Chapter 12 Quiz

The customer for loss to customers' property, regardless of liability

A bailee's customer policy covers A. Only the bailee's legal liability for damage to customers' property B. The customer for loss to customers' property, regardless of liability C. The bailor or damage to property left in the custody of another

Contractor's equipment floater

A contractor is wanting coverage for tools and machinery at various job sites around the city. Which policy would best cover the insured for the situation? A. Contractor's personal property coverage form B. Contractor's real property coverage form C. Contractor's equipment floater

pay on a pro rata basis

A loss is covered under a commercial inland marine form and another policy. Both policies are written on the same basis. The commercial inland marine form will A, not pay anything on the loss B. pay on a pro rata basis C. pay on a excess basis

Mobile equipment

All of the following are examples of instrumentalities of transportation and communication EXCEPT A. pipelines B. Tunnels C. Mobile equipment

An installation policy

An inland marine coverage that insures against loss the machinery, equipment, building materials, and supplies in transit to or being used with or during the course of installation, testing, buildings, renovating, or repair is also know as A. An installation policy B. A contact equipment floater C. An electronic data processing equipment floater

Car

Domestic shipments inland marine transportation forms cover shipments traveling by all of the following EXCEPT A. mail B. Car C. Train

60 days

If the insurance company requests a proof of loss on a commercial inland marine claim, the insured must submit in within A 10 days B. 30 days C. 60 days

30 days

In the commercial articles coverage form, additional acquired property is automatically covered if it is a type of property already by the form for up to A. 40 days B. 60 days C. 30 days

The dry cleaner

Sally left her fur coat at a dry cleaner to have in cleaned and returned to her. This is an example of bailment. In this example, which of the following is the bailee? A. The fur coat B. Sally C. The dry cleaner

the customer

The bailee policy pays A. the customer B. the business C the insured

A loss that required an audit of records to prove its existence.

The insured's accounting records are destroyed in a fire. Which of the following losses would NOT be covered under the insured's accounts recievables coverage form? A. Fees charges by the collections agency the insure hired to collect payments B. A loss that required an audit of records to prove its existence C. Interest on a short- term loan the insured obtains to stay in business while collections are impaired

Annual transit policy

What is the inland marine transportation form that protects all of the insured's incoming or outgoing shipments during the year against loss while in transit? A. Annual transit policy B. Trip transit policy C. Motor truck cargo policy

Motor truck cargo policy

Which inland marine transportation form protects the truck carrier for liability arising out of the transportation of cargo? A. Annual transit policy B. Trip transit policy C. Motor truck cargo policy

Exports

Which of the following is NOT a category that represents eligible risks for commercial inland marine insurance? A. Exports B. Domestic shipments C.Commercial floater risk

Personal inland marine insurance

Which of the following is NOT an example of a category of risk in commercial inland marine insurance? A. Personal inland marine insurance B. Domestic Shipments C. Commercial floater risks

. Property worn by the insured

Which of the following is NOT covered in the jewelers block coverage form? A. Property worn by the insured B. Precious metals and alloys C. Stock in trade

Construction equipment

Which of the following is covered in the equipment dealers coverage form? A. Furniture B. Construction equipment C. Motorcycles

Inland marine insurance

Which of the following policies became known as a "floater" since the property to which coverage was originally extended was literally "floating"? A. Inland marine insurance B. Floater insurance C. Marine insurance

They are never included in a commercial package policy

Which of the following statements about commercial inland marine insurance coverages is NOT correct? A. They are often called floaters because the insurance moves with the property as it moves B. They are never included in a commercial package policy C. They are usually written open peril instead of named peril

During installation, several tubes in the insured's fluorescent sign are damaged

Which of these losses would NOT be covered under the signs coverage form? A. The electric sign above the insured's business is destroyed in a thunderstorm B. The insured's neon sign is damaged when vandals throw rocks at it C. During installation, several tubes in the insured's fluorescent sign are damaged