Unit Sixteen Crime Insurance

Question 1

What does crime insurance protect against?

Answer 1

A variety of losses that can occur due to crimes involving the loss of property or money and securities.

Question 2

What are the different types of crimes that are covered in crime insurance?

Answer 2

Burglary
Safe burglary
Robbery
Theft
Forgery
Mysterious disappearance

Question 3

What is a custodian?

Answer 3

Someone who has care or custody of property inside the premises

Question 4

What is a messenger?

Answer 4

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

Question 5

What is a watchperson?

Answer 5

Someone retained specifically by the insured who sold duty is to have care in custody of property inside the premises

Question 6

What is crime insurance written under?

Answer 6

A loss sustained form

Question 7

What does a loss sustained form cover?

Answer 7

Losses that are sustained during the policy. And discovered either during the policy. Or up to one year after the policy. Expires.

Question 8

With crime insurance, what is it written on?

Answer 8

A discovery basis that covers losses that are sustained at any time and discovered either during the policy period Or up to 60 days after the policy. Expires.

Question 9

What does employee theft coverage pay for?

Answer 9

The loss of or damage to money securities and other personal property resulting from theft or forgery committed by an employee either acting alone or collusion with others

Question 10

What does forgery or alteration coverage pay for?

Answer 10

The loss resulting from forgery or alteration of checks, drafts, promissory notes, or similar instruments, made drawn by or on the named insured or the insureds agents

Question 11

What does inside the premises, theft of money and securities coverage pay for?

Answer 11

The theft, disappearance or destruction of money insecurities, while inside the insurance premises or banking premises

Question 12

What does the outside the premises coverage provide?

Answer 12

There are two different types of coverages one that covers theft, disappearance, or destruction of money and securities while outside the premises
Loss of other property by actual or attempted robbery while outside the premises

Question 13

What does computer fraud coverage cover?

Answer 13

Loss of or damage to money securities, and other property due to the use of a computer or fraudulently transfer that property from inside the premises or banking premises to a place or person outside the premises

Question 14

What does money orders in counterfeit money coverage provide

Answer 14

It covers the losses that result when the insured accepts invalid, money, orders, or counterfeit money in good faith

Question 15

What does computer computer and funds transfer fraud coverage provide

Answer 15

Covers losses resulting from fraudulent instructions to a financial institution to pay money from insurance account

Question 16

What does the extortion commercial entities endorsement pay for?

Answer 16

The loss of money securities and other property resulting from extortion

Question 17

What does the guest property coverage provide?

Answer 17

Covers money securities, and other property owned by hotel guest while on the insured premises, the insured possession, or in a safe deposit box on the insured premises

Question 18

What is a bond?

Answer 18

A financial contract that promises to pay money if a prom made by one party to another is broken

Question 19

List the three parties that bonds are contracts between

Answer 19

• principal
• surety
• obligee

Question 20

Who makes the promise?

Answer 20

The principal

Question 21

Who is the Party to whom the promise was made to

Answer 21

Obligee

Question 22

Who is the Party who promises to pay if promises broken

Answer 22

Surety

Question 23

What are common among contract bonds?

Answer 23

• bid bonds
• performance bonds
• payment bonds
• supply bonds

Question 24

What are bid bonds?

Answer 24

Guarantee that if a contractor bid is accepted, the contractor will enter into a contract and provide the required per performance bond

Question 25

What are performance bonds?

Answer 25

Guaranteed that jobs will be completed by the contractor according to the contract specifications

Question 26

What are payment bonds?

Answer 26

Guaranteed that bills for labor and materials will be paid by the contractor as they are due

Question 27

What are supply bonds?

Answer 27

Guaranteed that a supplier will furnish supplies, products or equipment at an agreed-upon price and time

Question 28

What do judicial bonds guarantee?

Answer 28

That the principal Wolf of feel certain obligation set for by law.

Question 29

What are the two types of judicial bonds?

Answer 29

Fiduciary bonds and court bonds

Question 30

What are fiduciary bonds?

Answer 30

Required for individuals who manage the affairs/assets for another person

Question 31

What is a court bond?

Answer 31

Used to settle legal arguments that do not involve monetary damages

Question 32

What is a court bond?

Answer 32

Used to settle legal arguments that do not involve monetary damages

Question 33

What are the other two types of bonds?

Answer 33

Public official bonds and license and permit bonds

Question 34

What are public official bonds?

Answer 34

Guarantee that public officials will handle public money correctly and otherwise performed their duties faithfully and honestly

Question 35

What is the license and permit bonds?

Answer 35

Guarantee that the person who post the bond will comply with all applicable laws pertaining to their activities

Question 36

What are the different types of Fidelity bonds?

Answer 36

Employee honesty
Name schedule
Position schedule
Commercial blanket
Blanket position