Commercial Package Policy

An endorsement included in a Commercial Package policy that modifies more than one line of insurance is called a/an A) interline endorsement. B) common policy endorsement. C) monoline endorsement. D) insuring endorsement.

A) interline endorsement.

The declaration page of the commercial package policy will include A) the insured's business description B) the modifications to coverage C) the duties of both parties to the contract D) the perils insured against

A) the insured's business description

All of the following are advantages to purchasing a commercial package policy over separate monoline policies, EXCEPT: A) Package discounts are offered to the insured B) The use of separate policy declarations C) Repetitive information is eliminated D) The policy is easier to understand

B) The use of separate policy declarations

All of the following are correct regarding the first named insured in a commercial package policy (CPP) EXCEPT: A) They have certain responsibilities and obligations B) They are the only insured covered under the policy C) Since a policy may be issued to more than one named insured, it is necessary to specify the first named insured D) Their name is listed first in the declarations

B) They are the only insured covered under the policy

Which of the following lines of insurance can be included in the CPP? A) Homeowners B) Aviation C) Boiler And Machinery D) Ocean Marine

C) Boiler And Machinery

Which one of the following is NOT one of the components of a Commercial Package policy? A) Coverage part B) Common Policy Conditions C) Common Insuring Agreements D) Common Policy Declarations

C) Common Insuring Agreements

Which of these commercial lines coverages CANNOT be included with a commercial package policy (CPP)? A) Equipment breakdown B) Crime C) Workers' compensation D) Inland marine

C) Workers' compensation

All of the following information is contained in the Common Policy Declarations EXCEPT A) a description of the business being covered. B) the insured's name and mailing address. C) the conditions specifying the insured's duties following a loss. D) the policy period.

C) the conditions specifying the insured's duties following a loss.

Who may cancel a Commercial Package policy? A) Any named insured or the insurance company B) The insurance company only C) Any named insured D) First named insured

D) First named insured

Which one of the following statements concerning the Commercial Package policy is NOT correct? A) The insured can choose a variety of eligible commercial coverages to tailor the package to fit his or her specific business insurance needs. B) A complete CPP includes Common Policy Declarations, Common Policy Conditions and two or more coverage parts. C) Almost all commercial risks are eligible for coverage under the Commercial Package policy. D) It can only include property and liability coverage.

D) It can only include property and liability coverage.