Intro to Commercial Property Insurance
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| An insured who owns a large business is comparing the different types of commercial insurance policies. The insured would likely choose a Commercial Package Policy because it will provide | show 🗑
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| Which one of the following statements is true regarding the other insurance condition of the Commercial Property Policy (CPP) conditions? | show 🗑
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| Various building design features can help prevent the spread of a hostile fire. For example, a solid piece of material that is inserted between wall studs to delay the flow of heat or fire through this open space is a | show 🗑
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| The inspections and surveys condition clarifies that the insurer does not make | show 🗑
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| A technology firm recently built a new production facility with unique property loss exposures. Of the following possibilities, which one is most likely to address the firm's needs? | show 🗑
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| show | Output policy
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| show | Actual cash value.
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| Risk control measures may take both a human behavior approach and | show 🗑
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| show | Common Policy Conditions form
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| show | By modifying people's behavior the frequency of unsafe acts will be reduced.
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| When used to address property loss exposures, risk control measures are designed to | show 🗑
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| show | Superseded by state law.
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| show | Diversification
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| An insured is reviewing the Commercial Package Policy (CPP) to determine which conditions apply to all coverage parts in the policy. One of those conditions states that | show 🗑
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| show | Receive only a portion of the loss payment because the insured did not meet the coinsurance condition.
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| The inspections and surveys condition, a common policy condition attached to the ISO Commercial Package Policy, makes it clear that the insurer has the right to inspect the insured premises and | show 🗑
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| show | $17,000 ($20,000 less 15%) for the fire loss; $0 (nil) for the vandalism loss
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| show | Sign a sworn proof of loss if requested by the insurer.
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| show | If the insured does not have control of the property, any act of neglect by others will not affect coverage.
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| show | Reserve the right of an insurer to inspect and audit the insured's books and records.
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| A policy that covers two or more lines of business by combining ISO's Commercial Lines coverage parts is | show 🗑
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| When evaluating risk management techniques, loss reduction involves | show 🗑
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| show | Select the appropriate risk management technique
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| Under an unendorsed BPP Coverage Form if the insd bldg in which the loss occurs has been vacant for 60 consecutive days before the loss, the insr will still be obligated to pay for which one of the following causes of loss? | show 🗑
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| Pete ins his motorcycle rental property for $100k on an ACV basis. The ACV of the property is $150k and his Com Ins Policy (CIP) has a 9% coins clause. A fire caused $50k of damage to the bldg structure. How much will Pete recoup under his ins policy? | show 🗑
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| A prop owner has a com prop ins policy with a 90% coins clause. The bldg is insd for $1mm. The bldg suffered $500k fire loss. During loss adjustment, determined RC of the bldg is $1.5mm. Total loss payment the prop owner receives, w/out regard to ded, is | show 🗑
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| show | Manuscript forms usually offer more favorable terms for insureds than standard forms.
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| A mfg co has BPP valued @ $1.5mm The risk mgr is considering insing the BPP with 80% coins at a $0.40 rate/$100 of covg. The 100 % rate is $0.35/$100 of covg. if the BPP is insd with an 80 % coins, how much premium will be saved? | show 🗑
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| show | the cost to replace the property with new property, determined at the time and place of loss
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| Peril and Hazard | show 🗑
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| Risk control measure approaches: 1. Engineering approach 2. Human behavior approach | show 🗑
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| show | A. Fire ; B. Burglary, Robbery and Employee theft ; C. Explosion ; D. Windstorm ; E. Flood ; F. Earthquake
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| show | 1. Cancellation
2. Changes
3. Examination of Books and Records
4. Inspections and Surveys
5. Premiums
6. Transfer of Rights and Duties
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| Other Commercial Property Insurance Property Conditions | show 🗑
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| Other Commercial Property Insurance Property Conditions 1. Valuation (ACV, RC, Selling Price) | show 🗑
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| Other Commercial Property Insurance Property Conditions 2. Coinsurance | show 🗑
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| show | Must promptly give notice of loss, file a policy report if a law may have been broken, protect the covered property from further loss; give us complete inventories of damaged and undamaged properties including values; let us inspect the property and your
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Created by:
hongaro
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