TB - Commercial Property Insurance Flashcards Preview

NY Indepentend General Adjuster > TB - Commercial Property Insurance > Flashcards

Flashcards in TB - Commercial Property Insurance Deck (25)
Loading flashcards...
0

Extra Expense insurance covers the cost of:


Relocation

Temporary location

Research costs to replace lost information

All of the above

All of the above

1

The special Cause of Loss form excludes all of the following, except:


Loss of market

Loss due to artificially generated electric current

Agricultural Smudging

None of these are exclusions

None of these are exclusions

2

Earth movement is covered under which of the following Cause of Loss forms?


None

Basic

Broad only

Basic and Broad

None!!!

3

Volcanic action is covered under which of the following Cause of Loss forms?


None

Basic

Broad only

Both Basic and Broad

Both Basic and Broad

4

Sprinkler leakage is covered under which of the following Cause of Loss forms?


Basic

Broad

Special

All of the Above

All of the Above!!!

5

All of the following provide an additional amount of insurance under the commercial Building and Personal Property form, except:


Lottery Tickets

Newly acquired property

Property off-premisses

Outdoor Property

Lottery Tickets!

LOL!!!

6

Which of the following forms covers a flood and earthquake damage?


Building and personal property form

Special form

Broad form

None of the above

None of the above

7

The Earthquake and Volcanic Eruption endorsement provides coverage:


Against earthquake from volcanic eruption

For commercial buildings and other covered property when used in conjunction with another Cause of Loss forms

For damage caused by shocks that occur within 168 - hours after policy expiration of the shocks began during the policy period

All of the above

All of the above

8

The commercial Building and Personal Property Coverage form excludes all of the following types of property, except:


Securities

Property and others in the insured care custody and control

Land

Patios or other paced surfaces

Property and others in the insured care custody and control

9

Under the Commercial Building and Personal Property form, coverage for the "building" includes:


Additions and extensions to the building

Property used to service the building

A Heating System

All of the above

All of the above

10

Under the Commercial Building and Personal Property form, coverage for "business personal property" includes:


Furniture

Machinery

Stock

All of the above

All of the above

11

Sinkhole collapse is covered under which of the following cause of loss forms?


Basic

Broad

Special

All of the above

All of the above

12

A building valued at $100,000 was insured for $80,000 with a policy containing 80% Coinsurance clause. Disregarding any deductibles, what would the company pay on a $20,000 loss?


$75,000

$5,000

$15,000

$20,000

$20,000

(The insured has complied with the 80% Coinsurance clause. Therefore the partial loss of $20,000 will be paid in full)

13

All of the following are excluded under the commercial building and personal property form, except:


Furniture and Fixtures

Petty Cash and IOU's

A Watch dog

The insured's panel truck

Furniture and Fixtures

14

Which of the following is not covered property under a Commercial Property form?


Accounts, bills, and currency

Animals not held for sale

Cost of foundations

All of the above

All of the above

15

The insured has transported a portion of his property to an exhibit trade show. It is destroyed by a fire. What coverage would apply?


Property off the premise see is not covered

Fire is not covered for this exposure

A limit of $10,000 would apply to cover the loss

Special coverage would have to be purchased to cover property off the premises

A limit of $10,000 would apply to cover the loss

16

The deductible under the revised Commercial Property firms is:


$500

$1000

$250

$750

$500

17

The insured has suffered a loss as the result of a cracked steam boiler. What coverage would apply under the Commercial Property Cause of Loss forms?


The loss would be covered

The loss is not covered

Only part of the loss is covered

Covers only the extra expense in replacing the boiler.

The loss is not covered

18

Before legal action may be taken against an insurer, an insured must have complied with all terms of the policy. Any legal action must begin within ________ following a loss.


6 months

5 years

2 years

12 months

2 years

19

If the civil authority blocks access to the insured's premises because of a covered peril that has damaged a building down the street, what period of time will the Business Income forms pay the insured for loss of income at his/her premises?


One Week

Two Consecutive weeks

Four consecutive weeks

Three consecutive weeks

Four consecutive weeks

20

Under the Condominium Association form, coverage is based on:


The Commercial Property form

The association agreement and bylaws

The special Cause of Loss form

State and Local ordinances

The association agreement and bylaws

21

What is generally excluded on the condominium Commercial Unit-Owners form?


The improvements and better mends of the unit-owner

Hostile fire damage

Building coverage

Inside appliances and fixtures

Building Coverage

22

If both the Condominium Association form and the Condominium Unit-Owner form cover the same property, how will the loss be handled?


Each policy will pay pro-rata

The association policy will be excess over the Unit-Owners

Each policy will share equally in the loss

The unit-Owners policy will be excess over the Association policy

The Unit-Owners policy will be excess over the Association policy

23

Which of the following losses to perishable stock would be covered by the Spoilage Endorsement?


Power outage

Mechanical breakdown or contamination

Changes in temperature, humidity, or contamination resulting from a power outage on or off the premises

All of the above

All of the above

24

With Commercial Property insurance, how would the insured receive replacement cost loss settlement on damage (as a result of a covered peril) to the Personal Property of Others left in the insured's care custody and control?


Request a separate replacement cost endorsement on the Personal Property of Others coverage on the policy


Request the replacement cost endorsement on Business Personal Property

Insure the Property of Others for at least 100% of the cost to replace it

Send in periodic reports to the insurer on the value of the property of others left in the insured's care custody and control

Request a separate replacement cost endorsement on the Personal Property of Others coverage on the policy