quiz 7

The in land marine coverage for accounts receivable does which of the following

It pays for bills that cannot be determined due to a covered loss

Which of the following is NOT covered under Coverage B Personal Injury and Advertising Injury?

Medical payments

Which of the following is not an additional coverage as found in the commercial property building and business personal property coverage form

Newly acquired buildings and business personal property

Under the condo association coverage form which of the following items would be covered

Permanently installed equipment attached to the building *policy provides coverage for the building owned by the condo association as well as anything attached to it

Which of the following statements about the limits in a CGL policy is NOT true?

The Aggregate limit refreshes itself after each occurrence

The building and business property form provides coverage for buildings business personal property and property of others on which basis

The insured decides which coverage is to buy and can apply a separate and different limit for each of those coverages

Which of the following statements concerning supplementary payments is not true

They are subtracted from the limit of liability

A farm policy can be purchased with which of the following causes of loss forms

broad, special, or basic

Farm policy coverage E scheduled farm property states that coverages must

class be listed with a general amount for each class *if the class of property doesn't have an amount listed then that class will not be covered

Inspections and surveys would be found in which section of the commercial package policy

common policy conditions

Under a commercial general liability policy which of the following is not an exposure

comparative fault *includes: premise, operations, completed operations, products, and contractual liability

Under insuring agreement 6 computer fraud which of the following losses is covered

computer hacker breaks in and transfers funds to their own account

Farm policy coverage F unscheduled farm property would not apply to which of the following

computers used to manage the farm as well as household property, animals other than livestock, poultry/worms/bees/fish, racehorses, harvested crops, eggs, automobiles, outdoor radio/television equipment

Which of the following would be found on the Common Declarations page of a Commercial Package Policy?

description of the business

Which of the following restricts coverage on a commercial general liability policy

limits in liability, the other guy always gets the money, never your client

Which of the following would not be found on the declarations page of the commercial package policy

limits of insurance *whats included is: insured's name, address, beginning/ending dates of policy, premium amount for any policy purchased, the description of the business

The owner of the truck hauls his own goods plus the goods of others he is which of the following

motor carrier

How many days notice does the insurer have to give to the first named insured in a commercial package policy if they are being canceled for nonpayment of premium

10 day notice

Under a jeweler's block policy which of the following would NOT be covered?

A silver necklace worn by an employee

A commercial condo unit owners policy provides coverage for which of the following

Damage to the unit owners business personal property *for the unit owner and not the condo association

Under insuring agreement 5 theft outside which of the following is covered

Theft from an armored car *off the premises, applies to money and securities and property other than money and securities, theft would have to be a messenger or armored motor vehicle company *messenger someone who has possession of your client's property off premises

Which definition is not accurate

all theft is robbery *theft - any act of staling *robbery - an act of stealing that involves violence or threat of violence *burglary - act of stealing that involves visible signs of forced entry or exit *all robbery is theft, but no all theft is robbery

Under insuring agreement 1 employee theft which of the following losses is covered

an employee theft of securities *does not cover personal property

All of the following would be included in the definition of insured under a commercial general liability policy except

any current business entity not listed on the declarations page

The co-insurance clause is designed to punish insureds who

didn't buy adequate limits of insurance *only applies in commercial insurance, only applies to partial losses, the typical co-insurance percentage is 80%

Under the commercial property policy which of the following terms defines the money necessary to keep a business operating after suffering a direct loss to their property from a covered cause of loss

extra expense

Under a farm policy Coverage G other structures would cover which of the following?

fence *covers barns, silos, fence, elevators

Which of the following is not included in the coverage territory of the commercial building and personal property coverage form

great britain *territories: u.sa, its territories and possessions, puerto rico, and canada

The liability section of a farm policy would not apply to which of the following claims

injury to a farm employee *it covers: bodily injury and property damage, personal injury, and advertising injury, medical payments and property rented to the insured

Under an inland Marine jewelers block floater which of the following is true concerning perils covered

it covers open perils *jewelry, stones, metals, alloys

Rudy owns a farm and rents out his farmhouse, his coverage D Loss of Use would pay for which of the following

loss of use of the residual property only *also loss of rent if it was being rented out by the owner

Under inland Marine commercial articles floater which one would not be covered

musical instruments used at home for personal use

Under inland Marine electronic data processing which statement best describes how peril coverage is provided

open peril *cover your computer equipment, data and media *includes losses due to viruses and other harmful codes or instructions

A customer is injured while using a chainsaw in the power tool aisle of a local hardware store from the standpoint of the hardware stores CGL policy this would be what kind of exposure

premises exposure *you can either be at the store (premises), or working away at client's house or business (operations)

Which of the following is an exclusion under the commercial general liability policy

property in the insured's care, custody, or control

Which of the following is not a supplementary payment in a CGL policy?

rental expenses *supp. payments are all expenses the insurance company incurs

Under the unendorsed equipment breakdown policy direct damage to cover property would be paid in which manner

replacement cost *defined as new for old

A plumber is installing a kitchen sink, when he accidentally drops the sink and damages the sink and the cabinets. Which of the following statements regarding this loss is true?

the cgl would cover damage to the cabinet but not the sink *the sink was in the plumber's care, custody, or control and therefore would not be covered

Under equipment breakdown which of the following losses is covered

the explosion of a pressure vessel *steam boiler explosion is covered

The condition for examination of books and records states that which of the following will be responsible for conducting the examination

the insurer *can do so at any time and up to three years afterwards

Which of the following statements is true regarding the peril of theft in a commercial property policy?

theft is only automatically covered under special *if client has basic broad, theft is not covered, they would need a crime policy

Under a builder's risk policy which of the following is not covered

theft of the contractor's equipment *has provision to handle both theft exposure and valuation problem