Commercial Auto
The symbol that designates any auto used in the insured's business, regardless of ownership?
What is Symbol 1
The Vacancy provision in a property policy specifies how coverage is affected if a building is vacant for more than how many days?
60 days
This principle means to restore an individual to the same financial or economic condition that existed prior to a loss.
What is indemnity
This covers the loss of funds resulting from a fraudulent instruction that directs a financial institution to transfer, pay, or deliver funds from the insured's bank account.
What is Fund Transfer Fraud
What is the correct term for the party who issues a bond and must guarantee fulfillment of the obligation by paying damages if the principal defaults?
What is the Surety
This endorsement extends coverage for an employee or executive who is furnished with a company car and does not own or insure an auto personally. Coverage is provided when the scheduled individual drives a non-owned vehicle.
What is the Drive Other Car Endorsement
This GL form only covers a claim if both the occurrence and the notice of the claim take place within a certain time period.
What is a Claims-Made Form
A contract that results in an unequal exchange of consideration due to the uncertainty of an event or loss.
What is an aleatory contract
The only type of Insuring Agreement that covers dishonest acts committed by the insured's employees.
What is Employee Theft
In order for NFIP coverage to apply, a flood must involve how many acres of the insured's land, or of the insured's land and an adjacent piece of land?
2 acres of the insured's land, or 2 acres combined of the insured's land and an adjacent piece of land
Generally, all of the following would be considered Mobile equipment, EXCEPT: power cranes, bulldozers, forklifts, dump trucks, and backhoes.
Dump trucks
An insured suffers a covered loss to rental property that requires the tenant to move to another location. Under which section of the dwelling policy would the insured receive payment while the property is being repaired?
Coverage D - Fair Rental Value
A negligent action that is the most important event in the chain of events that resulted in an injury.
What is Proximate Cause
If an employer is concerned about being sued by current or recently terminated employees who allege that their legal rights were violated, what kind of coverage could offer protection?
Employment Practices Liability Insurance
This type of bond guarantees that a general contractor will complete a contract as drawn.
What is a performance bond
An insured's vehicle is at-fault in a collision. Who is likely not going to receive bodily injury payouts from Section ll-Bodily Injury of the Business Auto Policy? The injured employee, the pedestrian that was struck by the insured's vehicle, or the injured driver of the other car?
The injured employee. They will be covered by Worker's Comp.
A Supplemental Extended Reporting Period (SERP) allows for claims to be reported how long after the end of the policy period?
The claim reporting period for a SERP is of unlimited duration.
A Condition within most P&C policies that transfers rights of recovery to the insurer. This Condition allows the insurer to recover claim amounts and prevents the insured from collecting twice for the same loss.
What is Subrogation
Commercial Crime insurance is written on which 2 types of forms?
What is the Loss-Sustained Form or Discovery Form
A condition that increases the probability or likelihood that a loss will occur from a peril.
What is a hazard?
This coverage form was designed to cover business exposures due to transporting goods owned by others for hire and transporting their own property. It is a variation of traditional Truckers coverage.
What is the Motor Carrier Coverage Form
Which of the following are generally NOT covered on a Building and Personal Property Form: fixtures, additions, materials & supplies within 100 ft, and electronic data?
What is electronic data
A certain amount of funding set aside by an insurance company to meet any future claims it may have to payout.
What are Reserves
Professionals such as insurance agents, attorneys, architects, accountants, and engineers who provide services and whose negligent acts may result in financial harm to a third party should consider what kind of insurance?
What is Errors & Omissions Insurance
Under AZ Work Comp law, a non-self-insured employer has the right to direct an injured employee to a physician of their choosing for how many visits?
Only 1. Thereafter the employee may choose what physician to continue seeing.