Exam (elaborations)
AINS COMMERCIAL INSURANCE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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AINS COMMERCIAL INSURANCE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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AINS COMMERCIAL INSURANCEQUESTIONS AND ANSWERS WITH
SOLUTIONS 2024
Professional liability and management liability policies can provide duty-to-defend coverage in the same
manner as the typical commercial general liability policy. However, some professional liability policies
provide defense costs reimbursement coverage requiring that the insurer do which one of the following?
- ANSWER Reimburse the insured for defense expense covered by the policy
Which one of the following is a characteristic of a site-specific environmental impairment liability policy?
- ANSWER It provides coverage on a claims-made basis.
Aircraft liability coverage can be structured as a single limit, or separate limits may apply to - ANSWER
Bodily injury excluding passengers liability, passenger bodily injury liability, and property damage liability
coverages.
Which one of the following is a supporting coverage offered by some insurers that provides a scheduled
sum to the survivors of a deceased passenger or to a passenger who was injured, resulting in
dismemberment or loss of sight, and that meets specified conditions? - ANSWER Passenger voluntary
settlement coverage
Clarence entered into a contract bond that guarantees his insulation work will be free from defects in
materials and workmanship for a specified period of five years after completion of the work. The type of
bond used by Clarence is a - ANSWER Maintenance bond
Which one of the following lists the covered causes of loss (basic, broad, or special); the deductible
amount; and any optional coverages? - ANSWER Commercial property declarations
Which one of the following statements is correct with respect to the Building and Personal Property
(BPP) Coverage Form? - ANSWER The BPP lists several types of classes of property that do not qualify as
covered property
Which one of the following statements is correct with respect to the Causes of Loss-Basic Form? -
ANSWER It excludes loss caused by earth movement, other than by sinkhole collapse
, An exclusion contained in the Causes of Loss—Basic Form eliminates coverage for damage caused by
which one of the following? - ANSWER Mechanical breakdown, including rupture or bursting caused by
centrifugal force
Which one of the following Additional Coverages is covered under the Causes of Loss—Special Form but
not under the Causes of Loss—Broad Form? - ANSWER Property in Transit
Which one of the following is included in the Cancellation condition of the Common Policy Conditions of
an ISO Commercial Package Policy? - ANSWER Notice of cancellation for nonpayment of premium must
be mailed or delivered to the insured at least ten days before the date of cancellation.
Which one of the following best describes the Ordinance or Law Coverage endorsement to the Building
and Personal Property Coverage Form's Coverage B? - ANSWER It covers the cost to demolish the
undamaged portion of a building and remove its debris when demolition is required by the building
code.
Which one of the following statements is correct with respect to the effect optional coverages of the
Building and Personal Property Coverage Form (BPP) have on premiums? - ANSWER In some cases, the
limit of insurance must be increased to cover the additional property values being insured.
The limit of insurance applicable to commercial property coverage is an important component of the
final premium because - ANSWER It represents the exposure against which the applicable rate is
multiplied to calculate the premium.
In an unendorsed Business Income (Without Extra Expense) Coverage Form, how is coverage for
necessary expenses incurred by the named insured to reduce business income loss provided? - ANSWER
As an additional coverage
The coinsurance basis for business income coverage is - ANSWER Net income plus all operating expenses
except certain deductible items
Under a business income form, if the Maximum Period of Indemnity coverage option is selected, it limits
loss payment to the lesser of the policy limit or the amount of loss sustained during the - ANSWER 120
days immediately following the beginning of the period of restoration
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