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PnC California - Study Material > Commercial Lines > Flashcards

Commercial Lines Flashcards

1
Q

CPP policies are considered to be modular polices also known as…

A

Commercial Lines Program

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2
Q

Commercial Package Policy (CPP) must contain…

A

Common Declaration

Common Conditions

At least 2 Cov. Parts/Modules (any 2 parts)

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3
Q

The terms “you” and “your” in Commercial policies refers to…

A

The named insured

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4
Q

Major advantages of a commercial lines package program over purchasing the coverage on a monoline basis…

A

Fewer policies

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5
Q

The 6 Common Conditions for a commercial package policy are:

A 
Cancellation
Changes
Examination of Books & Records
Inspection & Surveys
Premium
Transfer of Rights & Duties
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6
Q

Fewer policies to buy and maintain is one major advantage of purchasing a modular…

A

Package Policy/Commercial lines policy

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7
Q

All commercial package policies must include a…

A

Declaration, Conditions, and 2 Cov. Parts of Commercial

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8
Q

The insurer has the right to audit or examine insured’s books XXX during the policy period and up to XXX years after expiration.

A

Anytime; 3 years

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9
Q

What type of policy is known as a modular policy?

A

CPP or Commercial lines program

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10
Q

What two coverage parts must be included in order for the CPP to be discounted?

A

Property and Liability

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11
Q

The purpose of the inspection and surveys condition is to determine insurability and…

A

Rating (premiums to be charged)

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12
Q

The Building Person Property (BPP) form consist of 3 categories:

A

Cov. A covers the buildings

Cov. B covers the business personal property

Cov. C covers property of others

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13
Q

Improvements and betterments under BPP are insured under what coverage category…

A

Coverage B - Business personal property

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14
Q

Define Builders Risk

A

Form used to cover buildings under construction

excludes peril of theft and cannot be declared vacant

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15
Q

Under a building and personal property Cov. Form a building has been vacant for more than 60 consecutive days what effect will this have on a fire?

A

Suspend of 5 perils & other perils by 15%

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16
Q

Forms that cover windstorm?

A

Basic, Broad and Special

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17
Q

Forms that cover glass coverage.

A

Broad & Special

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18
Q

A tenant in a leased building who makes improvements that are not legally removable should purchase coverage for…

A

Betterments and improvement to insure their investment in these improvements (Coverage B).

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19
Q

Form used to insure buildings under construction describes…

A

Builders Risk

20
Q

If a building is vacant for 75n days what perils if any would be suspended?

A

Glass, water, theft, sprinkler & vandalism

21
Q

Which commercial property form contains most the exclusions that apply to a commercial property policy?

A

Cause of loss (form of perils)

22
Q

What indirect coverage form is used to prevent suspension of the business after an insured direct loss?

A

Extra expense

23
Q

Commercial General Liability (CGL) consists of two coverage forms…

A

Occurrence (the policy that was in force when the occurrence happened) and Claims-made (what triggers coverage is when was the claim filed)

24
Q

What is the difference between occurrence and claims-made for CGLs?

A

The coverage trigger (what activates coverage)

25
Q

(Blank) is the earliest date that an occurrence can occur and still be covered under the current policy.

A

Retroactive date

26
Q

(Blank) provides the insured up to 60 days after the policy expires to report an incident that happened before the policy expires.

A

Basic Extended Reporting Period (BERP)

27
Q

A claims made CGL can be endorsed with a…

A

Supplemental Extended Reporting Period (SERP) - extend the reporting period indefinitely

28
Q

CGL extends coverage to the following loss exposures…

A 
Premises & operations
Product
Completed operations
Contractual
Contingent

*Excludes pollution liability

29
Q

CGL has 2 aggregate limits…

A

General

Product & completed operations

30
Q

CGL Section 1 pertains to…

A

Cov. A - Bodily injury & property damage

Cov. B - Personal & Advertising injury

Cov. C - Medical Payments

31
Q

An aggregate is the maximum amount the policy will pay…

A

Per year

32
Q

Inland Marine policies normally provide which type of peril coverage?

A

Open peril

33
Q

Which inland marine form is used to cover maps, deeds and abstracts?

A

Valuable papers

34
Q

What form is used by the centers/hubs that ship and receive goods of others on a regular basis.

A

Annual transit

35
Q

Annual transit is a non-filed marine form that can be written…

A

In Named peril

36
Q

What form is used to insure a single shipment?

A

Trip Transit

37
Q

What are the 3 Commercial Auto forms?

A

Truckers, Business & Garage

38
Q

Vehicles insured are identified by Symbols. What are they?

A 
Symbol #1 - Any Auto
Symbol #4 - Owned Auto
Symbol #7 - Specifically described
Symbol #8 - Vehicles rented
Symbol #9 - When employers drive conducting company business
39
Q

Which part of the Garage policy covers physical damage to customers car?

A

Garage Keepers

40
Q

Which part of the Garage Policy covers work done on the customers car?

A

Garage liability

41
Q

What endorsement would be needed so that a Business Auto policy would cover a car rented while on vacation?

A

Extended non-owner

42
Q

Crime coverages are needed since commercial property policies do not provide coverage for…

A

Money or employee theft

43
Q

Other than money & securities means what in Crime coverages?

A

Tangible business property

44
Q

Which form would cover losses that occurred during policy period and 1 year later?

A

Loss Sustain Form

45
Q

Which form would cover losses that are discovered during policy period but happened prior?

A

Discover Form

46
Q

What is it called when losses can be found up to 1 year after the policy expires?

A

Discovery period

PnC California - Study Material (11 decks)

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