Study

Question 1

In commercial auto insurance why is symbol 7 the most restrictive?

Answer 1

Because it only applies to specifically described autos.

Question 2

In commercial auto insurance what does symbol 1 mean?

Answer 2

Broadest coverage available because any auto is covered and it includes all owned, hired, and nonowned auto’s.

Question 3

Burglary

Answer 3

Must be evidence of forcible entry or exit

Question 4

Robbery

Answer 4

Must have caused or threatened to cause bodily harm to another person in order to be considered a robbery.

Question 5

Larceny (Theft)

Answer 5

Taking things that don’t belong to you but usually done secretly trying to escape notice.

Question 6

Custodian

Answer 6

Someone who has care or custody of property inside the premises.

Question 7

Messenger

Answer 7

Someone who has care and custody of property while it is outside the premises.

Question 8

Watchperson

Answer 8

Someone hired specifically by the insured to watch property inside the premises.

Question 9

Employee benefit plan

Answer 9

401(k), profit-sharing, help, life, or disability insurance plans.

Question 10

Securities

Answer 10

Stuff that represents money or property. Like checks, drafts, bonds, stock certificates, stamps, credit card receipts, etc.