Commercial Package Policy

Question 1

Does the CPP cover ocean marine?

Answer 1

No it covers everything except for ocean marine, aviation, and work comp

Question 2

What are the fifteen items workers CPP can include?

Answer 2

Commercial property coverage
commercial general liablility coverage 
commercial auto coverage 
commercial crime coverage 
commercial inland marine coverage
commercial inland marine coverage 
professional liability coverage
employment proactices liability coverage 
farm coverage
liquor liability coverage
pollution liability coverage
capital assest program

Question 3

What are three coverage not eligible under the CPP?

Answer 3

businessowners policy
risk eligible for the homeowners program
coverages excluded by state regulation

Question 4

What does CPP consist of ?

Answer 4

Common policy declarations
common policy conditions
two or more coverage parts

Question 5

What two forms are always included in the CPP?

Answer 5

common policy declarations

common policy conditions

Question 6

What part of the CPP varies based on the lines of coverage included?

Answer 6

The coverage

Question 7

In a CPP what is in the common policy declarations?

Answer 7

Insures info , policy period , a description of the covered business , the coverage parts purchased and their premiums , A list of forms applicable to all coverage parts

Question 8

Under a standard CPP contract how many days notice of cancellation is required when the policy is cancelled for nonpayment of premium?

Answer 8

10 Days

Question 9

Under a standard CPP contract how many days notice of cancellation is required when the policy is cancelled foranother reason permitted by the policy?

Answer 9

30 dyas

Question 10

What is the examination of books and records in CPP?

Answer 10

The insurer can check the insureds book anytime during the policy

Question 11

what is the change condtion?

Answer 11

Only the first named insured is authorized to make chages inthe terms of the policy with the consent of the insured by the insuer that is made a part of the policy

Question 12

What is the inspections and surveys condition?

Answer 12

this gives the company the right to make inspections

Question 13

What is the premium condition?

Answer 13

The first named insured is responsible for the payment of all premiums and will receive any return premiums

Question 14

What is the transfer of your rights and duties condition?

Answer 14

The insureds rights and duties under the policy cannot be trasferred without the written consent of the insurance company except in the case of death

Question 15

What are the three seperate cause of loss forms in a CPP?

Answer 15

basic, broad, special

Question 16

What is the control of property condition?

Answer 16

The act of neglect of person beyond the insureds direction or control will not affect the insurance

Question 17

What is the legal action against us condition?

Answer 17

Basically gives the insured the ablitity to not collect from the insurance company for at least two years as the long as the insured follow all the necessary conditions.

Question 18

what is the other insurance conditon in a CPP property policy?

Answer 18

If there is other insurance written on the same basis then coverage is covered pro rata. But if a different plan covers it then this policy is consider excess insurance

Question 19

In a CPP property policy what does the transfer of rightrs of recovery against others to us condition mean?

Answer 19

Basically gives the insurer subrogation rights

Question 20

What is the concealment or fraud condition?

Answer 20

The policy is not valid if the insured is purposely dishonest to the insurer

Question 21

What is the no benefit to bailee condition?

Answer 21

This prohibits the Bailee from being reimbursed by the insureds

Question 22

What is the Liberalization condition?

Answer 22

Any revisions that broadens coverage without requiring additional premium will automaticallly apply to the coverage part if the revision is adopted by the insurer during th epolicy period or with 45 days of the policies effective date.

Question 23

Is business personal property covered while it is in the building as long it is 150 ft from the premise?

Answer 23

No it is it not. It can be no more than a hundred feet from the building.

Question 24

In the CPP property policy what does Debris removal cover?

Answer 24

Pays the expense of debris removal for about 25% of the amount paid for direct loss to cover property.

Question 25

How much does fire department service charge as an additional coverage for a CPP?

Answer 25

$1000 (No deductible applies)

Question 26

What is the additional coverage for a CPP does preservation of property pay?

Answer 26

It is for when property is removed from a location to protect it from possible perils and risk

Question 27

In additional coverages for CPP what does pollutant cleanup and removal cover?

Answer 27

the cost to take pollutants out of water this is limited to $10,000 per policy period

Question 28

What is the increased cost of construction additional coverage for a CPP?

Answer 28

This covers the cost to keep buildings up to date with code when a building has been damaged.

Question 29

What is the extension newly acquired or constructed property under CPP?

Answer 29

This is coverage under A and B with $250,000 for buildings that are new and have been recently added to the policy. they are covered for up to 30 days

Question 30

In a CPP what covers the loss of personal effects of the named insured partners and employees?

Answer 30

The extension personal effects and property of others which provides 2,500 of coverage

Question 31

How much will the CPP extension valuable papers and records-other than electronic data pay?

Answer 31

Up to 2500

Question 32

In extented coverage for the CPP how much is covered for the property off premises?

Answer 32

10,000 dollars

Question 33

In the CPP policy when is property off premise coverage provided?

Answer 33

When the property is: at a location the insured does not own lease or operate, in storage at a location the insured leases, or at a fair trade show or exhibition

Question 34

In the CPP what does the the outdoor property extension do?

Answer 34

This protects things that are outside likesatellite dishes, signs, plants, trees, and shrubs

Question 35

Under the CPP outdoor extension is a 300 dollar tree covered?

Answer 35

No because there is a limit of only $250 a tree and a max payable of $1000

Question 36

What is contractual Liability/

Answer 36

This when one party agrees under a contract to assume the liability of another party.

Question 37

In a CPP what does the following statement describe? "Coverage for events that have happened after the retroactive date but which were not discovered by the insured and reported to the insurer within 60 days of policy expiration?"

Answer 37

The extended reporting period.

Question 38

In a CPP the medical payments coverage are for what party?

Answer 38

The third party.

Question 39

In a CPP under Coverage C (medical payments) covers reasonable medical expense inccured within how many years of the accident?

Answer 39

1 year mothafucka

Question 40

If something falls at the entrance to a business (like a sign) what would that loss be covered under in a CPP?

Answer 40

Premises operations

Question 41

In a CPP what does a claims made policy cover?

Answer 41

Things reported during the policy period provided that the policy occurred after the retroactive date (if any) stated in the policy?

Question 42

Under a CGL form what is an insured contract?

Answer 42

An insured contract specifically excludes certian parts of contracts that might otherwise be insured. Like architects, engineers, or surveyors for any injury.

Question 43

What does commercial general liability cover?

Answer 43

Premises and operations exposure and products and completed operations exposure

Question 44

In commercial general Liability coverage are premiums for court bonds cost of investigation and defense and cost of judgment interest standard coverage or supplementary payments?

Answer 44

Supplementary payments

Question 45

Under the commercial liability coverage provide for lost earnings or wages?

Answer 45

250 a day

Question 46

Why would someone purchase an owners and contractors protectice liability policy?

Answer 46

It would be for a commercial policy when a commercial building hires out a contractor

Question 47

If someone moves their business to a new location under the Commerical General Liability policy do they still have coverage if they have moved from the original location?

Answer 47

Yes they have coverage until the end of the policy period

Question 48

What is the retroactive date of a claims made professional liability policy?

Answer 48

The earliest date an even or loss may occur and be eligible for coverage under the policy

Question 49

what does escrow mean?

Answer 49

a bond, deed, or other document kept in the custody of a third party, taking effect only when a specified condition has been fulfilled.

Question 50

What is is the liquor liability exclusion?

Answer 50

This excludes liability arising out of the sales or service of alcoholic beverages. With the exception of a casual host who services alcoholic drinks.

Question 51

If a contractor builds something like a sink in the families house and a week later the sink falls on the owners foot. This would be what kind of loss you fucking genius?

Answer 51

Completed operations

Question 52

The basic extended reporting period included in the commercial general liability for covers claims made up to how many years after the end of the policy period?

Answer 52

5 years you bastard

Question 53

an occurrence must be reported how soon after the policy period to be covered under the reporting policy period?

Answer 53

60 days

Question 54

What does section A of the CGL policy cover?

Answer 54

Bodily injury, and property damage arising from the premises, operations, products, and completed operations

Question 55

In a Commercial crime policy what does the extortion-commercial entities cover?

Answer 55

Pays payments made in response to threats of bodily harm to employees of the insured who are captured in covered territories. Such as the USA, its territories and possessions, and endorsed territories

Question 56

If business is being restored what would give it coverage for loss of use exposure.

Answer 56

Business income

Question 57

Broad form livestock coverage insurers against what type of loss?

Answer 57

Electrocution, Accidental shooting, and drowning.

Question 58

If someone has a store in a mall and there is a fire in their home that damages the home and merchandise for the store how much is covered under a CPP?

Answer 58

Everything will be covered relating to the business. The only thing no covered is damage to the home

Question 59

In a CPP what covers a company during its peak season when inventory is tripled?

Answer 59

Peak season endorsement.

Question 60

When a burglar takes the safe at a furniture the owner of the store would be covered under what?

Answer 60

A commercial crime policy

Question 61

If a business income policy has a max indemnity limit of 25,000. And the owner has an income loss of 30,000 in the first month and 20,000 in the second month how much can he collect as a whole after the two months. And how can he collect the first month?

Answer 61

50,000 after everything is all said and done. However he can only collect 25,000 during the first month not thirty. The 5,000 he didn't collect the first month will be carried over into the second month.

Question 62

What is the definition of theft?

Answer 62

Any act of stealing and includes robbery, burglary, and larceny.

Question 63

What is the definition of burglary?

Answer 63

the forcible entry into or exit from premises with the intent to carry off property belonging to the insured. Visible signs of forced enter must be present

Question 64

What is the definition of Robbery?

Answer 64

The forcible removal of an insureds property by use or threat of violence or injury

Question 65

What is an exception on commercial property broad form?

Answer 65

Earth movment

Question 66

What is the definition of a Bailee?

Answer 66

Someone who has possession of property belonging to another person.

Question 67

If policy limits of a building and personal property have been exhausted how much additional coverage is available for debris removal?

Answer 67

10,000

Question 68

What does the cause of loss form do?

Answer 68

Covers risk of direct physical loss, subject to the exclusions and limitations expressed in the form.

Question 69

In the CPP what does business income coverage include?

Answer 69

Net income that would have been earned or incurred and continuing normal operations expenses.

Question 70

For the extensions in the building and personal property coverage to be activated what must condition must be met?

Answer 70

A coinsurance limit must of 80% or higher is required.

Question 71

For how many does does the boiler and machinery policy provide automatic coverage for newly acquired property?

Answer 71

90 days mother fucker

Question 72

What does extra expense coverage provide?

Answer 72

This coverage takes care of a business during an interruption allowing them to keep things moving and not completely shut everything down.

Question 73

`What is coverage E in the commercial crime policy?

Answer 73

Premises Burglary

Question 74

If a building is vacant for more than 60 days what is covered?

Answer 74

Rusting equipment because of excessive dampness

Question 75

What is the difference between coverage E and F in the farm owners policy?

Answer 75

Insurance is scheduled under E and a Blanket under F

Question 76

If a contractors tools are stole after being left behind on a highway construction job what kind of policy would cover the tools?

Answer 76

Inland Marine Policy

Question 77

What does the Funds Transfer Fraud coverage provide?

Answer 77

Cover for losses that are the result of the insured receiving fraudulent instructions to transfer money to someone else

Question 78

The nation wide marine definiton provides insuracen underwriters with what?

Answer 78

A strict definition for classifying marine inland marine or trasportation insurance

Question 78

The nation wide marine definiton provides insuracen underwriters with what?

Answer 78

A strict definition for classifying marine inland marine or trasportation insurance

Question 79

In the CPP business and personal property form extensions are avaliable if and only if the insured has done what?

Answer 79

Only if the insured indicates 80% or higher coinsurance applies

Question 79

In the CPP business and personal property form extensions are avaliable if and only if the insured has done what?

Answer 79

Only if the insured indicates 80% or higher coinsurance applies

Question 80

Is The theft of retail merchandise covered under a crime policy?

Answer 80

Nope so suck it

Question 80

Is The theft of retail merchandise covered under a crime policy?

Answer 80

Nope so suck it

Question 81

Is food spoilage covered under a business owners special property form policy?

Answer 81

Nope food spoilage is only covered as an endorsment.

Question 81

Is food spoilage covered under a business owners special property form policy?

Answer 81

Nope food spoilage is only covered as an endorsment.

Question 82

What does the guest property endorsment provide?

Answer 82

Coverage for the guest property in the amount mentioned in the declarations page.

Question 82

What does the guest property endorsment provide?

Answer 82

Coverage for the guest property in the amount mentioned in the declarations page.

Question 83

Under the boiler and machinery policy is injury to employees covered?

Answer 83

Yes

Question 83

What does the premises burglary coverage Form E cover?

Answer 83

losses arising from the actual or attempted robbery of a watch person and actual or attempted burglary.

Question 84

If someone would be shipping something from LA to Chicago in their business what kind of insurance would they purchase?

Answer 84

Transit insurance

Question 84

The building and personal property coverage form can be used to insure what?

Answer 84

Property belonging to others plants and shrubs held for sale and outdoor fixtures

Question 85

What is a messenger?

Answer 85

The named insured or partner or employee of the name insured that has the money outside the insureds premise

Question 85

What is a messenger?

Answer 85

The named insured or partner or employee of the name insured that has the money outside the insureds premise

Question 86

The condominium commercial unit owners form is what what?

Answer 86

To cover the individual needs of commercial condominium unit owners. Not to be confused with HO 6

Question 86

A commercial crime policy covers loss to money and securities outside the isnureds premises while money or securities are in the care and custody of a what?

Answer 86

Messenger

Question 87

What policy would cover a businesses light poles and sign poles?

Answer 87

These items are considered fixtures so they are covered under the commercial personal property form

Question 88

Under the boiler and machinery policy is injury to employees covered?

Answer 88

Yes

Question 89

If a farmer who has a broad form farm policy and has a cow that dies form disease how much compensation does he get?

Answer 89

Nothing

Question 90

If someone would be shipping something from LA to Chicago in their business what kind of insurance would they purchase?

Answer 90

Transit insurance

Question 91

If the insured losses money caused by an employees deceit what would be the best coverage for him?

Answer 91

Employee theft

Question 91

If the insured losses money caused by an employees deceit what would be the best coverage for him?

Answer 91

Employee theft

Question 92

Are patios and walk ways covered under the building and personal property form?

Answer 92

Nope

Question 92

Are patios and walk ways covered under the building and personal property form?

Answer 92

Nope

Question 93

Under the condominium association coverage what are some of the things that are covered.

Answer 93

Owners business personal property alterations that are part of the building appliances

Question 93

Under the condominium association coverage what are some of the things that are covered.

Answer 93

Owners business personal property alterations that are part of the building appliances

Question 94

What is a interline endorsement?

Answer 94

Commercial endorsment that applies to more than on coverage as part of the package poliyc

Question 95

What is coverage G?

Answer 95

Farm buildings and structures