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AINS 103: Simulated Exam|50 Questions and Answers A+ Graded
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AINS 103: Simulated Exam|50Questions and Answers A+ Graded
While performing duties for the business, all of the following would be an
insured under Business Liability Coverage of a partnership's businessowners
policy (BOP), EXCEPT: - -All executive officers of an LLC.
-Which one of the following would be covered under the Extra Expense
insuring agreement of the Business Income (and Extra Expense) Coverage
Form? - -Costs to move office equipment to a substitute location.
-An intangible asset resulting from a collection of perceptions and opinions,
past and present, about an organization that resides in the consciousness of
its stakeholders is known as an organization's: - -Reputation.
-Ivan is a commercial insurance producer looking to expand his book of
business. He is researching local businesses trying to determine which
businesses might be eligible for the businessowners policy (BOP) and which
would not be eligible. Which one of the following businesses would be
ineligible for BOP coverage? - -Amusement parks are generally not eligible
for BOP coverage. Retail stores, small restaurants with limited cooking, and
trade contractors are generally eligible for BOP coverage.
-Marlene is a producer for East Goshen Mutual. She recently met with the
owners of Sugartown Farms to try and determine if they are eligible for the
ISO businessowners policy (BOP). Which one of the following facts about
Sugartown Farms would prevent it from being eligible for the BOP? - -
Sugartown Farms has a restaurant with a bar for local patrons.
-Sugartown Industries insures its building and personal property under the
commercial property coverage part of a commercial package policy (CPP).
Following a lightning storm, a portion of the building was damaged from a
small fire. The operations manager pulled out the CPP to make sure that the
building was covered for this type of loss. Which one of the following
components of the commercial property coverage part would provide the
operations manager with information on the covered perils? - -The causes of
loss form. The three types of cause of loss forms - Basic, Broad, and Special -
allow the insured to select, or the underwriter to offer, a range of covered
perils.
-Under the Commercial General Liability (CGL) Coverage Form, medical
payments coverage applies to which one of the following situations? - -Sara
is a volunteer helping the named insured clean up their grounds.
, -Which one of the following causes of loss is covered by the commercial
property policy Causes of Loss—Broad Form but not the Basic Form? - -
Falling objects.
-The Property Custody Company (PCC) stores customer property for a fee.
PCC is insured under a bailees' customers policy. One day, due to the
negligence of an unrelated party and not due to any negligence of PCC,
property owned by one of PCC's customers is destroyed while in PCC's
custody. Which one of the following describes how PCC's insurer will handle
the claim for the damage to PCC's customer's property under PCC's bailees'
customers policy? - -It will pay the claim because PCC's policy covers
damage to customers' goods in its possession regardless of negligence.
-A private company posted a video on the internet introducing a new
product. The music used in the video was from a copyrighted song. When the
company sought coverage under Part B of their Commercial General Liability
(CGL) Coverage Form after a claim was filed against them for damages,
coverage will most likely be excluded based on which one of the following
exclusions? - -Coverage for infringement of copyright, patent, trademarks,
or trade secret are excluded unless it occurs in an advertisement exclusion.
-Devon Distributing purchased smart watches for all their long haul drivers.
The devices were monitored from the headquarters so the location of the
driver was always known to Devon management. The watches could also
send text messages and accept phone calls, so there was constant
communication. This allowed Devon management to respond immediately in
the event of an emergency or failure of a vehicle. This network is an example
of: - -The Internet of Things.
-Business income insurance covers which one of the following types of
losses that could result from a fire? - -The extra expenses for renting a
temporary office.
-Smith Stores had net income of $5,000 per month in the 12 months before
a covered business income loss. The store is unable to reopen for three
months. During that time, continuing expenses totaled $6,000. What is the
amount of Smith Stores' business income loss? - -$21,000. The business was
interrupted for three months, for a business income loss of $15,000, plus
continuing expenses of $6,000, equals $21,000.
-The Paoli Power Shop has its building and business personal property
insured under a businessowners policy (BOP). Torrential rainstorms caused a
nearby river to overflow its banks and flood the area. The flood caused
significant water damage to both the building and personal property. Which
one of the following would be true under the BOP? - -The water damage
would not be covered.
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