Flashcards in Ch 7 Commercial Package Deck (4)
Why does the common declarations page not contain a deductible?
The deductible shows on the individual forms.
What are the common conditions on a CPP?
1) cancellation - if insurer cancels for nonpay, 10 days notice and for any other reason 30 days.
2) policy changes - only the insured can change
3) examination of books and records - up to 3 years after policy period
4) inspections surveys
5) premiums -
1st ni is responsible
6) xfer of rights/duties - cannot assign to another without insurers approval
What are the 1st named insured's responsibilities?
1) pay premium
2) receive return premium
3) make policy changes
4) report losses
5) cancel policy
6) receive cancellation notice