Random 5
T/F Coverage C—Personal property includes property of family members living on the premises and student’s property at a dormitory, but it does not cover animals, motor vehicles, and property of roomers and boarders.
True
Up to _____ is provided to replace a tree, shrub, or plant, and Up to _____ is provided for the removal of a felled tree due to a covered peril
$500, $1000
The builder’s risk coverage form is a specialized property policy that covers buildings or dwellings under construction, what is the coinsure requirement for this coverage?
100%
What endorsement replaces the building code and ordinance exclusion with coverage to pay for losses resulting from the enforcement of a building code or ordinance?
The ordinance or law endorsement
A _-day waiting period applies on the initial flood policy
30
T/F -The eligibility for the homeowners policy is almost the same as the dwelling policy (e.g., residential structure, one to four units, and no farms), except the insure does not have to live on the premises to be eligible for the homeowners policy.
False- insured does have to live on the premises
Under the building and personal property coverage form, there are some of the additional coverages that are automatically given. What is the amount for cost of restoration of electronic data per year?
$2,500 for cost of restoration of electronic data per year.
Under the building and personal property coverage form there are some of the additional coverages that are automatically given. _____ of the actual loss for debris removal; if the expense exceeds this amount, then an additional ___ is available at no extra cost
25% ; $10,000
Business liability may be written on which of the following forms:
Occurrence form—for most business liability
1. Occurrence form—for most business liability
2.Claims-made form—for most professional liability and pollution liability
T/F Burglary requires violence, threat, or fear (no weapon required)
FALSE - Burglary—requires visible evidence of forced entry or exit
This is the limit for Jewelry, watches, and furs for Coverage C which applies to the peril of theft only.
Limitation of $1,500 applies to the peril of theft only
What is the amount for coverage for theft or unauthorized use of debit/credit cards, forgery, and counterfeit money?
Up to $500
There are two types of business interruption insurance which cover a business’s indirect losses resulting from a direct physical loss at the insured’s premises, name them ?
1. Business income coverage is purchased by businesses that remain closed during the period of restoration due to covered direct loss (e.g., restaurants, bowling alleys,grocery stores).
2. Extra expense coverage is purchased by businesses that cannot close and must remain open during the period of restoration or they suffer a permanent loss in customers (e.g., insurance agencies, banks, and business supplying goods to one major customer).
Employee theft coverage can be written in three ways, what are they?
1. Name schedule—covers theft only by employees listed
2. Position schedule—covers theft only by employees with job titles listed
3. Blanket—covers theft by any employee
The broad farm perils include all of the basic farm perils plus? (Name 2)
electrocution of covered livestock;
attacks on covered livestock by dogs or wild animals;
drowning of covered livestock; and
accidents involving loading or unloading of livestock; however, it does not cover the transporting of livestock.
if the insured has met a coinsurance requirement of 80%, the insured gets how much for signs attached to buildings?
$1,000 for signs attached to building.
Under the building and personal property coverage form, the following property there are multiple exclusions, name 3.
Land, foundations, underground pipes, and drains
Accounts, bills, money, and securities
Detached outdoor signs
Bailee customer’s property
Under the claims-made form, the basic tail is automatic and requires the occurrence be reported to the insurer within ___ days after the policy expiration.
60
Texas requires how many days of written notice of cancellation if the insurer is cancelling for nonpayment of premium.
10 days
Symbols indicate which classifications of autos have a particular coverage. What does symbol 8 represent?
Symbol 8: Hired autos only (rental cars, limousines)
Replacement cost on the structures (Coverages A and B) if the insured meets an ___ coinsurance requirement
80%
The most common coverage form used by businesses to cover direct loss is the commercial building and personal property coverage form in Coverage A, B, and C.Describe each of these coverages
Coverage A—Building including permanently installed fixtures, machinery, and equipment
Coverage B—Business personal property including property within 100 feet of the business premises (e.g., stock, furniture, and fixtures)
Coverage C—Personal property of others that is borrowed; however, it does not include bailee customer’s property
What are the Four of the major commercial auto coverage forms?
1. Business auto coverage form—used by most businesses
2. Garage coverage form—used by vehicle dealers that may also have garage operations or other businesses that may have customers cars in their possession (i.e., bailee exposure)
3. Truckers coverage form—used by truckers who are hired to haul the goods of others using tractor-trailers
4. Motor carrier coverage form—used by businesses that may use other vehicles in addition to tractor-trailers
Name these coverages:
E,G, A, D , B, C , F , G
Eligible Businesses for CPP
1.bulidings and occupants
_____ sq ft or less
___ stories or less for office
2.apartment or residential condos
___ units or less for
3. retail stores/mercantile risks
____ sq ft or less
____ in sales or less for
4. for service or processing business
_____ sq ft or less
_____ in sales or less
1. 100,000 sq ft , 6
2. 60 units
3. 25,000 sq ft , $3 million
4. 25,000 sq ft , $3 million