C-82 - Chapter 6 & 7 (Second)

Question 1

What is an aggregate limit in a commercial policy?

Accepted Answer

Max total amount that will be paid in actual claims during a policy year

Question 2

If a child is caught chewing on electrical wires... 🔌

Accepted Answer

He should conduct himself more properly!, They should be grounded!, His behaviour is shocking!, They may be alright currently!

Question 3

In which of the following situations would an umbrella ☔ policy drop down to provide coverage?

Accepted Answer

The underlying policy does not provide specific coverage

Question 4

Why don't ants ever get sick? 🐜

Accepted Answer

They have anty-bodies, The uncle takes good care of them, Nothing ever bugs them, It would be unbecoming of royalty

Question 5

Which of these would be considered public fire protection equipment?

Accepted Answer

Fire hydrant

Question 6

What type of Income Replacement approach is best for insureds if the reopened business is still affected by the loss?

Accepted Answer

Profits approach

Question 7

If a tenant causes fire damage to the property they rent, which policy coverage will respond?

Accepted Answer

Tenants’ Legal Liability

Question 8

Only one correct answer! In the state of Georgia, it is illegal to do what with a fork? 🍴

Accepted Answer

Eat fried chicken

Question 9

Which statement about extra expense insurance is correct?

Accepted Answer

Extra expense insurance does not replace income.

Question 10

When would a commercial insured want Earnings approach with their business interruption insurance?

Accepted Answer

They are not affected by a loss once business reopens

Question 11

What is personal injury?

Accepted Answer

Injury arising out of malicious prosecution

Question 12

What type of business benefits from purchasing a gross earnings form?

Accepted Answer

One that would not be affected by the loss after reopening

Question 13

Which of these jobs would need a professional liability policy?

Accepted Answer

Building Inspector

Question 14

Why did the chicken cross the road? 🐔

Accepted Answer

Because it was free range!, Because it felt it was an egg-cellent idea! 🥚, Because it hatched a plan!, It was in a foul mood!

Question 15

Provides higher limits of coverage on a per occurrence basis based on the same terms/conditions as underlying policy:

Accepted Answer

Excess Policy

Question 16

Riddle: The moment you say my name, I cease to exist. What am I?

Accepted Answer

Bob from Accounting!, Silence!, Quiet!, OTL Level 1 Licensing Exam!

Question 17

Why aren't Koalas actually considered bears? 🐨

Accepted Answer

They don't eat fish 🐟, They bearly missed the election, They wouldn't Koaperate with others, They don't meet the Koalafications!

Question 18

Why did Shakespeare only write using quills? ✒

Accepted Answer

Pencils confused him - 2B or not 2B, See pencil joke above ^^^ HAHA!, He was cheap, and finances were going from bard to verse, He didn't like birds - to be fair he did murder most foul.

Question 19

Which one of the following policies would protect an insured against a loss caused by a dishonest employee?

Accepted Answer

A fidelity policy

Question 20

An auto detailer is what type of bailee?

Accepted Answer

Bailee for Hire

Question 21

Which one of the following would be considered a robbery loss?

Accepted Answer

Money stolen from a custodian by threat of violence even if no weapon used

Question 22

Why buy Extra Expense coverage for a commercial business?

Accepted Answer

Pay additional amounts to allow business to continue operation despite loss

Question 23

What is the purpose of errors and omissions (E&O) insurance?

Accepted Answer

To protect the insured against liability for committing error or omission

Question 24

What kind of business will most likely purchase a small business commercial package?

Accepted Answer

Salon

Question 25

What does Commercial Crime coverage respond to?

Accepted Answer

All Non-Fidelity Crime

Question 26

What two reasons does a business need Business Interruption Insurance?

Accepted Answer

Protect against losses and insure the continuing operation of business

Question 27

What legal relationship does the law set up between bailees and property belonging to other people?

Accepted Answer

The law makes bailees responsible for damage to property of others held

C-82 - Chapter 6 & 7 (Second)

Questions 27

C-82 - Chapter 6 & 7 (Second)

Questions 27