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Chapter 12: Miscellaneous Commercial Policies
Terms in this set (32)
The Nationwide Marine Definition includes all of the following classes of property, except:
The Controlled Inland Marine Coverage forms provide insurance for which of the following?
Which of the following is covered under the Electronic Data Processing Floater?
Under Ocean Marine Coverage, breach of each of the following implied warranties will void the contract, except:
Express warranties are those that are written into the policy contract.
Protection and Indemnity (P&I) Insurance is similar to which of the following coverages?
All of the following underlying coverages must be purchased in order to qualify for the Umbrella and Excess Liability policy, except:
Which of the following perils cannot be insured under a professional liability insurance policy?
Bonds are contracts that involve all of the following parties, except:
Which of the following bonds is not a type of Fidelity Bond?
The Equipment Breakdown Protection Coverage Form does not provide which of the following types of coverage?
Earth movement damage
The types of coverage also include expediting expenses, business income and extra expense, newly acquired premises, ordinance or law, errors and omissions, and brands and labels.
Under the Equipment Breakdown Protection Coverage Form, the __________________ condition will apply if the covered equipment is subject to a dangerous exposure.
Suspension--The Suspension condition allows the insurance company to immediately suspend coverage against the loss.
The Farm Liability Insurance policy covers each of the following, except:
Coverage K - Non-farming Liability
Which of the following is not an Aviation Insurance Cause of Loss?
Ground taxi only
All risk covers when the aircraft is on the ground, during taxi, and in flight.
Which peril is excluded on the Crop and Hail Insurance policy?
This policy also excludes failure to harvest a mature crop, share cropping, loss from injury to buds, blossoms, blooms, leaves, and vines unless the crop is affected.
Under Marine Policies, the term uncontrolled means forms that:
Are not standardized by any rating bureau
Uncontrolled forms are developed by individual companies to meet the needs of the company and its target market. They will normally differ from insurer to insurer.
Under the Equipment Breakdown Protection Coverage Form, Expediting Expenses coverage pays for which of the following?
Temporary expenses to expedite permanent repairs of damaged property essential for the operation of the business
Which statement is false regarding the Farm Liability Coverage Form?
Medical payments provide coverage only when the insured is legally liable
Medical payments cover injuries even if the insured is not liable. A neighbor with whom the insured is exchanging help, without remuneration, would be covered under medical payments.
Which statement is true regarding the Accounts Receivable coverage form?
It covers the insured's uncollectibles from customers due to a direct physical loss of the insured's business records
According to the Nationwide Marine Definition, all of the following risks may be insured by inland marine insurance, except:
Inland Marine insurance is designed for property that is portable, or that is being shipped from place to place. Generally, fixed property is not eligible.
The Annual Transit Form is designed for which of the following?
Protecting property being shipped to others or being received from others on multiple occasions throughout the year
All of the following are true of the Equipment Breakdown Protection Coverage Form, except:
Malfunction is included in the definition of breakdown
Inland Marine Policies are primarily designed to insure:
Property that is mobile in nature and may be away from insured's premises
Regarding inland marine policies, which of the following statements is false?
The Bailees Customers Form covers the insured's propert
Which of the following covers equipment during transportation, unloading and installation up to the point control is given to the buyer?
Installation Floater, designed to cover contractors for the equipment they are installing on contracted jobs while that equipment is being transported or being installed on the job site
The Accounts Receivable Coverage Form will cover loss of records that results from:
The collapse of a building damaged by fire ( would be considered a direct loss by fire.)
The Farm Liability Coverage Form provides all of the following coverages, except:
Under the Farm Property Coverage Form, the Special Causes of Loss form would insure against all of the following, except:
Dishonest or criminal acts, pollutants, or contaminants
The Farm Property Coverage form excludes losses caused directly or indirectly by ordinance or law, earth movement (other than sinkhole collapse), government action, intentional loss, nuclear hazard, off-premises services, war and military action, or flood or surface water.
Which of the following would be covered by a law firm's professional liability policy?
A client sues a lawyer for purposely losing his case
Which of the following is not true of the Multi-Peril Crop Insurance?
The residual market provides this coverage at the state level
What is the method of property valuation used under the Businessowners Policy (BOP)?
Replacement Cost--Replacement cost is the valuation method for the building and business personal property as long as the limit of insurance for lost or damaged property at the time of the loss is at least 80% of the full replacement cost of the property.
Each of the following is a characteristic of an eligible risk for the BOP, except:
Section I - Property of the BOP covers which of the following types of property?
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