Property: Miscellaneous Commercial Insurance
Terms in this set (15)
Question 1 of 15
Which of the following is the most recent extension of the Terrorism Risk Insurance Program?
ATerrorism Risk Insurance Extension Act of 2005
BTerrorism Risk Insurance Program Reauthorization Act of 2007
CTerrorism Risk Insurance Program Reauthorization Act of 2010
DTerrorism Risk Insurance Act of 2002
Question 2 of 15
Boiler and Machinery coverage is written with a single limit of insurance per accident. However, what is the sub limit for hazardous substance cleanup, or repair or replacement of contaminated property?
Question 3 of 15
If a farm building or structure is vacant or unoccupied, which is true?
AIf for 60 consecutive days, amount paid for covered losses is reduced by 15%.
BIf for 120 consecutive days, the limits applicable to the building and its contents are reduced by 50%.
CIf for 30 consecutive days, no coverage for vandalism and malicious mischief, glass breakage, or theft.
DIf for 60 consecutive days, no coverage for vandalism and malicious mischief, glass breakage, or theft.
Question 4 of 15
What is the purpose of the Terrorism Risk Insurance Act of 2002?
ATo provide terrorism insurance for those unable to obtain it on the normal market
BTo provide a uniform exclusion of damage from terrorist attacks
CTo share the risk of loss from terrorist attacks with the insurance industry
DTo protect the insured public against insurer insolvency
Question 5 of 15
The livestock coverage form covers which of the following losses?
ANamed peril coverage for death of livestock
BSheep died after an attack by the family dog
CA cow died after it ran into a moving tractor
DAll risk coverage for death of livestock by any cause except those excluded
Question 6 of 15
Coverage F - Unscheduled Farm Personal Property is subject to a coinsurance clause of
Question 7 of 15
A farmer is remodeling his 100-year-old farmhouse. He is in the process of painting the porch and hanging shutters. He keeps his ladder, paint, and other materials used to remodel his home under the porch. Which of the following provides coverage for his remodeling materials?
Question 8 of 15
Which of the following endorsements under a Boiler and Machinery policy is used for calculating the amount to be paid on a lost business claim after a direct loss?
ARefrigeration Interruption Coverage
BTurbine Units Explosion Coverage
CRefrigeration Interruption - Report of Values
DBusiness Income - Report of Values
Question 9 of 15
According to the Terrorism Risk Insurance Act of 2002, which of the following is true about the reimbursement for the insured losses?
AThe government will reimburse the insurer in a single lump sum.
BLosses from terrorist acts do not qualify for reimbursement.
CThe federal government covers 100% of the losses in excess of $5 million.
DThe insurer must pay a deductible that equals a percentage of the earned premiums for the previous year.
Question 10 of 15
Which of the following is true regarding the Difference in Conditions (DIC) policies?
AAll DIC policies from a particular company must be identical to prevent unfair discrimination.
BEach DIC policy is an individually written contract that contains provisions unique to the particular risk that it covers.
CThe DIC policy is a stand-alone contract; all perils are covered within it, and no further policies are needed.
DThey must conform to the NAIC model.
Question 11 of 15
In what year does the 2007 reauthorization of the Terrorism Risk Insurance Program expire?
Question 12 of 15
A large antenna is damaged when a tree branch hits an insured farm dwelling during a storm. Coverage A of a farm property coverage form would insure damages for this occurrence up to
Question 13 of 15
An insured purchases a Difference in Conditions policy. It may contain all of the following characteristics EXCEPT
AFlood and earthquake coverage.
BExclusion for named perils.
DNo coinsurance clause.
Chapter: Miscellaneous Commercial Insurance
Question 14 of 15
In a boiler and machinery policy, the items insured under the policy are defined in the
BPolicy definitions as "covered equipment."
CBoiler and machinery coverage form.
Question 15 of 15
Farm policy Coverage B - Structures would pay how much for loss of an outside antenna, tower, or satellite dish?
ANot more than $250
BUp to $1,000
CACV on date of loss
DFull replacement cost
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