Definitions
BOP
What is Businessowners Policy
The three BOP Components
What is Declarations, coverage form, and endorsement
This CGL coverage protects against bodily injury and property damage.
What is Coverage A?
This policy provides liability coverage for business vehicles.
What is the Business Auto Coverage Form (BACF)?
The technique that finds patterns in large data sets
What is data mining
Real Property and Personal Property
Real- tangible property consisting of land, permanently attached items, and whatever is growing on the land
Personal Property- movable items owned by a business such as supplies, furniture, machinery.
A warehouse catches fire and cannot ship products for two weeks. Besides repairing the building, what major financial loss is the company likely to experience?
What is business income loss
A customer sues because defective shelves collapsed after installation.
What is completed operations liability?
A company van collides with another vehicle.
What is Collision Coverage?
A hacker steals customer credit card numbers. What type of risk is this?
Cyber Risk
Occupational Disease
What is a disease though to be caused by the work or work enviroment
This part of the CPP explains the insured's duties after a loss and the insurer's obligations.
Commercial Property Conditions Form?
A grocery store customer slips on a wet floor and breaks an arm.
What is premises liability?
An employee uses their own car to make company deliveries and causes an accident.
What is a nonowned auto liability exposure?
A tornado destroys a factory, forcing the business to rent temporary space and continue paying managers' salaries during repairs. Name TWO financial consequences of the loss.
What are lost income and continuing/extra expenses?
Umbrella Policy
Policy that provides broader protection than an excess liability policy.
One insurance limit applies to several buildings.
What is a Blanket Limit?
A contractor finishes building a deck. Six months later it collapses because it was improperly constructed.
What is products/completed operations liability?
An uninsured driver totals your company pickup.
Uninsured Motorists (UM) Coverage?
An employee permanently loses partial use of one hand but continues working.
What is permanent partial disability?
Parametric Insurance
Pays a predetermined amount once a measurable event occurs, such as an earthquake exceeding a specified magnitude.
A business wants coverage tailored specifically to its operations by adding optional language to its policy.
What are endorsements
A customer is injured on company property while visiting during normal business hours.
Premises Liability
A company car is stolen overnight. Is this a covered loss? If so, what coverage does it fall under?
Yes. Comprehensive Coverage
The cost to replace damaged property without deducting for depreciation
Replacement Cost