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Risk Management and Insurance

Business

Quiz 25 :

Commercial Property Insurance

Quiz 25 :

Commercial Property Insurance

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Which of the following items is (are)contained in the common policy conditions page of the commercial package policy? I.A description of the property that is insured. II.A provision describing the insurer's right to audit the insured's books and records
Free
Multiple Choice
Answer:

Answer:

B

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Which of the following statements about the condominium commercial-unit owners coverage form is (are)true? I.It provides coverage for the unit owner's proportionate financial interest in the condominium building. II.It provides coverage for the business personal property of the unit owner.
Free
Multiple Choice
Answer:

Answer:

B

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Which of the following statements about the building and personal property coverage form is (are)true? I.A limited amount of coverage is provided for pollutant cleanup and removal at the described premises if the release or discharge of the pollutant results from a covered cause of loss. II.Fire department service charges are specifically excluded because they are a normal cost of doing business.
Free
Multiple Choice
Answer:

Answer:

A

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Which of the following perils is not included in the causes-of-loss basic form of the ISO commercial package policy?
Multiple Choice
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Which of the following is covered under the building and personal property coverage form?
Multiple Choice
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Which of the following statements about the business income coverage form is true?
Multiple Choice
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Which of the following forms is used to insure buildings that are under construction?
Multiple Choice
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Which of the following statements is (are)true concerning the value reporting form? I.Failure to report accurately suspends coverage. II.If the insured underreports the property values at a location,and a loss occurs at that location,recovery is limited to the proportion that the last value reported bears to the value that should have been reported.
Multiple Choice
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One of the additional coverages under the building and personal property coverage form is "increased cost of construction." The coverage is payable if
Multiple Choice
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Which of the following statements about the extra expense coverage form is (are)true? I.It provides coverage for the increased cost that must be paid to continue operations during a period of restoration. II.It provides coverage for lost business income if a key customer or key supplier experiences a loss.
Multiple Choice
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All of the following statements about business income insurance are true EXCEPT
Multiple Choice
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Which of the following is (are)included in the common declarations page of a commercial package policy? I.A description of the insured property II.A listing of the causes-of-loss that are covered by the policy
Multiple Choice
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XYZ,Inc.would suffer serious financial consequences if either of its two major customers were shut down and could not purchase XYZ products.Which of the following types of consequential loss protection would provide protection against this exposure?
Multiple Choice
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Which of the following types of forms is used to insure fluctuations in business personal property,such as inventory and finished goods?
Multiple Choice
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Which of the following statements about the provisions of the building and personal property coverage form is (are)true? I.A separate deductible must be satisfied for each building damaged in the same occurrence. II.Under the replacement cost option,there is no deduction for depreciation.
Multiple Choice
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Which of the following statements about the causes-of-loss special form of the ISO commercial package policy is (are)true? I.The causes-of-loss special form provides open perils coverage and insures against direct physical loss. II.The causes-of-loss special form excludes loss caused by earthquake.
Multiple Choice
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What is the effect of the optional agreed value provision in the building and personal property coverage form?
Multiple Choice
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All of the following are extensions of coverage under the building and personal property coverage form EXCEPT
Multiple Choice
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Which of the following statements about the equipment breakdown protection coverage form is (are)true? I.The covered cause of loss is a breakdown of covered equipment,including boilers,machinery,and electrical and mechanical equipment. II.It provides coverage for the reasonable cost of expediting permanent repair or replacement of damaged property.
Multiple Choice
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The building and personal property coverage form provides several optional coverages.Under one optional coverage,no deduction is taken for depreciation when settling a covered loss.This optional coverage is called
Multiple Choice
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