Sample Questions Flashcards
How does BOP differ from CPP?
BOP has packages specifically designed for small businesses
Federal Crop Insurance is sometimes called…
Residual market insurance
What is the limit of coverage on damage to a watercraft on a homeowners policy?
$1,500
When does coverage begin for a builders risk form?
On the date construction begins above the basement floor, needs to be real property to cover (not once premium is paid)
Which homeowners form covers improvements made at the insured’s expense?
HO-4 Renters
What type if peril best describes the DP-2 broad form policy?
Named Perils
What does HO-6 provide?
Coverage for personal property of a condominium owner
When a policy term ends and both the insured or insurance company wants to discontinue coverage, this is called…
Non-renewal
*cancellation is before policy term has ended
A women slips and falls and breaks her leg, which is the peril in this situation
The fall
What is another bane for open peril coverage form?
Special
What is volcanic blast, ash, lava and other matter called?
Volcanic action
What is not apart of the 11 covered perils on the basic form policy?
Mechanical breakdown
Which policy does not cover collapse?
Basic
Which form is triggered by damage or injury after the policy period has expired?
Occurrence form
How lo of an extended reporting period is available automatically and free of charge?
60 days for 5 years
A women chips her tooth on a rock that somehow got into a box of cereal, this is an example of?
The products-complete operations exposure
What is not included in the business auto coverage forms specified causes of loss coverage?
Collision
Included:
Theft
Flood
Earthquake
What is jot covered under employment practices liability insurance?
Physical injury
Included: Retaliation Discrimination Failure to promote Harassment
What does Differences in Conditions Insurance cover?
High severity and low frequency perils
Will also fill the gaps in commercial property coverage
What is Surplus Lines Coverage?
Carriers that do not need to be filed with a state insurance department in order to offer coverage
Commercial insureds who beed high liability limits should purchase what type of policy?
A Commercial Umbrella Policy
What type of liability protects those who manage private pension and employee benefit plans?
Fiduciary liability
What type of policy offers coverage for liability for employment-related acts?
Employment practices liability insurance
Aviation liability does not include…
The aircraft (this would be a separate property related policy)
What part of the workers comp policy explains how the cost of the policy is determined?
Part five
