Commercial Property Insurance
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| Under the Commercial Property Conditions, if the insured intentionally conceals or misrepresents a material fact, then the insurance company will | show 🗑
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| Under the Commercial Property Policy, an insured may bring legal action against the insurance company within | show 🗑
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| show | $40,000
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| A tenants equipment which is bolted to the floor of the building is NOT covered under the | show 🗑
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| Which of the following types of property would not be excluded from coverage under a Commercial Property Policy? | show 🗑
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| show | Not a policy addition or extension
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| show | $250
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| show | $101,000
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| Appraisals are made by two appraisers and one umpire; Each party pays the cost of their appraiser and splits the cost of the umpire; A decision agreed to by a majority of the appraisers/umpire will be binding- these are regarding what? | show 🗑
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| You own a building valued at $100,000 and have it insured under a CPP with an 80% coinsurance percentage and a $500 deductible. You have the building insured for $90,000 and suffer a $20,000 fire loss. How much should you collect from your insurance co? | show 🗑
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| show | Cancel the mortgage if the insurance company requests in writing that it do so.
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| show | Fair Market Value
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| show | Removal of debris from the damage site
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| show | Earthquake
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| show | Volcanic Action
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| Which of the following perils is covered under the Broad Form Causes of Loss but is not covered under the Basic Form? | show 🗑
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| show | Net income, plus continuing normal operating expenses, including payroll
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| show | 60 consecutive days
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| show | Time Element Coverage Form
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| Under the Commercial Property form, all Earthquake shocks or volcanic eruptions that occur within a specified time period constitute a single Earthquake or volcanic eruption. The time period specified is | show 🗑
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| The Commercial Property Increased Cost of Construction additional coverage covers the additional costs required to comply with which of the following: | show 🗑
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| The Commercial Property Increased Cost of Construction additional coverage is only available for buildings insured on which of the following value bases? | show 🗑
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| show | 90 days have elapsed since construction was completed; the building is occupied or put to its intended use; the insured's interest in the property ceases
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| The Business Income coverage forms pay for loss of income that forces the insured to suspend operations during the period of restoration. "Suspension" is defined as which of the following? | show 🗑
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Created by:
BGeisert
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