, and it is determined that a hearing is in the public interest, the Commissioner will issue a statement of charges and a 10 day notice of a hearing to be held at a specified time and fixed place.

Which statement regarding coverages provided by the National Flood Insurance Program (NFIP) is incorrect?

The Dwelling Form provides coverage for direct and indirect losses to covered property resulting from flooding

Only the governor of Iowa may appoint the Commissioner, with confirmation by:

The Iowa Senate

Which of the following would NOT be found in the Common Policy Declarations page of a Commercial Package policy?

The Occurrence Form

An insured, who has a Commercial General Liability policy written on the Claims-Made Form, is considering adding a supplemental extended reporting period to their policy. All of the following statements about the SERP are correct, except:

The SERP must be purchased at the beginning of the policy period The supplemental extended reporting period can be purchased up to 60 days after the end of the policy term.

Which statement is true concerning Dwelling policies?

The Special Form insures the dwelling on an open perils basis, and insures the contents against the broad form perils The Special Form insures the dwelling on an open perils basis, and insures the contents against the broad form perils. Theft is excluded. The Basic Form settles losses to the dwelling on an ACV basis. Up to 10% of the Coverage C limit may be applied to covered property anywhere in the world.

Actual cash value may be defined as:

The cost to replace or repair property, minus depreciation

Under a Commercial Package policy, which of the following is found in the Common Policy Declarations?

The deductible

Under Iowa Worker's Compensation law, an employer has the right to choose the company's health care provider unless:

The employees exercise their right to dispute the choice of provider

Which of the following is not a characteristic of the employer-employee relationship as it is related to Workers' Compensation coverage?

The employer signs a contract with the employee

Under which of the following circumstances would the Limited Theft Coverage Endorsement be used with a dwelling policy?

The insured dwelling is tenant-occupied

An insured protects their commercial property on the Building and Personal Property Coverage Form. The insured should consider purchasing the Value Reporting Form Endorsement if:

The insured has business personal property values that fluctuate, and needs protection for the values actually at risk

If an auto policy has been in effect for more than 60 days or has been renewed, the policy may be cancelled by the insurer with as little as 10 days' notice if:

The insured has not paid the premium

Under a commercial property policy with the Value Reporting Form Endorsement, which of the following is NOT correct?

The insured is only required to report 80% of value of the property

A Businessowners policy would cover which of the following?

The insured is sued for injury to a competitor caused by one of their advertisements

To whom must the insured assign recovery rights after being paid by the insurance company for a collision loss caused by another party?

The insured must assign the rights to the insurance company to recover from the negligent party or insurer If the insurance company makes a claim payment, the person on behalf of whom payment was made must assign its rights to recover damages from another party to the insurance company.

Coverage B - Personal and Advertising Injury Liability of a Commercial General Liability policy would cover which of the following claims?

The insured was accused of causing a customer to be falsely arrested

A sandwich shop discovers that someone has vandalized their customer bathrooms, causing $2,500 in damage. Under the shop's Commercial Crime policy, which Insuring Agreement or endorsement would pay for this loss?

The insured would need to file a claim for this loss under their commercial property policy

Whose policy will be primary for bodily injury coverage for the injured party if a neighbor borrows an insured's car and injures a pedestrian?

The insured's Personal Auto policy Auto coverage follows the vehicle. The neighbor would be considered an insured under the insured's Personal Auto policy, so coverage would be provided by the insured auto owner's coverage first. The neighbor would be driving a non-owned auto, and their Personal Auto policy would state that it provides excess coverage for liability from using a non-owned auto.

Which of the following would not be covered under Coverage C of the Special Dwelling Form?

The insured's golden retriever

Which of the following statements about the terms set out by the Common Policy Conditions provided for Commercial Package policies is incorrect?

The insured's rights and duties may be transferred to another party at any time, without insurer approval

Which of the following would NOT be an insured under Section II of the Homeowners policy?

The insured's tenant

Under a Commercial Package policy, which of the following is correct about the Inspections and Surveys condition included in the Common Policy Conditions?

The insurer has the right, but is not obligated, to make inspections and surveys at any time

Under Iowa law, which of the following is required of an insurer that uses consumer credit information in underwriting or rating?

The insurer must disclose to the consumer at the time of application that the insurer may obtain the consumer's credit information

Under Coverage A of Homeowners policies, all of the following are covered, except:

The land on which the dwelling is located

Which of the following properly states the limit on the amount that the Iowa Property and Casualty Insurance Guaranty Association will pay on claims made on policies issued by an insolvent member?

The lesser of the policy limit or $500,000 on a car accident claim Most property and casualty claims payable by the Association are limited to the lesser of the policy limit or $500,000. Workers' Compensation claims can be paid to the full amount. Claims for return of unearned premiums are limited to no more than $10,000 per policy.

Under Iowa law, an insurer may require aftermarket parts to be used to repair a car only if:

The part meets federal safety standards and is nationally certified to be at least equal in kind and quality to the original equipment manufacturer's part

Which statement regarding liability insurance coverage is incorrect?

The per occurrence limit is the maximum amount recoverable during the policy period The occurrence limit is the most that will be paid for any one occurrence. The aggregate limit is the most that will be paid within the policy period. Pro rata liability refers to the policy's Other Insurance clause and indicates that when two policies both cover a loss, they coordinate coverage by paying proportionate amounts compared to the total amount of insurance available for the loss.

All of the following are included in the Declarations of a property policy, except:

The perils insured against

The following are all found on the Declarations page, except:

The policy exclusions

If an owner-occupied home is totally destroyed without fraud by a fire, the amount of the loss is based on:

The policy limit

Under the Property Removed Other Coverage of a Dwelling policy, which of the following is incorrect?

The policy will not provide any coverage while insured property is being removed when endangered by a covered peril The Property Removed Other Coverage provides coverage when covered property is removed from the premises to protect it from being damaged by a covered peril. While the property is removed, coverage for the removed property is expanded to protect against direct loss from any cause. Under the DP-1, this coverage is provided for up to 5 days. Under the DP-2 and DP-3, this coverage is provided for up to 30 days.

All of the following statements are correct regarding the Fire Department Service Charge in Dwelling Policies, except:

The policy will pay up to $1,000 A typical Dwelling policy will pay up to $500 for liability assumed for fire department charges when the fire department is called to save or protect covered property from an insured peril. Coverage does not apply if the property is located within the limits of the city, municipality, or protection district furnishing the fire department response. This is additional insurance and the policy deductible does not apply.

Which of the following is true concerning the Premium Audit condition of the Commercial General Coverage Part?

The premium audit determines what the earned premium will be at the end of the policy period Because the initial premium is an advance, or deposit, premium, the final earned premium is calculated at the end of the policy period through a premium audit conducted by the insurer. The first named insured must keep records sufficient for the insurer to compute premiums based upon sales, receipts, and/or payroll. After an audit, an additional premium is required if these records show that these items are greater than the estimates that developed the deposit premium.

Which statement is correct regarding the Supplemental Extended Reporting Period?

The premium is a one-time charge and fully earned at issuance

Which statement regarding a Workers' Compensation insurance policy is not correct?

The premium is paid by the employee

Which of the following circumstances is a producer NOT required to report to the Iowa Insurance Commissioner?

The producer is the subject of a municipal citation

What type of policy might cover an insurance producer's failure to renew a policy that was eligible for renewal?

The producer's Errors and Omissions policy

Under Iowa law, which of the following is required of a referral fee paid by an insurer or producer?

The same fee must be paid whether a sale is made or not

Which statement about the Umbrella Liability Policy is false?

The standard deductible on an umbrella policy is $100,000

All of the following definitions which pertain to Workers' Compensation in Iowa are true, except:

The term 'employee' excludes minors working illegally The term 'employee' specifically includes minor employees, even if their employment is considered illegal.

Which of the following losses is not covered by an unendorsed Broad Form Dwelling policy?

Theft loss Theft coverage is only available by endorsement. All Dwelling forms provide coverage for personal property in a hotel room, as provided by the Worldwide Coverage Other Coverage. The Broad and Special forms would cover losses caused by an artificial electrical current and lightning damage to trees.

Which of the following special limits of liability is provided under Coverage C?

Theft of furs are covered up to $1,500

Under the Jewelers Block Floater, which of the following losses can be covered by a Coverage Option when indicated in the Declarations?

Theft of jewels stored in an on-premises show window that was smashed by burglars

On the Personal Auto Policy, the Collision coverage provides payment for losses:

To your car, and regardless of liability

The Common Policy Declarations of the CPP contain all of the following, except:

Transfer of Your Rights and Duties Under This Policy

Which of the following is false regarding Dwelling policies?

Trees, shrubs, and plants are covered for up to $2,500 total The limit for trees, shrubs, and plants is 5% of Coverage A, and no more than $500 for any one item.

Which of the following forms is designed to insure a single shipment of goods to protect the shipper's or receiver's interest?

Trip Transit Coverage Form

Which of the following is designed for a firm that transports goods of others, rather than its own goods?

Truckers Coverage Form

The spouse of which of these persons is not considered an insured under Section II of the BOP?

Trustee

Which coverage protects the insured against drivers who do not have auto liability insurance limits adequate to cover a loss?

Underinsured Motorists Coverage

Which of the following statements is FALSE regarding disputed charges under Iowa Workers Compensation law?

Undisputed charges cannot be paid until all disputed charges are settled All undisputed charges must be paid BEFORE any charges may be disputed.

Which form would not insure against external explosion?

Unendorsed DP-1

Because only the insurance company makes a promise to fulfill an obligation by paying a future covered claim, the insurance contract is:

Unilateral

Which of the following practices is prohibited under Iowa law?

Using boycott, coercion, or intimidation to persuade a consumer to purchase an insurance policy

Insured locations under a Homeowners policy include all of the following, except:

Vacant farm land The definition of insured location includes locations where the insured temporarily resides, locations that are rented to the insured, and cemetery plots. Vacant land is also included in the definition, but farm land is not eligible for coverage.

Which of the following losses could be covered by the Inside the Premises - Theft of Money and Securities Insuring Agreement under a Commercial Crime policy?

Vandalism to the building, occurring in the course of a burglary When done in connection to an actual or attempted theft, damage to the building's interior or exterior is covered by the Inside the Premises - Theft of Money and Securities Insuring Agreement. Disappearance of money and securities is covered, but the disappearance of any other type of property is not covered by the policy. Fire and vandalism and malicious mischief are perils insured against on other property policies, not Commercial Crime policies.

Fraud is an intentional act of any of the following, except:

Warranty

Which of the following constitutes the acceptance of an offer?

When an insurer issues a binder

Which of the following is NOT a type of coverage provided under a Farm Liability policy?

Workplace injury liability Farm Liability policies include Coverage H - Bodily Injury and Property Damage Liability, Coverage I - Personal and Advertising Injury Liability, and Coverage J - Medical Payments. Workplace injuries are exclusively covered by Workers' Compensation.

In Iowa, C, a community college student in an unpaid school-to-work program, is injured in the course of their duties. Will C's injury be covered under Workers' Compensation?

Yes, because school-to-work programs are considered employment under Iowa WC law Any post-secondary institution or college in which students are enrolled in a school-to-work program is considered an employer for Workers' Compensation purposes.

While traveling by train, Q, a marketing director for a watch manufacturer, discovers that someone has stolen their briefcase while Q was away from their seat. The briefcase contained sample watches valued at $2,000, marketing materials valued at $200, and miscellaneous company property valued at $50. How much will the watch manufacturer's Commercial Crime policy pay under the Outside the Premises Insuring Agreement?

Zero While the Outside the Premises Insuring Agreement covers money and securities against all kinds of theft, other kinds of property are covered only against robbery or attempted robbery. Since there was no confrontation with the person who stole the briefcase, this loss would not be covered under this Insuring Agreement.