unit12

Question 1

what is marine insurance

Answer 1

covers loss or damage to ship including in-transit cargo over water, air., or land

Question 2

what is inland marine insurance

Answer 2

indemnifies loss to any property in transit a.k.a floaters coverage or property on land

Question 3

inland marine insurance typically covers what

Answer 3

1. property actually in transit
2. held by a bailee
3. at a fixed location that is an instrument or transportation
4. a movable type of goods that is often at different locations

Question 4

six categories of eligible marine risk

Answer 4

1. imports
2. exports
3. personal floaters
4. domestic shipments
5. instrumentalities of transportation or communication
6. commercial property floater risk

Question 5

imports and exports are covered by what

Answer 5

ocean marine insurance

Question 6

personal property floater risk are covered by what

Answer 6

personal inland marine insurance

Question 7

what does commercial inland marine insurance cover

Answer 7

1. domestic shipments
2. instrumentalities of transportation or communication
3. commercial floater risk

Question 8

commercial property floater risks includes

Answer 8

bailee’s customer forms, equipment forms, and business floaters

Question 9

instrumentalities of transportation or communication includes what kind of forms

Answer 9

forms that cover property related to transportation or communication such as bridges, pipelines, and television towers

Question 10

inland marine insurance vs commercial personal property

Answer 10

inland marine- usually are open peril and don’t require the property to be at a specific location when the loss occurs

Question 11

the commercial articles coverage form defines covered property as what

Answer 11

cameras, projection machines, films, musical instruments and related equipment

for professional photographers and musicians

Question 12

payment for commercial articles coverage form

Answer 12

pay the lesser amount of 25% of the policy limit or $10,000

Question 13

accounts receivable coverage form

Answer 13

reimburses insured for amounts that can’t be collected from customers because of damage to the company’s accounts receivable records

Question 14

sign coverage form

Answer 14

only outdoor signs attached to building 2,500 per sign limit

not covered during transportation, repairing or dismantling

Question 15

annual transit policy protects what

Answer 15

the shipper or receiver of goods against loss to goods in transit

Question 16

bill of landing

Answer 16

coverage against loss to cargo in transit

identifies carrier’s responsibilities

Question 17

trip transit policy

Answer 17

similar to annual transit policy except insures single shipments for companies who occasional ship

Question 18

motor truck cargo coverage

Answer 18

covers cargo up to a set monetary limit that trucker determines

Question 19

owner’s goods on owner’s trucks a.k.a.

Answer 19

motor truck cargo- shipper’s form or the motor truck cargo-owner’s form

provides coverage for companies that transport their own goods

Question 20

bailor

Answer 20

owner of property

Question 21

domestic shipments inland marine transportation form cover shipments traveling by what

Answer 21

air, train, or mail. not car

Question 22

if the insurance company request a proof of loss on a commercial inland marine claim, the insured must submit it within how many day

Answer 22

60 days

Question 23

exclusions to accounts receivable coverage form

Answer 23

bad debts, insured dishonesty, billing errors, records alterations, war and nuclear hazard