Ch. 7 - Businessowners Policy Flashcards
How is premium paid for the businessowners policy?
As one indivisible premium
What coverages are provided by a business liability coverage form?
Business liability coverage includes:
BI, PD, PI, AI, and medical expenses.
What businesses qualify for coverage under a businessowners policy?
Small to medium size businesses
What are some of the types of business that are excluded from coverage under a businessowners policy?
- auto sales and servicing
- Large banks
- Bars and grills
- Places of amusement
- Manufacturers
What is included in coverage territory in businessowners policies?
USA and its territories and possessions, Puerto Rico, and Canada
A businessowners policy is sold as package. What does that mean?
Coverage includes both property and liability
The businessowners policy liability coverage will pay for necessary medical expenses of others incurred within what maximum time period?
1 year
What type of policy is a businessowners policy?
Prepackaged, stand-alone policy
When can an insured cancel a businessowners policy?
At any time by mailing a written notice of cancellation
A businessowners policy is mostly similar to what other insurance form?
Homeowners
