The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as - ANSWER-A recipient location
recipient locatio...
The insured has filed a claim under the "Business Income Department Properties -
Broad Form" because the primary buyer of products and services from the business has
filed for bankruptcy under this form the primary buyers business would be known as -
ANSWER-A recipient location
recipient location - ANSWER-Businesses who support insured by being the primary
buyer for their products
HO-3 (special form) - ANSWER-covers the dwelling and other structures on a risk-of-
direct-physical loss basis. All direct physical losses are covered except those losses
specifically excluded. Personal property is covered on a named perils basis
HO-5 Comprehensive Form - ANSWER-provides open perils coverage ("all-risks
coverage") on the dwelling, other structures and personal property.
HO-2 (broad form) - ANSWER-covers the dwelling, other structures, and personal
property on a named perils basis
HO-4 (contents broad form) - ANSWER-Only covers a tenant's personal property on a
named perils basis
The dwelling is insured for 200,000 under DP-2 dwelling policy how much coverage
applies to the barn? - ANSWER-Nothing farm property are not eligible under the
dwelling policy.
A Covered Auto includes those vehicle(s) listed on the Declarations, plus any trailers or
wagons owned by the Named Insured, any newly acquired vehicles, and any vehicle
used as a _________. - ANSWER-Temporary Substitute Auto
The covered auto is defined in the policy as all of the following EXCEPT:
A) any additional auto acquired in the past 30 days.
B) any auto shown in the declarations.
C) any auto used as a temporary substitute while an insured auto is being repaired.
D) any trailer owned by the insured or spouse. - ANSWER-Answer: A
An additional auto acquired during the policy period is considered a covered auto.
However, some restrictions do apply. For example, if the newly acquired auto is in
addition to any vehicle shown on the declarations, it must be insured within 14 days of
the purchase date. If it replaces one of the cars, the insured does not need to add it
during that policy period.
, Coverage F on homeowners policy provides - ANSWER-Medical payments to others;
pays all necessary medical expenses for up to three years after an accident.
Coverage F: Medical Payments to Others - ANSWER-Does not apply to the insured or
members of the insured's household
Not liability coverage and is not base on fault
An insured has taken inventory of his merchandise and discovers a substantial shortage
of valuable stock. He submits a claim to his insurance carrier that provides his coverage
under a Business Owners Policy. What coverage is provided by the BOP? - ANSWER-
No coverage would apply, there is no coverage for missing property when there is no
physical evidence to show cause of loss
Arbitration (ADR) - ANSWER-Neutral third party hears a dispute and makes a decision
both parties have agreed to follow.
Mediation - ANSWER-A method of settling disputes outside of court by using the
services of a neutral third party, called a mediator. The mediator acts as a
communicating agent between the parties and suggests ways in which the parties can
resolve their dispute. Not binding.
Difference between Arbitration and Meditation? - ANSWER-Mediation is not binding,
Arbitration is.
Mediation-Arbitration - ANSWER-If the parties cannot reach a settlement through
mediation, an arbitrator will resolve the dispute.
The building and personal property coverage form provides coverage for outdoor signs -
ANSWER-Whether attached to the building or not for up to 2,500 if damaged by a peril
insured against.
Building and Personal Property Coverage Form - ANSWER-Commercial Property
coverage form that covers buildings, the insured's business personal property, and the
personal property of others located at the business premises
Foreseeability Test - ANSWER-To determine if the defendant's conduct was the
proximate cause of the plaintiff's injury, the court applies
Foreseeability - ANSWER-excludes liability for harms that were sufficiently
unforeseeable at the time of the defendant's tortious conduct.
Purpose of freight insurance - ANSWER-Covers shipper fees
Freight Insurance - ANSWER-indemnifies the ship owner for the loss of earnings if the
goods are damaged or lost and are not delivered. Shipper Fees.
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