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CPP

Commercial Package Policy

QuestionAnswer
The Common Policy Declarations of a Commercial Package Policy do Identify the Named Insured; Indicate the coverage modules utilized; State the premium for the entire package policy
A policy written with the intent of only providing Commercial Crime coverage would be known as which of the following? A monoline policy
There must be at least how many coverage parts in a Commercial Package Policy? Two
The key insured in the Commercial Package Policy is which of the following? The First Named Insured
If the First Named Insured cancels the policy, the refund will be on a less than pro rata basis. This is called the refund of premium for a CPP
In the event of a claim under a CPP, the insurance company has the right to audit the insured's books and records for the current year and up to how many years thereafter? Three
The CPP requires that if a business is sold, the CPP may be transferred to the new owner only with the permission of which of the following? The insurance company
Aviation and Ocean Marine are NOT eligible coverages under the CPP
Which section of the CPP varies based on the lines of coverage included? Coverage Parts
If the named insured cancels a CPP, unearned premium will be refunded on what basis? Something less than Pro Rata
Ocean Marine and Aviation are NOT covered under a Commercial Package Policy.
The Commercial Package Policy allows which of the following coverages to be included Employment Practices and Liability; Boiler and Machinery; Commercial Inland Marine
Which part of the Commercial Package Policy describes how coverage can be cancelled? Common Policy Conditions
What are the rules for cancellation of a Commercial Package Policy? Only the First Named Insured may cancel
The Common Policy Conditions applies to which part of the Commercial Package Policy? Applies to all coverage parts in the CPP
Created by: BGeisert
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