Intro to Commercial Property Insurance
Help!
|
|
||||
|---|---|---|---|---|---|
| show | The option to add lines of insurance for all coverages that are needed.
🗑
|
||||
| Which one of the following statements is true regarding the other insurance condition of the Commercial Property Policy (CPP) conditions? | show 🗑
|
||||
| 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 🗑
|
||||
| show | Safety inspections.
🗑
|
||||
| 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 🗑
|
||||
| show | Output policy
🗑
|
||||
| The policy valuation approach that determines the basis for using new property of like kind and quality and adjusts for depreciation to determine the amount to be paid at the time of a loss is called | show 🗑
|
||||
| show | An engineering approach
🗑
|
||||
| A Commercial Package Policy, whether monoline or multiline, includes which one of the following forms? | show 🗑
|
||||
| In evaluating the human behavior approach to risk control, a risk manager would generally conclude that | show 🗑
|
||||
| show | Address the links in the chain of events and the unrelated events that converge to cause a loss.
🗑
|
||||
| The cancellation provisions in the ISO Common Policy Conditions form are nearly always | show 🗑
|
||||
| show | Diversification
🗑
|
||||
| show | The insurer has the right to do an on-site inspection of the insured's books and records.
🗑
|
||||
| show | Receive only a portion of the loss payment because the insured did not meet the coinsurance condition.
🗑
|
||||
| show | May recommend changes.
🗑
|
||||
| Warehouse of insured is vacant, insd guessed 1 mos, but was vacant for several mos. Insd forgot to notify insr, after 3 mos of vacancy, the bldg sustained $20k loss due to fire. L8r, vandals caused $5k damage Ignoring any ded, how much would insd recover? | show 🗑
|
||||
| show | Sign a sworn proof of loss if requested by the insurer.
🗑
|
||||
| show | If the insured does not have control of the property, any act of neglect by others will not affect coverage.
🗑
|
||||
| One Common Policy Condition in the Commercial Package Policy (CPP) is the examination of books and records. The intent of this policy condition is to | show 🗑
|
||||
| A policy that covers two or more lines of business by combining ISO's Commercial Lines coverage parts is | show 🗑
|
||||
| When evaluating risk management techniques, loss reduction involves | show 🗑
|
||||
| Risk mgr for group of convenience stores has begun 6 step risk mgmt process. He analyzed risk control techniques, their feasibility, identified a key loss expos as risk of armed robbery between 1AM & 3AM. Per risk mgmt process, which step is next? | show 🗑
|
||||
| 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 🗑
|
||||
| show | Pete will recoup $37,037 under his insurance policy. [$100,000 / ($150,000 X .90)] X $50,000 = $37,037
🗑
|
||||
| show | The total loss payment the property owner will receive, without regard to deductible, is $370,370.
🗑
|
||||
| show | Manuscript forms usually offer more favorable terms for insureds than standard forms.
🗑
|
||||
| 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 🗑
|
||||
| Replacement cost (RC) | show 🗑
|
||||
| Peril and Hazard | show 🗑
|
||||
| Risk control measure approaches: 1. Engineering approach 2. Human behavior approach | show 🗑
|
||||
| show | A. Fire ; B. Burglary, Robbery and Employee theft ; C. Explosion ; D. Windstorm ; E. Flood ; F. Earthquake
🗑
|
||||
| Common Policy Conditions | show 🗑
|
||||
| Other Commercial Property Insurance Property Conditions | show 🗑
|
||||
| show | 3 approaches: 1.(ACV): RC less depreciation.
2. (RC): the cost to replace the property with new property, determined at the time and place of loss 3. Selling Price: Stock sold but not delivered valued at sales price less discounts and expenses
🗑
|
||||
| Other Commercial Property Insurance Property Conditions 2. Coinsurance | show 🗑
|
||||
| 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
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
hongaro
Popular Insurance sets