Chapter 8

Question 1

Texas Business Owners Policy (TBOP)

Answer 1

Cover small to medium size business risks.

Question 2

Categories of small businesses (A STORM)

Answer 2

Apartments

Self Storage

Trade Contractors

Offices

Restaurants

Mercantile

Excludes credit unions or banks

Question 3

Texas Business Owners Policy (TBOP) offers 3 different forms

Answer 3

Standard

Broad

Special

Question 4

Texas Business Owners Policy section 1 property coverages (2)

Answer 4

Coverage A - Building

Coverage B - Personal property - also covers property of others and property while in transit

Question 5

Texas Business Owners Policy section 2 Liability coverages (2)

Answer 5

Coverage C - Business Liability

Coverage D - Medical Expenses ($5,000)

Question 6

Texas Business Owners Policy conditions

Answer 6

Deductible for all losses to Section 1 is $500 (except for Business Income or Extra Expenses)

Vacancy

Cancellation/Non-renewal

Midterm Cancellation - Fraud, Non-payment, increase in hazard