Unit Ten Commercial Package Policy (CPP)

Question 1

What is interline endorsements?

Answer 1

Endorsements that may be used with more than one line of insurance

Question 2

Commercial package policy(CPP)
Think about the shopping cart analogy

Answer 2

• common policy declarations
• common policy conditions
• two more coverage parts
• one property/one casualty

Question 3

What two sections are part of every CPP

Answer 3

Policy declarations and the common policy conditions

Question 4

What does the common policy declarations contain?

Answer 4

Information about who is insured when the coverage is an effect and for what Line(property or casualty)

Question 5

If canceling a common policy condition, what must happen?

Answer 5

• notices to the first named insured.
• premium refund to the first named insured
• request from first name insured

Question 6

Who is authorized to make changes in the terms of policy?

Answer 6

The first name insured

Question 7

What does the premiums condition state?

Answer 7

The first named insured is responsible for the payment of all premiums and will receive any return premium due

Question 8

Under the examination of your booking records condition, if being audited, how far can they go?

Answer 8

Up to three years

Question 9

Under the examination of your booking records condition, if being audited, how far can they go?

Answer 9

Up to three years

Question 10

What is the assignment clause?

Answer 10

It changes the insured as long as the insurance company agrees, or is automatic, if the named insured dies