Preservation of Property. BOP Property Coverage Collapse - Collapse of a building is covered if caused by 1 of the specified causes of loss: hidden decay, insect or vermin, weight of people or property, or use of defective materials if the collapse occurs during construction.
BOP Property Coverage Business Income - Loss of business income is included during restoration following a direct loss to covered property. This additional coverage is not subject to the limit of insurance. Business Income - Loss of business income is included during restoration following a direct loss to covered property.
Coverage is limited to 12 months following the loss for business income and 60 days following the direct loss for ordinary payroll. This is an additional amount of insurance. BOP Property Coverage Loss of business income or extra expense that results from action of civil authority that prevents access to the premises due to a direct loss elsewhere is also covered what is this coverage called?
Civil Authority. Coverage for business income begins 72 hours after the action and continues for up to 3 weeks. Coverage for extra expense begins immediately and lasts for 3 weeks or until the business income coverage ceases, whichever is later.
What are they? Building Limit - Automatic Increase 2. BOP: Deductibles The deductible does not apply to BOP Definition. What is a Hired Auto? BOP Definition: auto the insured leases, hires or borrows, but not from employees or any partners or executive officers.
Hired Auto. Example: employee's use of their personal auto for business purposes. BOP Definitions auto nott owned, leased or borrowed by the insured but used in business. Nonowned Auto. BOP-Selected Endorsements Under the protective safeguards endorsement if the automatic sprinkler system is shut down due to breakage, leakage, feezing or opening of the sprinler heads, the insured has how long to restore the system before they must notify the insurer?
BOP-Selected Endorsements this endorsement provides coverage for direct damage caused by utility service disruption stemming from a covered peril. Utility Services - Direct Damage. BOP-Selected Endorsements this endorsement covers the insured's loss of business income or extra expense in the event of a direct physical loss to a utility service. Utility Services - Time Element.
What do personal floaters refer to? An inland marine policy designed to cover movable property on an all-risk basis anywhere in the world. Inland Marine This floater provides coverage to personal property on an all-risk basis anywhere in the world, as long as the property is not specifically excluded by the policy. Personal Property Floater. Inland Marine This floater is used to insure certain types of personal property on a scheduled basis.
The types of property that may be covered are usually pre-printed on the form including jewelry, furs, cameras, musical instruments, fine arts, etc.
Personal Articles Floater. Inland Marine This floater is used to insure personal effects carried or worn by travelers anywhere in the world, but not while the property is at home.
Personal Effects Floater. Inland Marine What does a Commercial Floater refers to. The exclusions are specifically contained in each of the coverage forms. Inland Marine: Accounts Receivable Is this a filed form? Inland Marine: Accounts Receivable what does this form provide protection for? Inland Marine: accounts receivable In addition to covering accounts due from customers there are 3 additional coverages included; name them.
Inland Marine: Bailee's Customer this coverage form is used to cover Inland Marine: Bailee's Customer Is this a filed form? No each of these coverage forms are unfiled. What is a bailee? Defintions: someone that has possession of personal property entrusted to them by the owner is known as Inland Marine: Bailee's Customer Warehouseman's form.
Inland Marine: Bailee's Customer This coverage form is broader than typical liability coverage. It covers loss to customers' property without regard to the insured's legal liability for the loss. It covers both the bailee's interest and the bailor's. Bailee's Customers Policy. Inland Marine: Bailee's Customer this coverage is written for insureds in the fur business.
It covers merchandise held for sale and customers' property that the insured has temporary custody of for cleaning, repair, or storage. Furriers Block. Inland Marine: Bailee's Customer This coverage form provides protection for insureds in the laundry or dry cleaning business for loss or damage to customers' property while in their possession. Cleaners, Dryers, and Laundries. Inland Marine: Bailee's Customer This bailee form covers customers' property while it is stored at a warehouse. This coverage form only covers the insured's legal liability for loss or damage to property of others, and is usually written to apply as excess over other valid and collectible insurance of the property owner.
Inland Marine: Definitions this is a filed form that covers the interest of the owners, as opposed to dealers, of commercial cameras, musical instruments and similar property, including similar property of others in the insured's care, custody or control. Commercial Articles Form.
Inland Marine: Commercial Articles Form How does the coinsurance clause found in this coverage form differ from other coinsurance clauses? It states that all items covered, but not specifically described or listed, must be insured for their total value at the time of loss to avoid a coinsurance penalty.
Inland Marine This is used to insure mobile equipment and contractor's equipment owned, rented or borrowed by contractors as opposed to dealers. Contractors Equipment Floater.
Inland Marine: Contactors Equipment Floaters The coverage form usually includes coverage for newly acquired equipment for 30 days. Computer hardware specifically scheduled 2. Data processing media magnetic tapes, punch cards, discs 3.
Extra expense incured to continue the business following a loss 4. Inland Marine: This form provides the following coverages 1. Electronic Data Processing.
Inland Marine: Equipment Dealers Is this form filed or unfiled? Inland Marine: Equipment Dealers this form covers The stock of mobile equipment and construction equipment dealers, including similar property of others in the insured's care, custody or control.
Inland Marine: This form insures the stock of mobile equipment and construction equipment dealers, including similar property of others in the insured's care, custody or control. Equipment Dealers coverage form. Inland Marine: Equipment Dealers Name 3 types of property not covered under this form.
Inland Marine: Equipment Dealers-extension of coverage what extension of covaerage are also included in this coverage form? Pollution Clean up and Removal 3. Theft Damage to Building. Inland Marine: Installations Floater Is this form filed or unfiled. Inland Marine: Installations Floater What does this cover? Inland Marine this form covers items such as heating and air-conditioning equipment intended to become a permanent part of the building.
Installations Floater. Inland Marine: Installationos Floater When does coverage stop? Coverage ceases when the work has been completed and is accepted by the ultimate user or owner of the property. Inland Marine: Jewelers Block is this form filed or unfiled?
Inland Marine: Jewelers Block what does this form cover? Inland Marine: Jewelers Block Name 3 types of property not covered. Inland Marine: Jewelers Block This coverage form offers several optional types of transit coverage if shown on the declarations page.
Inland Marine: Signs is this form filed or unfiled? Inland Marine: Signs what does this form cover? Inland Marine this form covers the insured's signs, including neon, fluorescent, automatic or mechanical signs, and similar property of others in the insured's care, custody or control. Signs Coverage Form. Inland Marine: Signs What is the coinsurance requirement on this coverage form? What is the limit for valuable papers in the Commercial Package Policy? Valuable papers and records.
Inland Marine: Common Carrier Cargo Liability who is considered responsible for the safe delivery of property. Common Carrier Cargo Liability. What is a "Bill of Lading". Bill of Lading. When a regular bill of lading is issued, who will be responsible for the invoice cost of any damaged property.
Who do common carriers offer their services to? A common carrier issues a document called a Bill of Lading evidencing Released Bill of Lading. To limit their liability, a common carrier will issue a Released Bill of Lading which To limit their liability, a common carrier will issue a Released Bill of Lading which limits their liability to a specified maximum dollar amount.
Contract carriers who agree to service specific clients based upon a pre-arranged agreement are only liable for damage to cargo when Private carriers, or owners who ship their goods using their own trucks. Coverage is written for direct damage to the owner's property. Inland Marine: Transit Coverage Forms is this form filed or unfiled? Inland Marine: Annual Transit what is this form used for? Inland Marine what form is used to insure the property interest of the shipper or the consignee.
Annual Transit. Inland Marine: Annual Transit Form who uses this form? Inland Marine businesses that ship goods on a regular basis would use this unfiled form. Inland Marine: Transit Forms This form can be written for all outgoing shipments, incoming shipments, or both, which occur during the policy period. Inland Marine: Transit Forms this form is used to cover a specific shipment or trip. Trip Transit. Coverage is not intended for hospitals, schools or other institutions. Inland Marine individuals in the medical or dental profession that want to protect valuable medical and dental equipment would need this inland marine form.
Physicians and Surgeions Equipment Form. Motion pictures, sound tracks and video tapes. Inland Marine Motion pictures, sound tracks and video tapes may be insured on this form.
Film Coverage Form. Inland Marine: Floor Plan Merchandise what is this form used to insure? Inland Marine: Floor Plan Merchandise whose interest on insured? Coverage may be written to insure the interests of the merchant, the lender, or both Property in transit may also be covered. Coverage is written on a reporting form basis that requires the insured to file reports with the insurer within 30 days after the end of each month. Inland Marine: Floor Plan Merchandise what happens if the insured has not filed a report at the time of loss.
Inland Marine: Theatrical Property what does this form cover? Theatrical property intended for a specific theatrical production. Inland Marine this form covers Theatrical property intended for a specific theatrical production.
Theatrical Property Form. Inland Marine: Theatrical Property Give examples of covered property. Inland Marine: Theatrical Property give examples of property not covered. Inland Marine: Garment Contactor Floater what is this form used for? Inland Marine this form is used to protect a clothing business's raw materials and items of clothing when sent to a subcontractor for work.
Garment Contractor Floater. Inland Marine: Nationwide Definition what is this? Inland Marine what is a statement about the types of coverage that may properly be written on Inland Marine and Ocean Marine insurance forms. Nationwide Defintion. Inland Marine coverage can be written on what type of property? Flood: what does NFIP stand for? National Flood Insurance Program. Dwelling Policy What is Coverage A? Coverage A - Dwelling. Dwelling Policy What is Coverage B? Coverage B - Other Structures.
Dwelling Policy What is Coverage C? Coverage C - Personal Property. Dwelling Policy What is Coverage D? Coverage D - Fair Rent Value. Dwelling Policy What is Coverage E? Coverage E - Additional Living Expense. Dwelling Policy What are the 5 coverages the insured has to select from? Dwelling Policy what coverage includes all attached structures and outdoor equipment used to maintain or service the premises if not covered elsewhere.
Any materials or supplies at the described location used for the construction, alteration or repair of the dwelling are also covered. Dwelling Policy What coverage covers other separate structures at the same location. Dwelling Policy Which Coverage includes personal property commonly found in homes owned by the insured or other family members.
Dwelling Policy If property under Coverage A, B or C becomes damaged or destroyed and unfit for normal use, the policy will pay the fair rental value of the described premises under Coverage D - Fair Rental Value. Dwelling Policy this coverage is only available if broad or special form Dwelling coverage is written.
It pays for additional living expenses the insured incurs while the described premises is unfit for use or being repaired. Dwelling Policy - Other Coverages this additional coverage will pay for loss or damage to property removed from the insured premises when threatened by a peril insured against. Perils insured against is converted to "open peril" coverage during the process of removal.
The basic form policy provides coverage for 5 days while the broad and special forms provide 30 days' coverage. Dwelling Policy - Other Coverages Removal - The policy will pay for loss or damage to property removed from the insured premises when threatened by a peril insured against.
The basic form policy provides coverage for 5 days, while the broad and special forms provide 30 days' coverage. Dwelling Policy: Other Coverages Reasonable costs to remove debris after a covered loss is covered. Debris Removal Expense.
Dwelling Policy: Selected Endorsements this is an endorsement that may be added to a Dwelling policy to increase the amount of insurance by an annual percentage to offset the effects of inflation. This endorsement requires additional premium. Automatic Increase in Insurance. Dwelling Policy: Selected Endorsements if the insured is the owner-occupant of the dwelling. The endorsement will cover personal property owned by the insured or a resident of the insured's household caused by theft or attempted theft or for vandalism or malicious mischief that results from theft or attempted theft.
There is no coverage if the premises has been vacant for 30 or more consecutive days. Broad Theft Coverage. Homeowners Insurance.
The Homeowners Policy is similar to the Dwelling Policy but also includes The dwelling may not contain more than 4 families nor more than 2 roomers or boarders per family. Homeowners Section I covers. Property Coverage. Homeowners Section II covers Liability Coverage.
Homeowners:Coverage Forms Name the 6 coverage forms. HO-2 Broad Form; 2. HO-3 Special Form; 3. HO-4 Contents Broad Form; 4. HO-5 Comprehensive Form; 5. HO-6 Condominium Unit Owners; and 6. HO-8 Modified Coverage Form used in some states to insure homes that do not qualify for the other forms, usually because of replacement cost being so much greater than its market value.
Homeowners:Coverage Forms Which form provides the most limited coverage. Homeowners:Coverage Forms What form provides building coverage on an actual cash value basis? HO-3 covers personal property only for the broad perils HO-2 , and the dwelling and other structures are insured on an open-perils basis.
The Comprehensive Form HO-5 covers both the dwelling and other structures on an open peril basis It also covers personal property insured under Coverage C on an open peril basis. Homeowners:Additional Coverages this coverage will pay reasonable expense for the removal of debris of covered property if a "peril insured against" that applies to the damaged property causes the loss, or ash, dust or particles from volcanic eruptions that caused direct loss to a building or property contained in a building.
Debris Removal. Homeowners:Additional Coverages This coverage is provided for up to 30 days for loss or damage to property removed from the premises to protect it because of endangerment by covered peril. Homeowners: Additional Coverage this coverage is provided to cover the expenses incurred by the insured to make reasonable repairs to protect property from further damage following loss by a covered peril.
Reasonable Repairs. Fire Department Service Charge. Building Law exclusion. Governmental Action exclusion. An Earth Movement exclusion. A Neglect exclusion. HO-6 Unit Owner's form. HO-4 Contents Broad form. HO-3 Special form. HO-5 Comprehensive form. What means conducting business in accordance with current rules and laws set by government regulatory agencies and the courts. Unfair Trade Practices Act. Which of the following can not be issued a temporary license: -surviving spouse of a decesed producer in order to sell the business -a deceased producer's personal representative until new personnel is trained to run the business -a person holding a power of attorney for a producer in the armed forces -a person selling insurance for the estate of a deceased producer.
Regulation of insurer solvency. Who regulates insurance rates to avoid excessive, inadequate, or unfairly discriminatory rates. Casualty and Surety Rate Regulatory Act. Tie-in sales. Privacy of Consumer Financial Information. Opt out. When can a producer share a commission with an unlicensed person. When an automobile policy is cancelled for a reason other than non payment of premium, how many days' notice must be provided to the insured.
If an insured's driver's license has been suspended, the insurer may cancel the automobile insurance policy by giving how many days' notice? Pennsylvania Fair Plan Act.
After an accident, what is the waiting period before the insured can apply for income loss benefits. What act is intended to provide property owners with fire, extended coverages, vandalism and malicious mischief coverage when insurance is unable to be purchased in the normal or standard market.
Pennsylvania Fair Trade Ace. Which agency provides motor vehicle insurance to those applicants who would otherwise by uninsurable? Pennsylvania Auto Assigned Risk Plan. When an employer must provide workers' compensation insurance but is unable to do so through normal channels, which organization can provide the required coverage?
State Workers Insurance fund. I know that I used the book a little different then suggested. If you did actually use this book the way the authors intended you will be a walking insurance machine. I will definitely use these books for anything, and everything that I am tested on in the future. Already it is way better than the one from the course I took a week ago. It matches my learning style and it is cleanly written in plan language.
Just what I wanted. Thank you for making this much better for me. It was concise and straight to the point. It gave good study tips and had great practice exams detailing the course. I would seriously recommend for anyone wanting to be sure to pass their exam with ease. I have found this study guide from Mometrix to be so much better than others I have read. The format is very good and I found it much easier to focus on what's important to know. Because it is written in easy to understand language I am able to grasp concepts more quickly.
I am hoping to pass my exam on the first try in the next few weeks by studying this book. I am really pleased with this book! There is a lot of information to remember. I am determined however, to pass the test on my first attempt. In receiving this book today, I now feel as if I might actually be able to pass. I look forward to the challenge as I feel this book will make things a lot easier. Indeed, I found this product very educative, enlightening, explaining facts to the point that assures complete focus and desired exam preparations and with accompanying methods of study styles that assures success in passing the exams.
0コメント