Ch 7 Commercial Package Flashcards Preview

Property and Casualty Licensing > Ch 7 Commercial Package > Flashcards

Flashcards in Ch 7 Commercial Package Deck (4)
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0

Why does the common declarations page not contain a deductible?

The deductible shows on the individual forms.

1

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

2

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

3

What was ISO's purpose in creating the CPP?

Standardize commercial policies