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NC State Claims Exam > Commercial > Flashcards

Commercial Flashcards

1
Q

BPP

A

Build and personal property

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2
Q

Cause of loss

A

Covered perils

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3
Q

Cause of loss options

A

Basic
Broad
Special
Earthquake

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4
Q

BPP COVERS OWNED OR RENTED BUILDiNGS

A

Owned

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5
Q

Business Personal Property distance to building
100ft
200ft
300ft

A

100

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6
Q

Debris Removal

A

25% of loss
Over 25% then, up to additional 10k is avaliable

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7
Q

Fire Dept

A

1k, no ded

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8
Q

Pollutant clean up

A

10k max
In any 12mn

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9
Q

Increased cost of construction

A

Lesser of
10k or 5% increase

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10
Q

Non owned trailer

A

5k when in our possession

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11
Q

Volcanic commercial

A

168hr

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12
Q

Basic Peril

A

WCSHAVER similar to
Sprinkler, sinkhole, fire, lighting

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13
Q

Broad Peril

A

BIG AFFECT similar

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14
Q

Special Perils is OPEN PERILS

A

Special Perils is OPEN PERILS

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15
Q

Commercial Glass limits

A

100 per panel
500x

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16
Q

Property in Transit limits
Special coverage

A

1k per loss
More than 100ft

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17
Q

Builder’s Risk Form

A

insures building contractors

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18
Q

Business Income (interruption) waiting period

A

72 hour

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19
Q

Business Income Extra Expense DOES NOT includes a waiting period

A

Business Income Extra Expense DOES NOT includes a waiting period

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20
Q

Extra Percentage availability (40/80/100) of face amount

A

(a) Thirty (30) days or less, the 40% applies;

(b) Over thirty (30) days but not more than sixty (60) days, the 80% applies;

(c) Over sixty (60) days, the 100% applies.

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21
Q

CRIME COVERAGE - Loss Sustained (time limit)
1y
2y
3y

A

1y

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22
Q

Employee Theft (Form A)

A

coverage for loss of money or property due to the dishonest acts of an employee

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23
Q

Accident Exclusions in the Boiler and Machinery

A

(a) Leakage at any valve or fitting;

(b) Breakdown of any vacuum tube, glass tube or brush;

(c) Breakdown of any electronic computer or electronic data processing equipment;

(d) Breakdown of any structure or foundation supporting an object or any of its parts;

(e) Malfunctioning of any safety or protective device.

24
Q

Business owners can be legally liable for four losses to third-parties

A

(1) Bodily Injury (BI), (2) Property Damage (PD), (3) Personal Injury and (4) Advertising Injury.

25
Breach of Warranty
not fit for intended use
26
CGL Occurrence Form
Essentially this allows an unlimited discovery period.
27
CGL Claims-Made Form
The Claims-Made CGL policy requires that the loss occurred during the policy period and reported during the policy period. known as a retroactive date
28
Extended Reporting Period
allow the insured to report claims after the end of the policy period.
29
Basic Extended Reporting Period (BERP)
no additional charge five (5) years reported to the insurer no later than sixty (60) days after the end of the policy period
30
Supplemental Extended Reporting Period (SERP)
must be purchased within thirty (30) days after policy expiration an unlimited duration and begins when the coverage provided by the Basic Extended Reporting Period (BERP) ends
31
Advertisement Injury
paying for a billboard that indicates a competitor is a crook. Another example would be copyright infringement
32
Coverage C - Medical Payments - first aid
requires the insurer to pay all reasonable medical expenses for first aid at the scene, necessary medical, surgical, dental services resulting from a covered injury regardless of fault
33
Cost of bail bonds up to 250 150 500
250
34
Business Auto Policy Not included
off road vehicles such as bulldozers, graders, forklifts, etc
35
Workers’ Compensation provides a no-fault method of handling claims for employment related losses
Workers’ Compensation provides a no-fault method of handling claims for employment related losses
36
Disability benefits are not provided for the initial seven (7) days of covered disability If more than 21 days, the 1st 7 days will be paid retroactively
Disability benefits are not provided for the initial seven (7) days of covered disability If more than 21 days, the 1st 7 days will be paid retroactively
37
Death Benefits
within 2yrs
38
Insured’s duties if injury occurs
(a) Provide medical services as required by Workers’ Compensation law; (b) Provide information to the insurer about the injury; (c) Notify the insurer promptly of all notices, demands and legal papers; (d) Cooperate with the insurer in the investigation, settlement or defense of a claim; (e) The insured may not make any voluntary payments, assume any obligations, or incur expenses unless approved by the insurer.
39
Commercial Inland Marine - transportation
Open Perils Policy.
40
Builder’s risk provides coverage for all parties that have an insurable interest in the project including the owner, general contractor, and subcontractors.
Builder’s risk provides coverage for all parties that have an insurable interest in the project including the owner, general contractor, and subcontractors.
41
installation floater
specific contractor
42
Surety Bond serves as a guarantee of performance
Surety merely lends its name and credit to guarantee an obligation between two (2) parties. The Surety Bond guarantees that the principal (known as the Obligor) is honest and has both the financial capacity and the work expertise to carry out the obligation for which he or she is bonded
43
if that conduct falls short, the Surety is responsible to the Obligee for compensation.
if that conduct falls short, the Surety is responsible to the Obligee for compensation.
44
Bid Bonds
if the contractor is awarded the contract, it will be accepted;
45
Fidelity Bond
protects a business from dishonest acts by employees of the business for employee dishonesty
46
Commercial Umbrella Liability
a minimum of $1 million of insurance but typically are written with limits of $10 million or more
47
Loss of Income BOP 6mn 3mn 12mn 24mn
12 mns
48
Business Owners Policy (BOP) Deductible
500
49
Buildings under construction are NOT considered vacant.
Buildings under construction are NOT considered vacant.
50
Ineligible Risks under the Business Owners Policy (BOP)
(1) Manufacturing; (2) Automobile dealers, auto repair and auto service; (3) Banks, savings and loans, and other financial institutions; (4) Places of amusement (fairs, carnivals, theaters, bowling alleys, etc.); (5) Contractors or wholesalers.
51
Basic Extended Period
6 years
52
Bop covers attached signs
Bop covers attached signs
53
Basic garage does not cover garage
Bop covers attached signs
54
Pays NET INCOME
Pays NET INCOME
55
CGL LIABILITY COVERS advertising
CGL LIABILITY COVERS advertising

NC State Claims Exam (12 decks)

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