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PnC California - Study Material > Commercial Lines > Flashcards

Commercial Lines Flashcards

(46 cards)

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1
Q

CPP policies are considered to be modular polices also known as…

A

Commercial Lines Program

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2
Q

Commercial Package Policy (CPP) must contain…

A

Common Declaration

Common Conditions

At least 2 Cov. Parts/Modules (any 2 parts)

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3
Q

The terms “you” and “your” in Commercial policies refers to…

A

The named insured

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4
Q

Major advantages of a commercial lines package program over purchasing the coverage on a monoline basis…

A

Fewer policies

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5
Q

The 6 Common Conditions for a commercial package policy are:

A 
Cancellation
Changes
Examination of Books & Records
Inspection & Surveys
Premium
Transfer of Rights & Duties
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6
Q

Fewer policies to buy and maintain is one major advantage of purchasing a modular…

A

Package Policy/Commercial lines policy

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7
Q

All commercial package policies must include a…

A

Declaration, Conditions, and 2 Cov. Parts of Commercial

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8
Q

The insurer has the right to audit or examine insured’s books XXX during the policy period and up to XXX years after expiration.

A

Anytime; 3 years

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9
Q

What type of policy is known as a modular policy?

A

CPP or Commercial lines program

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10
Q

What two coverage parts must be included in order for the CPP to be discounted?

A

Property and Liability

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11
Q

The purpose of the inspection and surveys condition is to determine insurability and…

A

Rating (premiums to be charged)

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12
Q

The Building Person Property (BPP) form consist of 3 categories:

A

Cov. A covers the buildings

Cov. B covers the business personal property

Cov. C covers property of others

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13
Q

Improvements and betterments under BPP are insured under what coverage category…

A

Coverage B - Business personal property

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14
Q

Define Builders Risk

A

Form used to cover buildings under construction

excludes peril of theft and cannot be declared vacant

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15
Q

Under a building and personal property Cov. Form a building has been vacant for more than 60 consecutive days what effect will this have on a fire?

A

Suspend of 5 perils & other perils by 15%

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16
Q

Forms that cover windstorm?

A

Basic, Broad and Special

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17
Q

Forms that cover glass coverage.

A

Broad & Special

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18
Q

A tenant in a leased building who makes improvements that are not legally removable should purchase coverage for…

A

Betterments and improvement to insure their investment in these improvements (Coverage B).

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19
Q

Form used to insure buildings under construction describes…

Study These Flashcards
A

Builders Risk

20
Q

If a building is vacant for 75n days what perils if any would be suspended?

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A

Glass, water, theft, sprinkler & vandalism

21
Q

Which commercial property form contains most the exclusions that apply to a commercial property policy?

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A

Cause of loss (form of perils)

22
Q

What indirect coverage form is used to prevent suspension of the business after an insured direct loss?

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A

Extra expense

23
Q

Commercial General Liability (CGL) consists of two coverage forms…

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A

Occurrence (the policy that was in force when the occurrence happened) and Claims-made (what triggers coverage is when was the claim filed)

24
Q

What is the difference between occurrence and claims-made for CGLs?

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A

The coverage trigger (what activates coverage)

25
(Blank) is the earliest date that an occurrence can occur and still be covered under the current policy.
Retroactive date
26
(Blank) provides the insured up to 60 days after the policy expires to report an incident that happened before the policy expires.
Basic Extended Reporting Period (BERP)
27
A claims made CGL can be endorsed with a…
Supplemental Extended Reporting Period (SERP) - extend the reporting period indefinitely
28
CGL extends coverage to the following loss exposures…
``` Premises & operations Product Completed operations Contractual Contingent ``` *Excludes pollution liability
29
CGL has 2 aggregate limits…
General | Product & completed operations
30
CGL Section 1 pertains to…
Cov. A - Bodily injury & property damage Cov. B - Personal & Advertising injury Cov. C - Medical Payments
31
An aggregate is the maximum amount the policy will pay…
Per year
32
Inland Marine policies normally provide which type of peril coverage?
Open peril
33
Which inland marine form is used to cover maps, deeds and abstracts?
Valuable papers
34
What form is used by the centers/hubs that ship and receive goods of others on a regular basis.
Annual transit
35
Annual transit is a non-filed marine form that can be written…
In Named peril
36
What form is used to insure a single shipment?
Trip Transit
37
What are the 3 Commercial Auto forms?
Truckers, Business & Garage
38
Vehicles insured are identified by Symbols. What are they?
``` Symbol #1 - Any Auto Symbol #4 - Owned Auto Symbol #7 - Specifically described Symbol #8 - Vehicles rented Symbol #9 - When employers drive conducting company business ```
39
Which part of the Garage policy covers physical damage to customers car?
Garage Keepers
40
Which part of the Garage Policy covers work done on the customers car?
Garage liability
41
What endorsement would be needed so that a Business Auto policy would cover a car rented while on vacation?
Extended non-owner
42
Crime coverages are needed since commercial property policies do not provide coverage for…
Money or employee theft
43
Other than money & securities means what in Crime coverages?
Tangible business property
44
Which form would cover losses that occurred during policy period and 1 year later?
Loss Sustain Form
45
Which form would cover losses that are discovered during policy period but happened prior?
Discover Form
46
What is it called when losses can be found up to 1 year after the policy expires?
Discovery period

PnC California - Study Material (11 decks)

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