Question 1

The ISO _____ is a manufacturer's output type policy that enables insurers to provide large and medium commercial accounts superior coverage and pricing flexibility for buildings and business personal property.

Accepted Answer

The answer of The ISO _____ is a manufacturer's output...

Question 2

_____ is defined as physical injury to tangible property, including all resulting loss of use of that property, or loss of use of tangible property that is not physically injured.

Accepted Answer

The answer of _____ is defined as physical injury to...

Question 3

In a commercial property policy, the _____ form protects against both business interruption and extra expense losses.

Accepted Answer

The answer of In a commercial property policy, the _____...

Question 4

The _____ period applies if a claims-made policy is canceled and provides coverage for claims brought after the policy period has expired for events that occurred between the retroactive date and the end of the policy period.

Accepted Answer

The answer of The _____ period applies if a claims-made...

Question 5

In a business income coverage policy, the _____ option negates the coinsurance provision.This option limits the duration of coverage to 120 days or until the limit is reached, whichever comes first.

Accepted Answer

The answer of In a business income coverage policy, the...

Question 6

If the commercial general liability policy is a claims-made policy, the event causing liability must take place after a designated _____ date.

Accepted Answer

The answer of If the commercial general liability policy is...

Question 7

The _____ causes of loss form is a named-perils option of the commercial property policy that covers fifteen named perils.

Accepted Answer

The answer of The _____ causes of loss form is...

Question 8

Inland marine insurance is an outgrowth of _____ insurance, which is coverage for property while being transported by water including coverage for the vessels doing the transporting.

Accepted Answer

The answer of Inland marine insurance is an outgrowth of...

Question 9

The _____ liability program covers insureds' liability for claims arising out of an injury to an employee because of an employment-related offense, as well as providing legal defense for the insured.

Accepted Answer

The answer of The _____ liability program covers insureds' liability...

Question 10

_____ insurance protects against loss that results from property damage to the insured's own property and to nonowned property caused by explosions or other sudden breakdowns of boilers and machinery.

Accepted Answer

The answer of _____ insurance protects against loss that results...

Question 11

The _____ causes of loss form is an open perils or all risk coverage option for the commercial property policy.

Accepted Answer

The answer of The _____ causes of loss form is...

Question 12

The _____ policy provides excess coverage over underlying insurance.

Accepted Answer

The answer of The _____ policy provides excess coverage over...

Question 13

The _____ coverage form provides coverage for direct physical loss to buildings and/or contents as described in commercial property policies.

Accepted Answer

The answer of The _____ coverage form provides coverage for...

Question 14

The _____ provision of the business income coverage is one of the more confusing parts of any insurance policy.Its purpose is to maintain equity in pricing.

Accepted Answer

The answer of The _____ provision of the business income...

Quiz 15: Multirisk Management Contracts: Business