rmi 4224 quiz 7

Which of the following is a covered loss under the ISO Commercial Crimes Coverage Form "Inside The Premises - Theft of Money And Securities" insuring agreement? Theft of money committed by a remotely located computer. Money stolen by an employee of the company. The destruction of "money" due to fire inside the covered premises. "Other property" stolen from inside a safe by forcible entry.

"Other property" stolen from inside a safe by forcible entry.

The Guru of Good Times Brewing Company (GGTBC) purchased a Commercial Crime Coverage Form with the following insuring agreements: Employee Theft Forgery or Alteration Inside The Premises - Theft of Money And Securities Inside The Premises - Robbery or Safe Burglary of Other Property The limit of insurance for each insuring agreement is $100,000, and the deductible per occurrence is $2,000. During the policy year, GGTBC was able to document a $150,000 loss due to a single incident of employee theft. How much will their insurer pay them for this loss? $98,000. $100,000. $148,000. $150,000.

$100,000.

The Guru of Good Times Brewing Company (GGTBC) has Employee Theft coverage with a $100,000 limit and a $1,000 deductible. How much will their insurer pay them if an employee steals $10,000 of covered property? $0. $9,000. $10,000. $100,000.

$9,000.

The Guru of Good Times Brewing Company (GGTBC) purchased a Commercial Crime Coverage Form with the following insuring agreements: Employee Theft Forgery or Alteration Inside The Premises - Theft of Money And Securities Inside The Premises - Robbery or Safe Burglary of Other Property The limit of insurance for each insuring agreement is $100,000, and the deductible per occurrence is $2,000. During the policy year, two employees, Max and Rob, colluded to steal money and merchandise from GGTBC. They stole money on March 10 and April 29, and merchandise on August 9, September 27, and October 4. How many "occurrences" do the above incidences of theft constitute? 1. 2. 4. 5.

1

Each of the following meets the definition of a "custodian" for the ISO Commercial Crime Coverage Form while having care and custody of property inside the premises, EXCEPT A watchperson. An employee of the named insured. A partner of the named insured. The named insured.

A watchperson.

In general, the "discovery" version of a commercial crime form covers losses that: Occur during the policy period only. Are first discovered during the policy period, no matter when the loss occurred. Both A & B. None of the above.

Are first discovered during the policy period, no matter when the loss occurred.

Which of the following Commercial Crime Coverage Form insuring agreements provides coverage for losses resulting from the use of a computer to fraudulently debit or delete an insured's account at a financial institution? Forgery or Alteration. Money Orders And Counterfeit Money. Funds Transfer Fraud. Computer Funds and Transfer Fraud.

Computer Funds and Transfer Fraud.

Which of the following is a correct statement regarding the Employee Theft insuring agreement of an ISO Commercial Crime Coverage Form? Coverage is provided for losses resulting from a customer's theft of the insured's money, securities, or other property. Coverage extends to losses caused by an employee temporarily outside the regular coverage territory for up to 90 consecutive days. A volunteer qualifies as an employee for purposes of this coverage. The definition of theft does not include forgery for purposes of this coverage.

Coverage extends to losses caused by an employee temporarily outside the regular coverage territory for up to 90 consecutive days.

The "Forgery or Alterations" insuring agreement of the ISO Commercial Crime Coverage Form covers losses from dishonest acts committed by which of the following people? Employees. Customers. Partners. Directors.

Customers.

Kenisha is in the process of forming her own insurance company. Which of the following products should she purchase to best protect against crime loss exposures to her company? Fidelity bond. Surety bond. Financial institution bond. ISO Commercial Crime Coverage Form.

Financial institution bond.

Which of the following statements concerning commercial crime insurance is/are true? I. Most commercial property insurance policies include broad coverage for theft committed by those entrusted with the insured's property. II. Commercial crime insurance covers money, securities, and other property against a variety of criminal acts including employee theft, robbery, forgery, extortion and computer fraud.

II only

Which of the following statements concerning the Commercial Crime Coverage Form "Inside The Premises - Robbery or Safe Burglary of Other Property" is/are true? I. This agreement applies to money or securities stolen from the insured. II. For a loss for "safe burglary" to be covered, there must be signs of forcible entry into the safe or vault left by the perpetrator.

II only

Which of the following statements concerning the definition of "occurrence" found in the ISO Commercial Crime Coverage Form is/are true? I. The definition of "occurrence" is the same for all seven insuring agreements. II. An "occurrence" can be a series of acts or events whether or not related.

II only

Each of the following is an insuring agreement available under the Commercial Crime Coverage Form EXCEPT Employee Theft. Inside the Premises - Theft of Money and Securities Inside the Premises - Theft of Computers Inside the Premises - Robbery or Safe Burglary of Other Property.

Inside the Premises - Theft of Computers

Which of the following would be subject to the $5,000 special limit under the Inside The Premises - Robbery Or Safe Burglary Of Other Property insuring agreement of the Commercial Crime Coverage Form? Group of answer choices Cash registers. Safes. Vaults. Manuscripts.

Manuscripts.

________________ is the unlawful taking of property from an individual, or in the individual's presence, where actual bodily harm or the threat of harm is involved. Theft. Burglary. Robbery. Assault.

Robbery.

Each of the following is a coverage territory found in at least one of the seven insuring agreements contained in the ISO Commercial Crime Coverage Form, EXCEPT The U.S., its territories and possessions, Puerto Rico and Canada. Inside the premises described in the declarations. The U.S., its territories and possessions, Puerto Rico and Mexico. Worldwide.

The U.S., its territories and possessions, Puerto Rico and Mexico.

All of the following statements concerning the Commercial Crime Coverage Form "Employee Theft" insuring agreement are true EXCEPT Copyrights and other intangible property do not meet the coverage form's definition of "other property." Volunteers performing activities for the benefit of an insured do not meet the coverage form definition of "employee." Coverage for theft of securities is included in this coverage. The coverage territory is limited to the U.S., its territories and possessions, Puerto Rico, and Canada.

The coverage territory is limited to the U.S., its territories and possessions, Puerto Rico, and Canada.

Which of the following statements concerning the Commercial Crime Coverage Form "Outside The Premises" insuring agreement is/are true? I. An employee is considered a "messenger" while having care and custody of property while outside the premises. II. "Other property" is insured against actual or attempted robbery but not against theft, disappearance, or destruction.

both

Which of the following statements regarding the Forgery or Alteration insuring agreement of an ISO Commercial Crime Coverage Form is/are true? I. Forgery committed by an employee of an insured would by covered by this insuring agreement. II. The coverage territory for this particular insuring agreement is the U.S., its territories and possessions, Puerto Rico, and Canada.

both