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Note Q&A for the California commercial insurance exam. Everything you need to know. Cards 01-33: Property Basics: Section 1 Cards 34-72: Commercial Coverage Part 1: Section 2 Cards 73-91: Commercial Coverage Part 2: Section 3 Cards 92-131: Commercial Cove$13.49
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Note Q&A for the California commercial insurance exam. Everything you need to know. Cards 01-33: Property Basics: Section 1 Cards 34-72: Commercial Coverage Part 1: Section 2 Cards 73-91: Commercial Coverage Part 2: Section 3 Cards 92-131: Commercial Cove
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California commercial insurance e
Institution
California Commercial Insurance E
Note Q&A for the California commercial insurance exam. Everything you need to know. Cards 01-33: Property Basics: Section 1 Cards 34-72: Commercial Coverage Part 1: Section 2 Cards 73-91: Commercial Coverage Part 2: Section 3 Cards 92-131: Commercial Coverage Part 3: Section 4 Cards 132-157: Commer...
Note Q&A for the California commercial
insurance exam. Everything you need to know.
Cards 01-33: Property Basics: Section 1 Cards
34-72: Commercial Coverage Part 1: Section 2
Cards 73-91: Commercial Coverage Part 2:
Section 3 Cards 92-131: Commercial Coverage
Part 3: Section 4 Cards 132-157: Commercial
Auto: Section 5 Cards 158-191: Farm, Flood,
and BOP: Section 6/ 220 Questions with
Answers & Rationales/ 2024-2025.
The FAIR plan does all of the following, EXCEPT:
Provides for equitable distribution among admitted insurers of the responsibility for insuring
qualified property for which basic property insurance cannot be obtained through the normal
insurance market by the establishment of a FAIR plan.
Establish a list of all surplus line insurers that have met the recognized requirements for such
title and shall issue a master list at least semiannually.
Encourages maximum use of the normal insurance market provided by admitted insurers and
licensed surplus line brokers.
Page 1 of 56
,Assures stability in the property insurance market for property located in California. - Answer:
Establish a list of all surplus line insurers that have met the recognized requirements for such
title and shall issue a master list at least semiannually.
NOTE: This list is the LESLI list and has nothing to do with the FAIR plan
The normal vacancy condition under a commercial lines policy can be waived by: - Answer:
Adding a Vacancy Permit endorsement.
NOTE: A vacancy permit is needed in order to waive the condition of vacancy under a Building
and Personal Property coverage form.
Which of the following would be considered a "module"?
Conditions
Business Auto
Declarations
Exclusions - Answer: Business Auto
NOTE: Modules are the coverage parts that make up a package policy.
Coverage C perils are broad form on all HO policies except:
,NOTE: Coverage C perils on an HO-8 are basic perils and HO-5 are open perils/all risk.
When may the insurer examine books and records of an insured: - Answer: At any time and for
up to three years after the policy expires.
NOTE: The insurer may examine books and records at any time and for up to 3 years, as
premiums are determined based on the audit information provided by the insured.
Coverage B of the Commercial Building and Personal Property coverage form covers all of the
following EXCEPT:
Furniture and office supplies
Property off the premises
Postage Meters
Copy Machines - Answer: Property off the premises.
NOTE: Property off premises is not included in the policy but added with an extension of
coverage. This need would be expressed by the insured and added by way of extension. An
additional premium charge would apply.
Coverage A of the Commercial Building and Personal Property coverage form covers which of
the following:
A riding lawn mower.
Personal Property
Buildings and sparate structures and a riding lawn mower are both correct answers.
Page 3 of 56
, Buildings and Separate Structures - Answer: Buildings and sparate structures and a riding lawn
mower are both correct answers.
NOTES: Buildings and separate structures as well as a riding lawn mower is considered part of
Coverage A, as it is used to maintain/service the property
Which of the following is a coverage extension on the Commercial Building and Personal
property coverage form?
Indoor and Outdoor fixtures
Stock or Inventory
Improvements and Betterments
Debris Removal - Answer: Debris Removal
NOTES: Debris removal is a coverage extension with no extra premium charge and does not
reduce the limit of insurance.
Coverage A of a Building and Personal Property form would exclude all but:
Vacuum and Floor waxer
Patios and Driveways
Indoor Furnishings
Piers, wharves, docks - Answer: Vacuum and Floor waxer
NOTE: Equipment used to service the premises is covered under Coverage A on the BPP.
What is the formula for calculating the coinsurance penalty? - Answer: Amount carried, divided
by required amount, multiplied by loss, minus deductible
Page 4 of 56
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