Commercial Package Policy - Property Other Flashcards Preview

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Flashcards in Commercial Package Policy - Property Other Deck (16)
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1
Q
A party who has temporary control of your property in storage or for repair is known as a:
A. Licensee
B. Mortgagee
C. Attendee
D. Bailee
A

Answer: D.

2
Q
Jeweler's block covers all EXCEPT:
A. A ring sold but left to be sized
B. Jewelry stock for sale
C. Earrings owned by the insured while being worn by and employee
D. A customers ring left for repair
A

Answer: C.

3
Q
The client has a boiler and machinery policy written with a policy limit of $100,000. If damage to covered equipment is caused by water, how much will the policy pay?
A. $100,000
B. The amount of the loss
C. The ACV of the machine
D. $25,000
A

Answer: D.

4
Q
Which business would not get a Bailee's policy?
A. Bicycle repair shop
B. Bank
C. TV repair shop
D. Dry cleaner
A

Answer: B.

5
Q

Covered equipment on an equipment breakdown protection policy includes:
A. Vehicles
B. Aircraft
C. Equipment buried below ground
D. Equipment used in the transmission of energy

A

Answer: D.

6
Q

Each of the following is true about farm coverages EXCEPT:
A. Farm coverage may be written as a mono line policy, or as part of a package
B. Livestock may be insured
C. Property and liability coverages may be included
D. The principal residence may be covered by farm or homeowners insurance

A

Answer: D.

7
Q
Which of the following would be eligible to be insured on a commercial inland marine floater?
A. Fixtures
B. Exports
C. Furniture
D. Municipal bridge
A

Answer: D.

8
Q

All of the following are true regarding expediting expenses coverage on an equipment breakdown protection policy EXCEPT:
A. There is no deductible
B. Breakdown of covered equipment is a covered peril
C. Coverage may be suspended by the insurer
D. Property damage to the property of others may be covered

A

Answer: A.

9
Q
An inland marine policy that covers the insured's merchandise held for sale, the insured's property off premises, customer's property in the custody of the insured and property being transported is a:
A. Bailee's customer's goods floater
B. Jeweler's block policy
C. Commercial articles floater
D. Commercial equipment floater
A

Answer: B.

10
Q
A commercial floater will provide coverage:
A. U.S. & Mexico
B. U.S., Canada and Mexico
C. U.S, Canada and Puerto Rico
D. U.S. And Canada
A

Answer: C.

11
Q
On an ocean marine policy, the peril of voluntarily throwing cargo overboard to save the ship is known as:
A. Jettison
B. Barratry
C. Abandonment
D. Salvage
A

Answer: A.

12
Q
Which of the following types of businesses needs Bailee's coverage?
A. Office building
B. Appliance repair shop
C. Drug store
D. Apartment house
A

Answer: B.

13
Q

On an equipment breakdown protection policy, expediting expenses covers all EXCEPT:
A. The reasonable costs to make temporary repairs
B. The reasonable costs of permanent replacement
C. The reasonable costs to expedite permanent replacement
D. The reasonable costs to expedite permanent repairs

A

Answer: B.

14
Q
Farm policies do not cover:
A. Lightning
B. Flood
C. Windstorm
D. Fire
A

Answer: B.

15
Q

The BI and PD coverage on a farm liability policy provides coverage for:
A. Injury to a guest
B. Business activities other than farming
C. Pollution
D. Injury to the farmers

A

Answer: A.

16
Q
A farm insurance policy does not cover:
A. Mobile agricultural equipment
B. Crops in storage
C.. Autos operated on the highway
D. Livestock
A

Answer: C.