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Terms in this set (55)
A tornado severely damages one of Major a time element loss.
Manufacturing's plants. As a result of the damage, Major
Manufacturing is forced to curtail its operations during
the 6 months needed to complete repairs. The resulting
loss of income suffered by Major Manufacturing is
referred to as
Which of the following describes a feature of standard Several different forms must be combined to make up a policy.
commercial property policies?
The president of Handy Corner Grocery has just None of these policies cover the loss
learned that its accounting clerk has been embezzling
money from the company for the past 6 months. Handy
has a standard commercial property policy, a standard
commercial general liability policy, and a workers
compensation and employers liability policy. Which of
these policies covers this loss?
An insurance company that specializes in coverage for standard forms.
religious institutions publishes its own policy forms that
provide broader coverage than the ISO forms. This
insurer's forms would not be referred to as
Duffy's Tavern is currently insured under a commercial adding either a separate equipment breakdown policy or an equipment
package policy that includes only commercial property breakdown coverage endorsement to Duffy's commercial property policy.
coverage and commercial general liability coverage.
Duffy would like to add coverage for equipment
breakdown. This can be done by
, A small fire in the Dalton Hotel basement damaged the covers this loss because electronic data that is integrated with the elevator
computerized system that controls all elevators in the system is not excluded.
hotel. It will be necessary-and costly-to completely
reprogram the system to replace the lost data. Dalton
has a commercial property policy that
A building owned by Mega Properties has been The insurer would discount the loss payment by 15 percent because the
continuously vacant for 6 months. In the seventh month, building was vacant.
a lightning strike starts a fire which destroys the
building. Assuming that Mega's commercial property
policy is written on standard forms, how much would
the insurer reduce the loss payment because of the
vacancy of the building?
Ad Men Advertising Agency is located on the 25th floor covers this loss because the property was within 100 feet of the building.
of a high-rise building, and the declarations of its
commercial property policy list its location as "Suite
2500, 1271 Madison Avenue, New York, NY." Ad Men's
valuable laser printer is stolen from the building's
outdoor ground-floor loading dock when an employee
leaves it unattended while fetching his car. Ad Men's
policy includes the special causes of loss form. Ad
Men's insurance
Executive Dry Cleaning wants to have coverage for A limit of insurance for personal property of others must be shown on the
personal property of its customers in its commercial policy declarations page.
property policy. What must be done to activate this
coverage under the standard building and personal
property coverage form?
Handy's Corner Grocery has a standard commercial No, because money and securities are excluded from coverage.
property policy covering its retail store. An explosion
destroys $15,000 of grocery inventory and $5,000 in
cash. Is the loss of the cash covered under Handy's
commercial property policy?
What coverage is provided under the building and Valuable papers and records are covered for up to $2,500 (or a higher limit, if
personal property coverage form for the cost of shown in the declarations) for loss from certain perils.
replacing or restoring lost information on valuable
papers and records?
The roof of the Green Building is partially covered with vegetated roof.
live grass. Green's building and personal property
coverage form covers these plants, because this living
roof is what the form refers to as a(n)
100% Correct Answers | Verified | Latest Update 2026
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
NJ Health Insurance Practice Exam Property and casualty insurance Par... Florida State Business & Finance Ex... FL
Teacher 6 terms Teacher 259 terms Teacher 15 terms Te
torrenojonjo Preview gradesfavour Preview Tiana_Wairimu Preview
Terms in this set (55)
A tornado severely damages one of Major a time element loss.
Manufacturing's plants. As a result of the damage, Major
Manufacturing is forced to curtail its operations during
the 6 months needed to complete repairs. The resulting
loss of income suffered by Major Manufacturing is
referred to as
Which of the following describes a feature of standard Several different forms must be combined to make up a policy.
commercial property policies?
The president of Handy Corner Grocery has just None of these policies cover the loss
learned that its accounting clerk has been embezzling
money from the company for the past 6 months. Handy
has a standard commercial property policy, a standard
commercial general liability policy, and a workers
compensation and employers liability policy. Which of
these policies covers this loss?
An insurance company that specializes in coverage for standard forms.
religious institutions publishes its own policy forms that
provide broader coverage than the ISO forms. This
insurer's forms would not be referred to as
Duffy's Tavern is currently insured under a commercial adding either a separate equipment breakdown policy or an equipment
package policy that includes only commercial property breakdown coverage endorsement to Duffy's commercial property policy.
coverage and commercial general liability coverage.
Duffy would like to add coverage for equipment
breakdown. This can be done by
, A small fire in the Dalton Hotel basement damaged the covers this loss because electronic data that is integrated with the elevator
computerized system that controls all elevators in the system is not excluded.
hotel. It will be necessary-and costly-to completely
reprogram the system to replace the lost data. Dalton
has a commercial property policy that
A building owned by Mega Properties has been The insurer would discount the loss payment by 15 percent because the
continuously vacant for 6 months. In the seventh month, building was vacant.
a lightning strike starts a fire which destroys the
building. Assuming that Mega's commercial property
policy is written on standard forms, how much would
the insurer reduce the loss payment because of the
vacancy of the building?
Ad Men Advertising Agency is located on the 25th floor covers this loss because the property was within 100 feet of the building.
of a high-rise building, and the declarations of its
commercial property policy list its location as "Suite
2500, 1271 Madison Avenue, New York, NY." Ad Men's
valuable laser printer is stolen from the building's
outdoor ground-floor loading dock when an employee
leaves it unattended while fetching his car. Ad Men's
policy includes the special causes of loss form. Ad
Men's insurance
Executive Dry Cleaning wants to have coverage for A limit of insurance for personal property of others must be shown on the
personal property of its customers in its commercial policy declarations page.
property policy. What must be done to activate this
coverage under the standard building and personal
property coverage form?
Handy's Corner Grocery has a standard commercial No, because money and securities are excluded from coverage.
property policy covering its retail store. An explosion
destroys $15,000 of grocery inventory and $5,000 in
cash. Is the loss of the cash covered under Handy's
commercial property policy?
What coverage is provided under the building and Valuable papers and records are covered for up to $2,500 (or a higher limit, if
personal property coverage form for the cost of shown in the declarations) for loss from certain perils.
replacing or restoring lost information on valuable
papers and records?
The roof of the Green Building is partially covered with vegetated roof.
live grass. Green's building and personal property
coverage form covers these plants, because this living
roof is what the form refers to as a(n)
