Study sets, textbooks, questions
Upgrade to remove ads
Type of Property Policies
Terms in this set (133)
Which of the following is NOT covered under account receivable coverage form?
Any loans required to offset uncollectible amounts
What are common carriers required to issue to every shipper that it transport goods for?
A uniform bill of lading
Which of the following will be covered by the contractors equipment floater in an unfiled inland marine insurance?
Mobile equipment during transportation to and from the job site
What is the maximum amount an insurer will be under the equipment dealers pollution cleanup and removal extension of an inland marine policy?
$10k for all expense incurred during a 12-month period
Beside the peril of earthquakes, which other peril is covered by the earthquake cause of loss form under a commercial property policy?
The difference in the contents coverage on an HO-3 and HO-5 is which of the following?
Contents are covered open perils on HO-5, and named peril on HO-3
The inspection and surveys condition in a businessowners policy
Allows the insurer the right to inspect the insured's premises
Under a dwelling policy, which of the following is NOT a factor in determining a loss?
The amount negotiated by the insured
If a loss occurs, the insured with a homeowners policy is required to do the following EXCEPT
Arrange for an appraisal by an unbiased third party
Under the dwelling policy, Coverage C - Personal Property is
Limited to covering a servant's property while at the insured location
Which of the following is true regarding the fire department service charge under the builders risk form?
It is an additional coverage
A business using its own trucks to move its own cargo would insure the cargo using
Motor truck cargo - owners form
Coverage F (medical payments) under a homeowners policy would cover
A residence employee who is injured on the job
When a regular bill of lading is issued, who will be responsible for the invoice cost of any damaged property?
individuals in the business of selling construction equipment and mobile equipment should insure with a/an
Equipment dealers coverage form
Personal business property out in the open is covered under commercial property policy only while
Within 100 feet of the described premises
A specific coverage part is listed on a commercial package policy declarations page, but there is no premium shown, what does that mean?
There is no coverage
The homeowners policy covers collapse caused by all of the following EXCEPT
An endorsement added to a businessowners policy that provides coverage for the direct damage caused by utility disruption stemming from a covered peril is called
Utility Services - Direct Damage
Under the provision of the business income coverage form, all of the following is true EXCEPT
The insured is reimbursed for the loss from the date of loss to the date restoration or policy expiration date, whichever comes first
The mobile home endorsement alters the homeowners policy to cover a mobile home and the other structures on land
Owned or leased by the resident of the mobile home
How does the mobile home endorsement affect the other coverage of law or ordinance in a homeowners policy?
It removes the coverage
Which of the following is NOT covered by the condominium unit owners endorsement?
Furniture in the building
All of the following are true of Coverage B - Other Structures in homeowners policies EXCEPT
It must be added by endorsement to a homeowners policy
Which of the following is NOT one of the available additional coverages in the builder risk form?
How soon after a direct loss does the period of restoration for extra expense coverage under business owners property insurance begin?
Which of the following best describes the amount of loss assessment coverage included under a homeowners policy liability coverage section?
Up to $1,000 per occurrence
Under business owners policy Section I, if an insurer wants to nonrenew a policy for nonpayment of premium, how many days before the expiration date must the insurer notify the mortgage holder?
Professional photographers and musicians may insure their equipment with
A commercial articles floaters
If an insured is in the process of moving to a new location, his personal property coverage under the dwelling policy will apply on a pro rata basis at both locations for
When is a hired and nonowned auto liability endorsement available in a businessowners policy (BOP)?
Only if the insured does not have commercial auto coverage
Under Coverage C of a homeowners policy, the amount of insurance provided to cover personal property of the insured is
50% of the amount provided as Coverage A
A builder's risk form is most often written as which of the following?
Completed value form
Which of the following losses would be covered by an unendorsed homeowners policy?
Fire or lightning
In a dwelling policy, which of the following provides coverage for additional living expenses incurred by an owner-occupant in the event a covered peril makes the premises uninhabitable due to a covered loss?
All of the following are other coverages under the dwelling policy EXCEPT
The major portion of the premium for an equipment breakdown policy pays
For inspections and examinations
Which of the following perils is covered under both the basic form and the broad form dwelling policies?
In Business owners policies, which of the following additional coverages will require a deductible?
Business personal property coverage form covers all of the following EXCEPT
Automobile held for sale
Which of the following is TRUE regarding business liability and medical payments coverage?
Loss of electronic data is excluded under a business liability policy
A policy that states if a policy is broadened with no additional premium, then the expanded coverage will be automatically applied to all the policies of the same type is known as
How much is covered for debris removal under the HO property additional coverage?
All reasonable costs
Which of the following property coverages would provide protection to contents damaged by fire?
Homeowners policies provide coverage for
Business property while on the residence premises.
First aid costs for others injured on the insured's premises
Are paid in addition to the liability limit
All of the following are excluded in the equipment breakdown basic policy EXCEPT
Explosion of steam boilers
Which of the following consist of the declarations and conditions, endorsements, and other attachments applicable to a single line of insurance?
Which of the following is defined as a covered causes of loss in business owners property coverage?
Leakage from fire-extinguishing equipment
Which of the following statements is true concerning the special form dwelling policy?
Coverage A is for all risk perils; and Coverage C is for the broad form perils
All of the following would be covered under the medical expense coverage of a business owners policy EXCEPT
Mental health counseling
According to business owners policy Section I, which of the following is NOT a condition to be met for the terms of the policy to apply to mortgage holders?
The mortgage holders must petition the state department of insurance for named status
How much is the premium for the dwelling under construction endorsement under the dwelling policy?
The average amount of insurance during construction
The most the insurer will pay for a loss under a business owners policy is
The limit of insurance after the deductible is paid
Under the additional living expenses coverage, if a civil authority prohibits the insured from using the dwelling because of direct damage to a neighboring location from a peril covered in the insured's policy, loss would be covered for up to
Other structures are covered for what amount under the Coverage B - Other Structures of a homeowners policy?
10% of Coverage A
The extra expense coverage form provides
Coverage that will permit the insured to continue in business without interruption following a property damage loss.
In addition to common policy conditions, all of the following conditions apply to liability coverage EXCEPT
When is liability coverage included in a homeowners policy?
It is included automatically
The limited theft endorsement is intended for which type of property?
An apartment building in which the owner does not reside
Under the HO-4 homeowners policy form, property is insured against
Broad form perils only
The HO-3 homeowners policy provides
Open peril coverage on the dwelling and broad form coverage on personal property.
The additional living expense coverage on homeowners policies
Is intended to allow the family to maintain its normal standard of living
In a watercraft policy, which coverage part will respond to a claim for damages for bodily injury or property damage for which the insured becomes legally liable because of a watercraft accident?
Which of the following best describes liberalization clause in a policy?
Changes adopted by the insurer that broaden coverage automatically apply to the policy at no additional premium
The main difference between an HO-4 and HO-6 is
HO-6 provides limited dwelling coverage as well as contents coverage
Which of the following is NOT true concerning the fair rental value coverage provided in a dwelling policy?
Loss or expense caused by cancellation of a lease is covered
Which of the following is NOT true about earthquake coverage?
Coverage is commonly provided through a federally-funded program
What type of coverage is Coverage E in homeowners policies?
A building insured with commercial property insurance has been vacant for more than 60 consecutive days. Which of the following is NOT true?
Payment for unnamed perils is reduced by 25%
Under a homeowners policy, all of the following information must be included in the insured's signed, sworn proof of loss EXCEPT
Insured's income and net worth at time of loss
What is the limit of the forgery and alterations coverage in the business owners policy?
Which of the following is an additional coverage that is covered by the broad causes of loss form?
In dwelling policies, increase in insurance is
Coverage by endorsement
Which of the following would be covered under the Broad Form (DP-2) policy's falling object peril?
Interior building damage if exterior was damaged first
In equipment breakdown coverage, all accidents would be considered a single accident if they occur
At a single location at the same time and from the same cause
All of the following statements are true regarding fire department service charge additional coverage under the business owners policy EXCEPT
This coverage limits pays in place of the limit of insurance shown in the declarations
Which of the following would be covered under the Film Coverage Form?
Under a dwelling policy, which of the following clauses applies if an insured has lost one of two matching silver candlesticks?
Pair or set
The Mail Coverage Form is always written on a reporting form basis; after the end of each period shown in the declarations, reports are due within
Which coverage form would provide coverage for all incoming and outgoing shipments?
All of the following are perils covered under the broad form dwelling policy EXCEPT
All of the following are essential elements of a commercial package policy (CPP) EXCEPT
Valuations and/or settlement provisions
Which of the following dwelling coverages would provide coverage to a garage not attached to the primary insured dwelling?
In which of the following situations would the jewelers block extension cover a loss?
A jeweler fixes a necklace and sends it by registered mail to the owner. When the necklace arrives, it has been damaged
All of the following are other coverages included in both the broad and special form dwelling policy EXCEPT
Theft of personal property
A property insurance policy that insures a commercial building on a replacement cost basis includes the ordinance or law coverage endorsement. This endorsement will cover all of the following expense EXCEPT
Ordinance with which the insured was required to comply prior to the loss
The Physician and Surgeons Equipment Floater in NOT intended for which of the following?
Medical supplies located in the hospital
If an insurer makes a change to broaden coverage in a dwelling policy while it is in effect, the changes will apply
An individual's construction company leaves mobile equipment and construction machinery on the job site until the project is completed. What could this individual use to insure it?
Contractors equipment floaters
Which of the following limits, shown in the declarations of a policy, applies to medical expenses?
Which item would NOT be covered under building coverage in a building and personal property policy?
The bulldozer being used as part of a business addition under construction that is parked 500 feet from the building
The business income coverage form covers consequential loss of business income that occurs when a business must suspend operations because of a direct loss. Which of the following terms best describes the nature of this type of coverage?
Which of the following coverages will respond if a claim is made or suit is brought against an insured for damages due to bodily injury or property damage caused by an occurrence to which the coverage applies?
Coverage E - Personal Liability
Under the dwelling policy, if an insurer chooses to repair or replace damaged or lost property, it must inform the insured within how many days of receiving proof of loss?
If more than one person has insurable interest in the property covered under a dwelling policy,
The insurer will be liable for only the insured's interest in the damaged property
All of the following types of property are covered by a standard builders risk form EXCEPT
Tools 50 feet away from the building
Which of the following losses would most likely NOT be covered under Coverage A in the dwelling policy?
Theft of a renter's lawnmower used to service the premises
Which of the following would be the insured's duty in event of loss according to the duties in event of occurrence, claim, or suit condition?
Providing specific details regarding occurrence
Which of the following would NOT be considered an insured under a homeowners policy?
A divorced spouse living in another state
Which of the following types of property would be covered in homeowners coverage forms?
Landlord furnishing in an on-premises apartment
Under which of the following conditions can broad theft coverage be added to a policy?
If the insured is owner-occupant of the dwelling
A commercial property special form covers property in transit up to
Within how many years of a loss may an insured bring a lawsuit an insurer, according to the dwelling policy?
According to the Insured Duties after a Loss provision in homeowners policies, if the insurer requires a signed, sworn proof of loss, the insured must provide within how many days?
The members of a limited liability company are insureds under a business owners policy (BOP) if
The limited liability company is designated as the named insured
Which of the following would be covered under a business liability insurance policy?
Damage to a watercraft while on shore at the insured's premises
Which of the following losses would NOT be covered by a homeowners policy?
A coin collection valued at $500 lost in a fire
Which of the following statements concerning the builders risk coverage form is correct?
It may be written on a reporting form for the completed value of the structure
Which of the following would NOT be considered part of the insured location under the liability section of a homeowners policy?
Vacant farmland owned by the insured
The amount an insurer will pay under Coverage D (Loss of Use) depends on
The amount of coverage on the dwelling
Equipment breakdown coverage is written with a single limit of insurance per accident. What is the sub limit for hazardous substance cleanup or repair or replacement of contaminated property?
Under the dwelling policy form, what is the maximum time limit during which multiple volcanic activities would be considered part of one occurrence?
Under the examinations of books and records condition, the insurance company has the right to examine and audit the insured's books and records related to the policy
During the policy period and for up to 3 years after the termination of the policy
How soon after a direct loss does the period of restoration for business income coverage under business owners property insurance begin?
The removal coverage that is included in the broad form dwelling policy will cover property temporarily removed from the premises to protect it from damage for how long?
Under which of the following circumstances would an insurer be allowed to cancel a dwelling policy midterm?
The insured knowingly lied about the year the property was constructed
Coverage territory of the businessowners policy (BOP) includes all of the following EXCEPT
Which of the following endorsements could be added to a business owners policy to protect against loss of income due to lighting striking an electrical grid making the business unable to operate?
Utility service time element endorsement
Which of the following perils is covered by the HO-2 and HO-3?
Sudden and accidental rupture of a heating system
A grave marker was damaged by vandals. It would cost $3,000 to have the damaged repaired. Under these circumstances, how much would a homeowners policy pay?
All of the following are special personal property limits under a homeowners policy EXCEPT
$500 for business personal property on the insured premises
The business owners policy liability coverage will pay for necessary medical expenses of others incurred within what maximum time period?
In addition to the coverages built into the property coverage form, insurers may offer other endorsements that can further expand the coverage provided in the policy
For an additional premium
All of the following statements are true regarding employee dishonesty optional coverage under the business owners policy (BOP) EXCEPT
It provides coverage for all employees, even those employees who were terminated in the past 90 days
Which of the following would NOT be covered by HO liability insurance?
Which of the following could be covered by an HO policy?
An oriental rug in an on-premises apartment
The extension of coverage under the Commercial Fine Arts Floater includes coverage for newly acquired property for a maximum of
An insured with a Homeowners policy has removed property from the insured location to protect it from loss that could be caused by a covered peril. The removal coverage applies for how many days?
If an insured covered under a Mobile Homeowners Policy moves the mobile home to protect it from a covered peril, the policy will pay up to
If the actual values exceed the limit of insurance, the businessowners policy (BOP) contains a seasonal increase provision that automatically increases the limit of insurance for business personal property by
The removal coverage included in the broad form dwelling policy will cover property temporarily removed from the premises to protect it from damage for a long time?
The common policy condition is a modular part combined with other parts to create the contract. The common policy condition section contains provisions that are applicable to all lines of coverage that may be included in the policy. Which of the following provisions would be found in the common policy conditions section of the policy?
The first named insured may cancel the policy at any time by giving written notice to the insurer
Sets with similar terms
Types of Property Policies
Property and Casualty Insurance
Section 8- Commercial Lines Insurance
Other sets by this creator
Types of Casualty Policies, Bonds, and Related Ter…
Policy Provision and Contract Law
Property and Casualty Insurance Terms and Related…
Recommended textbook solutions
Mathematics with Business Applications
Fundamentals of Financial Management, Concise Edition
Eugene F. Brigham, Joel Houston
Marketing Essentials: The Deca Connection
Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese
Accounting: What the Numbers Mean
Daniel F Viele, David H Marshall, Wayne W McManus
Other Quizlet sets
EDAC study questions
2 Kings 2 RA KJV
Chapter 53 ( Assisting in Phlebotomy )
Chapter 17 A&P 2