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CPCU 551 Chapter 4 Test

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1.
What is paid if replacment cost is chosen for coverage A?
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2.
Neither foreign endorsement covers these two things?
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3.
Define Manufacturers Selling Price Endorsement?
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4.
What percentage of "provisional premium" is usually charged up front with value reporting method?
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5.
Define Specific Insurance?
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6.
How is value reporting insurance charged?
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7.
Define Utility Services Coverage Endorsement?
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8.
Define Functional Building Valuation Endorsement?
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9.
The endorsement for utility services does not cover?
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10.
How is the insurance payment calculated under the value reporting form method?
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11.
Is there a defined limit for spoilage coverage?
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12.
Define Value Reporting Form?
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13.
How is property covered that has a value reporting endorsement along with specific insurance?
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14.
List the three types of valuation methods for BPP that can be made by endorsement to the policy?
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15.
Define Peak Season Endorsement
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16.
If insured contracts for repair or replacement of personal property within 180 days from loss under the FPPV endorsement how is it valuated?
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17.
If two perils exist causing loss and one is not covered how is ordinance coverage managed?
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18.
What actions can the insured take against insurer to protect its brands and labels?
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19.
Define the Brands and Labels Endorsement?
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20.
List the 2 endorsements for limited international coverage?
A.
Limit of Insurance/ agreed value x loss- deductible
B.
The lesser of the amount actually spent, what it would cost to restore a comparable building, the limit of insurance.
C.
Merchandise held for sale or property permanently outside the US.
D.
Loss or damage of electronic data. Policy Limits are a sublimit so does not increase the total limit of insurance.
E.
The insured reports values of property at certain times during the period and at the end the insurer computes an average value exposed and premium is computed.
F.
Excess over the total of 1)the amount due from specific insurance plus 2) the amount of any deductible applied to the specific insurance payment.
G.
Method of insuring buildings and personal property by scheduling a specific amount in declarations for each.
H.
Make them stamp "salvage on merchandise, remove brands and labels.
I.
Avoids the cost of over or under insuring property by setting a limit high enough to cover max value at any time during a period.
J.
Provides coverage for damage to property caused by utility services caused by the interruption of service.
K.
1) Business personal property limited international coverage 2) Property in process of manufacture by others
L.
Protects the reputation of insureds goods when insurer takes their product as salvage. It requires that insurers pay to rebrand merchandise if they salvage it.
M.
An endorsement that values finished stock at selling price less any discount or expenses that they would have incurred regardless.
N.
Lesser of limit of insurance, cost to replace with equivalent, the amount necessarily spent to repair or replace.
O.
Provides differing amounts of insurance for selected time periods during a policy term.
P.
No
Q.
The part covered is equal to portion caused by covered peril, if damage by covered peril alone would have required compliance it will pay, if solely caused by other peril it will not pay.
R.
An endorsement that provides for modified replacement cost on buildings. Useful in buildings where replacement cost far exceeds market value.
S.
Manufactors selling price, Functional Building Valuation, Functional Personal Property Valuation
T.
75% of what would be charged under a non reporting system.
Type the Answer that corresponds to the displayed Question.
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21.
Is the limit of insurance usually placed on property under value reporting usually higher or lower then the anticipated value?
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22.
Endorsement to cover spoilage caused by a power outage or equipment failure. It provides broader coverage then utility endorsement in the outage does not have to result from an insured peril. It must however be beyond the insureds control.

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