Commercial Package Policy - Property Other Flashcards
A party who has temporary control of your property in storage or for repair is known as a: A. Licensee B. Mortgagee C. Attendee D. Bailee
Answer: D.
Jeweler's block covers all EXCEPT: A. A ring sold but left to be sized B. Jewelry stock for sale C. Earrings owned by the insured while being worn by and employee D. A customers ring left for repair
Answer: C.
The client has a boiler and machinery policy written with a policy limit of $100,000. If damage to covered equipment is caused by water, how much will the policy pay? A. $100,000 B. The amount of the loss C. The ACV of the machine D. $25,000
Answer: D.
Which business would not get a Bailee's policy? A. Bicycle repair shop B. Bank C. TV repair shop D. Dry cleaner
Answer: B.
Covered equipment on an equipment breakdown protection policy includes:
A. Vehicles
B. Aircraft
C. Equipment buried below ground
D. Equipment used in the transmission of energy
Answer: D.
Each of the following is true about farm coverages EXCEPT:
A. Farm coverage may be written as a mono line policy, or as part of a package
B. Livestock may be insured
C. Property and liability coverages may be included
D. The principal residence may be covered by farm or homeowners insurance
Answer: D.
Which of the following would be eligible to be insured on a commercial inland marine floater? A. Fixtures B. Exports C. Furniture D. Municipal bridge
Answer: D.
All of the following are true regarding expediting expenses coverage on an equipment breakdown protection policy EXCEPT:
A. There is no deductible
B. Breakdown of covered equipment is a covered peril
C. Coverage may be suspended by the insurer
D. Property damage to the property of others may be covered
Answer: A.
An inland marine policy that covers the insured's merchandise held for sale, the insured's property off premises, customer's property in the custody of the insured and property being transported is a: A. Bailee's customer's goods floater B. Jeweler's block policy C. Commercial articles floater D. Commercial equipment floater
Answer: B.
A commercial floater will provide coverage: A. U.S. & Mexico B. U.S., Canada and Mexico C. U.S, Canada and Puerto Rico D. U.S. And Canada
Answer: C.
On an ocean marine policy, the peril of voluntarily throwing cargo overboard to save the ship is known as: A. Jettison B. Barratry C. Abandonment D. Salvage
Answer: A.
Which of the following types of businesses needs Bailee's coverage? A. Office building B. Appliance repair shop C. Drug store D. Apartment house
Answer: B.
On an equipment breakdown protection policy, expediting expenses covers all EXCEPT:
A. The reasonable costs to make temporary repairs
B. The reasonable costs of permanent replacement
C. The reasonable costs to expedite permanent replacement
D. The reasonable costs to expedite permanent repairs
Answer: B.
Farm policies do not cover: A. Lightning B. Flood C. Windstorm D. Fire
Answer: B.
The BI and PD coverage on a farm liability policy provides coverage for:
A. Injury to a guest
B. Business activities other than farming
C. Pollution
D. Injury to the farmers
Answer: A.
