NASCLA LATEST EXAM TEST QUESTIONS AND
ANSWERS SURE A+
✔✔All risk coverage - ✔✔Provides for Direct loss by these perils that are not specifically
excluded by the policy it generally provides coverage for all risks including theft
vandalism accidental loss and damages or distraction
✔✔A subrogation clause - ✔✔Occurs when the insurance company pays the insured for
damages or loss and then sues the negligent third-party to pay for the loss
✔✔Named peril builders risk insurance - ✔✔Insurance policy having narrower coverage
and all risk insurance and specify what peril are covered typically for fire lightning also
wind damage explosion water damage earthquakes terrorism
✔✔Inland marine insurance - ✔✔A type of property insurance that can be purchased for
your tools and equipment it provides coverage for goods in transit and project under
construction
✔✔Equipment floater policy - ✔✔For direct physical loss of the equipment and is
designed to cover mobile equipment while it is stored on premises in transit or a
temporary locations or jobsites
✔✔Transportation floater insurance - ✔✔A type of inland marine insurance protects the
transportation against damage that occur to the freight during transportation
✔✔Motor truck cargo insurance - ✔✔Protects the transporter in the event of damaged
or loss freight
✔✔Liability insurance - ✔✔Designed to protect against third-party claims that arise from
a legit negligence resulting in body injury or property damage
✔✔Commercial general liability CGL - ✔✔Offers basic liability coverage covers for types
of injuries including bodily injuries that result in the actual physical damage or loss for
individuals who are not employees damage or loss to property not belonging to
business personal injuries advertising injuries
✔✔Umbrella liability insurance - ✔✔Provide additional coverage in the areas that are
not covered in the CGL policy
✔✔Contractual liability insurance - ✔✔Provides contractor with protection for damages
that result from their negligence while on the written contract
✔✔Completed operations liability insurance - ✔✔Provide coverage for loss Arising out
of completed projects
, ✔✔Professional liability insurance - ✔✔Sometimes called errors or omissions insurance
protects contractors from negligence resulting from ours or omissions of designers and
architects
✔✔Construction wrap up liability insurance - ✔✔Bundles liability and Workmen's Comp.
and Seshan insurance for general contractors and subcontractors on large construction
projects
✔✔Business owners policies - ✔✔Bundles property and liability coverage together this
type of coverage can aluminate gaps or overlaps between separate property and liability
policies small and midsize companies usually qualify
✔✔Key man life insurance - ✔✔This type of insurance is available as life insurance or
disability insurance or both to protect the continuing success of the business know if
your partner dies
✔✔Force majeure - ✔✔Addresses act of God and other external events such as war or
labor strikes
✔✔Indemnification - ✔✔Observes the party from any payment or losses and damages
incurred by a third-party
✔✔Diferring site conditions - ✔✔Provision allocates responsibility for extra costs due to
unexpected site conditions the owner is responsible for disclosing all site conditions
during the bid process
✔✔Warranties or guarantees - ✔✔Defines the contractors responsibility for the repair of
the fax to the construction project after the completion of the work warrantees are often
set forth for a defined time.
✔✔Delays and extensions of time - ✔✔Provides a contingency in case the completion
deadline is not met delays at no fault of the contactor such as charges by the owner or
the architect weather delays are generally not considered breach of contract
✔✔Schedule acceleration - ✔✔Provide assignment of costs incurred to complete a
project ahead of schedule in general if the owner requires the contractor to accelerate
the schedule the owner is responsible for all associated cost
✔✔Artistic changes - ✔✔Address of changes made by the architect or design
professional during the course of the project for artistic or creative purposes
✔✔Change order - ✔✔A written agreement between the owner and contractor to
contract. Adding to the leading from or otherwise alter the work set forth in the contract
ANSWERS SURE A+
✔✔All risk coverage - ✔✔Provides for Direct loss by these perils that are not specifically
excluded by the policy it generally provides coverage for all risks including theft
vandalism accidental loss and damages or distraction
✔✔A subrogation clause - ✔✔Occurs when the insurance company pays the insured for
damages or loss and then sues the negligent third-party to pay for the loss
✔✔Named peril builders risk insurance - ✔✔Insurance policy having narrower coverage
and all risk insurance and specify what peril are covered typically for fire lightning also
wind damage explosion water damage earthquakes terrorism
✔✔Inland marine insurance - ✔✔A type of property insurance that can be purchased for
your tools and equipment it provides coverage for goods in transit and project under
construction
✔✔Equipment floater policy - ✔✔For direct physical loss of the equipment and is
designed to cover mobile equipment while it is stored on premises in transit or a
temporary locations or jobsites
✔✔Transportation floater insurance - ✔✔A type of inland marine insurance protects the
transportation against damage that occur to the freight during transportation
✔✔Motor truck cargo insurance - ✔✔Protects the transporter in the event of damaged
or loss freight
✔✔Liability insurance - ✔✔Designed to protect against third-party claims that arise from
a legit negligence resulting in body injury or property damage
✔✔Commercial general liability CGL - ✔✔Offers basic liability coverage covers for types
of injuries including bodily injuries that result in the actual physical damage or loss for
individuals who are not employees damage or loss to property not belonging to
business personal injuries advertising injuries
✔✔Umbrella liability insurance - ✔✔Provide additional coverage in the areas that are
not covered in the CGL policy
✔✔Contractual liability insurance - ✔✔Provides contractor with protection for damages
that result from their negligence while on the written contract
✔✔Completed operations liability insurance - ✔✔Provide coverage for loss Arising out
of completed projects
, ✔✔Professional liability insurance - ✔✔Sometimes called errors or omissions insurance
protects contractors from negligence resulting from ours or omissions of designers and
architects
✔✔Construction wrap up liability insurance - ✔✔Bundles liability and Workmen's Comp.
and Seshan insurance for general contractors and subcontractors on large construction
projects
✔✔Business owners policies - ✔✔Bundles property and liability coverage together this
type of coverage can aluminate gaps or overlaps between separate property and liability
policies small and midsize companies usually qualify
✔✔Key man life insurance - ✔✔This type of insurance is available as life insurance or
disability insurance or both to protect the continuing success of the business know if
your partner dies
✔✔Force majeure - ✔✔Addresses act of God and other external events such as war or
labor strikes
✔✔Indemnification - ✔✔Observes the party from any payment or losses and damages
incurred by a third-party
✔✔Diferring site conditions - ✔✔Provision allocates responsibility for extra costs due to
unexpected site conditions the owner is responsible for disclosing all site conditions
during the bid process
✔✔Warranties or guarantees - ✔✔Defines the contractors responsibility for the repair of
the fax to the construction project after the completion of the work warrantees are often
set forth for a defined time.
✔✔Delays and extensions of time - ✔✔Provides a contingency in case the completion
deadline is not met delays at no fault of the contactor such as charges by the owner or
the architect weather delays are generally not considered breach of contract
✔✔Schedule acceleration - ✔✔Provide assignment of costs incurred to complete a
project ahead of schedule in general if the owner requires the contractor to accelerate
the schedule the owner is responsible for all associated cost
✔✔Artistic changes - ✔✔Address of changes made by the architect or design
professional during the course of the project for artistic or creative purposes
✔✔Change order - ✔✔A written agreement between the owner and contractor to
contract. Adding to the leading from or otherwise alter the work set forth in the contract
