Commercial Policies

Question 1

Monoline policy

Answer 1

policy written as a single coverage

Question 2

Package policy

Answer 2

policy written as a single contract that includes more than one type of coverage

Question 3

Causes of Loss Forms
Basic

Answer 3

named peril form; covers 11 perils- similar to Personal Lines

Question 4

Causes of Loss Forms
Broad

Answer 4

named peril form; covers the same 11 perils as basic, plus 3 additional perils

Question 5

Causes of Loss Forms
Special

Answer 5

open peril form; covers all perils not specifically excluded in the policy

Question 6

Commercial Package Policy (CPP)
Policy Features:

Answer 6

-combination of modules (different types of coverage)
-basic structure: policy declarations+ policy conditions+ any of the coverage modules

Question 7

Commercial Package Policy (CPP)
Coverage Modules:

Answer 7

-commercial property
-general liability
-crime
-auto
-equipment breakdown
-inland marine
-farm

Question 8

Commercial General Liability (CGL)
Forms: Occurrence form

Answer 8

pays for losses that occur during the policy period, even if discovered after the policy period

Question 9

Commercial General Liability (CGL)
Forms: Claims-made form

Answer 9

pays for losses reported during the policy period as long as the loss occurred on or after the retroactive date established in the policy

Question 10

Coverage:
Coverage A

Answer 10

Bodily Injury and Property Damage

Question 11

Coverage:
Coverage B

Answer 11

Personal and Advertising Injury

Question 12

Coverage:
Coverage C

Answer 12

Medical Payments