Ch 7 Commercial Package Flashcards Preview

Property and Casualty Licensing > Ch 7 Commercial Package > Flashcards

Flashcards in Ch 7 Commercial Package Deck (4)
Loading flashcards...

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


What was ISO's purpose in creating the CPP?

Standardize commercial policies