CHEAT SHEET - PROPERTY &
CASUALTY EXAM QUESTIONS WITH
100% COMPLETE SOLUTIONS|
LATEST UPDATE
What are the three separate cause of loss forms? - correct answer-Basic
Broad
Special (open)
Business income coverage forms - correct answer-Pay for loss of income that th
einsured sustains due to a direct physical loss from a peril insured against that forces
the insured to suspend operatiosn during the preiod of restoration.
Time element coverage - correct answer-Provides coverage for the loss of business
income over a period of time.
Extra expense - correct answer-Coverage that reimburses the insured for expenses
incurred to keep a business going after a loss caused by a covered peril.
Business income without extra expense coverage form - correct answer-Replaces the
extra expense coverage with an *expenses to reduce loss* coverage that covers
expenses the insured incurs to reduce loss, up to the amount the loss is reduced.
Most policies exclude ______________ losses, yet these are the perils that can cause
major physical losses and temporarily cause the shutdown of business operations. -
correct answer-Equipment breakdown
Business owners Policy (or BOP) - correct answer-For certain small businesses, there
is an alternative to a CPP. It's similar to an HO policy in that property, liability, and other
coverages are automatically included. Some optional coverages can be added for a
premium.
, Coverage ends when construction is abandoned either ______________ or
____________ (builder's risk) - correct answer-90 days after completion or 60 days
after building is occupied or put to intended use
Builders risk - correct answer--Buildings under construction
-Materials and equipment on premises or within 100 feet
-Foundation
-Written for one year but can be terminated
Personal Article floaters - correct answer-Provides coverage for nine optional classes of
personal property--the same nine categories covered under the homeowners scheduled
personal property endorsement: jewelry, furs, cameras, musical instruments, silverware,
golf equipment, fine arts, stamps, and coins. NEVER COVERS WEAR AND TEAR
IM or property floaters - correct answer-Cover exposures that involve property and
merchandise while in transit or "floating." Includes items in transit, held by bailee, at
fixed location, or movable type of goods that are often in different locations.
Domestic shipments - correct answer-are covered through a variety of inland marine
transportation forms that cover anything being transported
Instrumentalities of transportation or communication - correct answer-Such as bridges,
pipelines, TV towers.
Commercial property floater risks - correct answer-Embrace a number of subcategories
of inland marine forms, including bailee's customer forms, equipment forms, and
business floaters.
Nationwide definition of Inland Marine - correct answer--Imports
-Exports
-Personal floaters
-Domestic Shipments
-Instrumentalities of transportation or communication
-Commercial property floater risks
National Flood Insurance Program (NFIP) - correct answer-Makes flood insurance
available to eligible communities through federal subsidization. NFIP is managed by the
Federal Emergency Management Agency (FEMA.)
CASUALTY EXAM QUESTIONS WITH
100% COMPLETE SOLUTIONS|
LATEST UPDATE
What are the three separate cause of loss forms? - correct answer-Basic
Broad
Special (open)
Business income coverage forms - correct answer-Pay for loss of income that th
einsured sustains due to a direct physical loss from a peril insured against that forces
the insured to suspend operatiosn during the preiod of restoration.
Time element coverage - correct answer-Provides coverage for the loss of business
income over a period of time.
Extra expense - correct answer-Coverage that reimburses the insured for expenses
incurred to keep a business going after a loss caused by a covered peril.
Business income without extra expense coverage form - correct answer-Replaces the
extra expense coverage with an *expenses to reduce loss* coverage that covers
expenses the insured incurs to reduce loss, up to the amount the loss is reduced.
Most policies exclude ______________ losses, yet these are the perils that can cause
major physical losses and temporarily cause the shutdown of business operations. -
correct answer-Equipment breakdown
Business owners Policy (or BOP) - correct answer-For certain small businesses, there
is an alternative to a CPP. It's similar to an HO policy in that property, liability, and other
coverages are automatically included. Some optional coverages can be added for a
premium.
, Coverage ends when construction is abandoned either ______________ or
____________ (builder's risk) - correct answer-90 days after completion or 60 days
after building is occupied or put to intended use
Builders risk - correct answer--Buildings under construction
-Materials and equipment on premises or within 100 feet
-Foundation
-Written for one year but can be terminated
Personal Article floaters - correct answer-Provides coverage for nine optional classes of
personal property--the same nine categories covered under the homeowners scheduled
personal property endorsement: jewelry, furs, cameras, musical instruments, silverware,
golf equipment, fine arts, stamps, and coins. NEVER COVERS WEAR AND TEAR
IM or property floaters - correct answer-Cover exposures that involve property and
merchandise while in transit or "floating." Includes items in transit, held by bailee, at
fixed location, or movable type of goods that are often in different locations.
Domestic shipments - correct answer-are covered through a variety of inland marine
transportation forms that cover anything being transported
Instrumentalities of transportation or communication - correct answer-Such as bridges,
pipelines, TV towers.
Commercial property floater risks - correct answer-Embrace a number of subcategories
of inland marine forms, including bailee's customer forms, equipment forms, and
business floaters.
Nationwide definition of Inland Marine - correct answer--Imports
-Exports
-Personal floaters
-Domestic Shipments
-Instrumentalities of transportation or communication
-Commercial property floater risks
National Flood Insurance Program (NFIP) - correct answer-Makes flood insurance
available to eligible communities through federal subsidization. NFIP is managed by the
Federal Emergency Management Agency (FEMA.)
