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AINS 103: Practice Quiz-All Chapters With Questions And 100% DETAILED SURE ANSWERS
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AINS 103: Practice Quiz-All Chapters With Questions And 100% DETAILED SURE ANSWERS
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JACKLINEAINS 103: Practice Quiz-All Chapters With Questions And 100% DETAILED
SURE ANSWERS
Terms in this set (134)
For most businesses, which peril poses the greatest For most businesses, fire poses the greatest risk of a large or total property loss.
risk of a large or total property loss?
Extra expenses are expenses, in addition to ordinary Cost to rent temporary office space.
expenses, that an organization incurs to mitigate the
effects of a business interruption. Which one of the
following is an example of an extra expense?
,An electrical contractor was hired to install a new Completed operations liability.
100-amp fuse box in the Smith's home. During
installation, the contractor inadvertently left a small
screwdriver in a duct space behind the panel. Three
weeks later, the screwdriver caused an electrical
short which led to a fire. Which one of the following
loss exposures best categorizes the electrical
contractor's legal liability exposure for the fire
damages?
Upon entering a restaurant, a customer grasped a Premises and operations liability.
handrail that broke off, causing the customer to fall
and break his wrist. This is an example of which one
of the following types of commercial general
liability loss?
Inland marine insurance is insurance that covers: Many different classes of property that typically involve an element of transportation on land.
Workers compensation benefits include which one Rehabilitation benefits.
of the following?
Bio-Pharma was a highly-regarded pharmaceutical Reputation.
company. That changed last year when it was
revealed that Bio-Pharma researchers had
fabricated test results of the company's new
hypertension drug, and a company official bribed a
key regulator to get the drug approved. These
revelations led to a sharp decline in sales of all of
Bio-Pharma's drugs, a sharp decline in net income,
and a decline in Bio-Pharma's stock price. This
scenario clearly indicates the value of a
corporation's...?
When a clothing manufacturer decides to expand Loss or damage caused by computer viruses.
the sale of its clothing line by offering internet
purchases, it creates new exposures not otherwise
covered, or not fully covered, by a traditional policy.
These include:
, Sally is a commercial property claims adjuster. When The commercial property declarations page contains information such as a description of the
she is first assigned a claim, she reviews the property insured, the kinds and amounts of coverage provided, and any optional coverages, among
commercial property part of the policy to make other information.
sure that the property that suffered the loss matches
the description of the property insured. She also
reviews the kinds and amount of coverage
provided. Which one of the following components
of the commercial property part will provide Sally
with this information?
Billy owns a baseball souvenir store in $275,000. $310,000 - $1,500 = $308,500, which exceeds the BPP limit. The insurer will pay $275,000.
Cooperstown, NY. He insured his store under a The deductible is subtracted from the loss, not the limit.
Building and Personal Property Coverage Form
(BPP) with a $275,000 limit and a $1,500 deductible.
A large fire in the store caused significant damage
amounting to $310,000 in covered damages. How
much would Billy's insurer pay under his BPP?
Which one of the following is one of the covered Explosion is a covered cause of loss under the basic form. All the others are additional causes of loss
causes of loss in the commercial property policy covered by the broad form (and they are also covered under the special form).
Causes of Loss—Basic form?
Which one of the following is correct with respect It provides a small amount of insurance to cover the increased cost to comply with ordinances or
to the Increased Cost of Construction additional laws regulating the repair, rebuilding, or replacement of covered buildings.
coverage of the Building and Personal Property
Coverage Form (BPP)?
Which one of the following would be considered an The increased cost of rent at a temporary location.
extra expense under the Business Income (and Extra
Expense) Coverage Form of the commercial
package policy?
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