In the event of loss or damage, the insurance company may settle any of these ways EXCEPT:

Replacing the property with a more expensive product

Personal Injury in terms of a CPP includes injuries caused by:

Slander or libel in a written publication

For Commercial General Liability, all of these are part of the coverage territory EXCEPT:

All international waters and airspace

Which of the following statements is true about Inland Marine insurance:

Personal Inland Marine policies are often called floaters

General exclusions under the commercial crime form include all of the following EXCEPT:

Vandalism during an organized protest

The occurrence form of CPP pays for bodily injury or property damage that:

Occurs in the policy period, even if found after expiration

Scheduled farm property may include all of the following EXCEPT

Miscellaneous farm equipment valued at over $5000

Which of these businesses would be a good candidate for the Peak Season Limit endorsement?

A Christmas light supplier in Des Moines

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Commercial Package Policy Review

14 termsStudBud Administration34 plays

Review of information on the Commercial Package Policy for Property and Casualty Insurance Licensing

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Questions 14

Answers

1
Valued papers and records coverage includes coverage for:
Money and securities
Contraband or property in illegal trade
Abstracts, deeds, and maps
Programs or instructions for data processing
2
Which of the following is considered an insured on a CPP?
All of these
The insured's real estate agent
Person with temporary custody of property after insured dies
Insured's volunteers and employees acting in their job scope
3
In the event of loss or damage, the insurance company may settle any of these ways EXCEPT:
Pay to repair or rebuild the property
Replacing the property with a more expensive product
Take all or part of the property at an appraised value
Replace property with like kind and quality
4
Personal Injury in terms of a CPP includes injuries caused by:
Slander or libel in a written publication
Sickness or injury caused by insured's defective product
Slipping or falling on the insured's property
Injuries as the result of a bar fight
5
CPPs are subject to premium audit up to ____ from policy expiration.
3 years
2 years
1 year
6 months
6
For Commercial General Liability, all of these are part of the coverage territory EXCEPT:
Canada
Anywhere in the world for goods made in covered territory
All international waters and airspace
Puerto Rico
7
Which of the following statements is true about Inland Marine insurance:
Personal Inland Marine policies are often called floaters
They were originally established by the armed forces
Bridges, docks and transportation instruments aren't covered
Policies are for items at fixed locations only
8
The business income coverage form of the CPP has a waiting period of:
72 hours
48 hours
30 days
14 days
9
General exclusions under the commercial crime form include all of the following EXCEPT:
Nuclear hazards
Vandalism during an organized protest
Acts of the insured, employees and managers
Loss from unauthorized disclosure of information
10
Which of these is NOT one of the seven coverage parts available on the CPP?
General Liability
Equipment Breakdown
Worker's Compensation
Farm
11
Insurers may suspend Equipment Breakdown coverage if inspection discovers unsafe conditions...
Following a 48 hour window for the insured to fix the issue
After written notification has been mailed
Only if the insured was previously made aware of the issue
Immediately
12
The occurrence form of CPP pays for bodily injury or property damage that:
Occurs in the policy period, even if found after expiration
Is reported in the policy period, only if policy is active
Occurred in the policy period and reported before expiration
Occurred after the policy period, but before expiration
13
Scheduled farm property may include all of the following EXCEPT
Poultry and livestock
Grain
Miscellaneous farm equipment valued at over $5000
Computers related to farm management
14
Which of these businesses would be a good candidate for the Peak Season Limit endorsement?
A record shop in Chicago
A Christmas light supplier in Des Moines
A scuba gear supplier in Miami
A flower shop in Boston

Commercial Package Policy Review Flashcards | StudBud