Chapters 11-14

Question 1

the taking of property from inside the premises or from a locked safe or vault by a person who commits forcible entry into, or exit from, the property of another while trespassing

Answer 1

Burglary

Question 2

any act of stealing and includes losses by burglary or robbery

Answer 2

Theft

Question 3

like the Claims-made Form, requires the use of a retroactive date, and provides coverage for losses that are discovered during the policy period, but did not necessarily occur during the policy period.

Answer 3

Discovery Form

Question 4

Can be added as an endorsement to the Commercial Crime coverage form to insure loss of money, securities, or property due to a threat made to the insured to cause bodily harm to employees, relatives, or guests who were kidnapped, or allegedly kidnapped or cause damage to the insured premises or property inside the insured premises.

Answer 4

Extortion

Question 5

not considered theft, burglary, or robbery; it is the loss of property when the cause of loss is not known.

Answer 5

Mysterious disappearance

Question 6

any person the insured retains specifically for the purpose of having care and custody of property inside the premises and who has no other duties

Answer 6

A watchperson

Question 7

The Crime coverage forms offer ______ optional insuring agreements and the insured may choose one, several, or all of the coverages.

Answer 7

Eight (8)

Question 8

the insured or any of the insured’s partners or employees, while having care and custody of covered property while inside the premises, excluding any person while acting as a watchperson or janitor.

Answer 8

Custodian

Question 9

is the insured, or any of the insured’s partners or employees, while having care and custody of covered property while outside the premises.

Answer 9

Messenger

Question 10

The Nationwide Marine Definition defines six broad classes of property:

Answer 10

1. imports
2. exports
3. domestic shipments
4. property in transit
5. instrumentalities of transportation or communication
   personal property floaters
6. commercial property floaters.