Commercial chp 1

Question 1

Real Property ( Realty)

Answer 1

Tangible property consisting of land, all structures permanently attached to the land and whatever is growing on the land

Question 2

Personal Property

Answer 2

All tangible or intangible property that is not real properly

Question 3

Commercial Property Coverage Part

Answer 3

Commercial package policy CPP coverage component that provides a broad range of coverages to “middle market” or larger firms to insure buildings and business personal property

Question 4

Commercial Package Policy CPP

Answer 4

policy that covers two or more lines of businesses by combining ISO’s commercial lines coverage part

Question 5

Monoline Policy

Answer 5

policy that covers only one line of business

Question 6

Package Modification Factors

Answer 6

factors that are applied to the regular policy premiums for certain coverage parts of a CPP that insluces both property and liability coverages, resulting in premium discounts for those coverage parts

Question 7

Commercial Property Declarations Page

Answer 7

a. A required commercial property coverage part component that provides basic information about the policyholder and the insurance provided

Question 8

Commercial Property Coverage Form

Answer 8

a. A commercial property coverage part component that can be any of several commercial property forms containing an insuring agreement and related provisions

Question 9

Causes of loss form

Answer 9

a. A required component of the commercial property coverage part that specifies perils covered

Question 10

Commercial Property Conditions

Answer 10

a. A required component of the commercial property coverage part that contains conditions applicable to all commercial property coverage forms

Question 11

Improvements and betterments

Answer 11

alternations or additions made to the building at the expense of an insured who does not own the building and who cannot legally remove them