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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
Q

Breach of Warranty

A

not fit for intended use

26
Q

CGL Occurrence Form

A

Essentially this allows an unlimited discovery period.

27
Q

CGL Claims-Made Form

A

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
Q

Extended Reporting Period

A

allow the insured to report claims after the end of the policy period.

29
Q

Basic Extended Reporting Period (BERP)

A

no additional charge

five (5) years

reported to the insurer no later than sixty (60) days after the end of the policy period

30
Q

Supplemental Extended Reporting Period (SERP)

A

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
Q

Advertisement Injury

A

paying for a billboard that indicates a competitor is a crook. Another example would be copyright infringement

32
Q

Coverage C - Medical Payments - first aid

A

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
Q

Cost of bail bonds up to
250
150
500

A

250

34
Q

Business Auto Policy
Not included

A

off road vehicles such as bulldozers, graders, forklifts, etc

35
Q

Workers’ Compensation provides a no-fault method of handling claims for employment related losses

A

Workers’ Compensation provides a no-fault method of handling claims for employment related losses

36
Q

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

A

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
Q

Death Benefits

A

within 2yrs

38
Q

Insured’s duties if injury occurs

A

(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
Q

Commercial Inland Marine - transportation

A

Open Perils Policy.

40
Q

Builder’s risk provides coverage for all parties that have an insurable interest in the project including the owner, general contractor, and subcontractors.

A

Builder’s risk provides coverage for all parties that have an insurable interest in the project including the owner, general contractor, and subcontractors.

41
Q

installation floater

A

specific contractor

42
Q

Surety Bond serves as a guarantee of performance

A

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
Q

if that conduct falls short, the Surety is responsible to the Obligee for compensation.

A

if that conduct falls short, the Surety is responsible to the Obligee for compensation.

44
Q

Bid Bonds

A

if the contractor is awarded the contract, it will be accepted;

45
Q

Fidelity Bond

A

protects a business from dishonest acts by employees of the business

for employee dishonesty

46
Q

Commercial Umbrella Liability

A

a minimum of $1 million of insurance but typically are written with limits of $10 million or more

47
Q

Loss of Income BOP
6mn
3mn
12mn
24mn

A

12 mns

48
Q

Business Owners Policy (BOP) Deductible

A

500

49
Q

Buildings under construction are NOT considered vacant.

A

Buildings under construction are NOT considered vacant.

50
Q

Ineligible Risks under the Business Owners Policy (BOP)

A

(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
Q

Basic Extended Period

A

6 years

52
Q

Bop covers attached signs

A

Bop covers attached signs

53
Q

Basic garage does not cover garage

A

Bop covers attached signs

54
Q

Pays NET INCOME

A

Pays NET INCOME

55
Q

CGL LIABILITY COVERS advertising

A

CGL LIABILITY COVERS advertising

NC State Claims Exam (12 decks)

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