Robbery involves all of the following, EXCEPT:
A. The presence of the insured
B. Criminal intent
C. A threat of violence
D. Burglary - Answer- D. Burglary
Under the "Loss Sustained" Crime Insurance form, there is coverage while the policy is in force and for up to:
A. 6 months after the...
NC Adjuster Exam (3)
Robbery involves all of the following, EXCEPT:
A. The presence of the insured
B. Criminal intent
C. A threat of violence
D. Burglary - Answer- D. Burglary
Under the "Loss Sustained" Crime Insurance form, there is coverage while the policy is in force and for up to:
A. 6 months after the policy expires
B. One year after the policy expires
C. 60 days after the policy expires
D. 30 days after the policy expires - Answer- B. One year after the policy expires
Crime insurance terminology refers to an employee of the company, having custody of insured property off the insured premises, as:
A. An insured property executive
B. A messenger
C. A scheduled executive
D. A custodian - Answer- B. A messenger
Under the "Discovery" Crime insurance form, there is coverage while the policy is in force and for up to:
A. 60 days after the policy expires
B. 30 days after the policy expires
C. 6 months after the policy expires
D. One year after the policy expires - Answer- A. 60 days after the policy expires
The "forcible entry into locked premises and the carrying away of property belonging to others" is part of the definition of:
A. Theft
B. Burglary
C. Robbery
D. Mysterious disappearance - Answer- B. Burglary
Which of the following "Commercial Crime Insuring Agreements" would cover theft of currency?
A. "Debit Card Transfer Fraud" B. "Inside the Premises - Robbery or Safe Burglary"
C. "Employee Theft"
D. "Funds Transfer Fraud" - Answer- C. "Employee Theft"
Which of the following statements is correct regarding Crime insurance with "Computer Fraud" coverage?
A. Does not provide coverage on a "World-wide" basis
B. Applies to criminal activity where the perpetrator gives false electronic instructions to remove the insured's funds from a bank account
C. Covers losses that occur as the result of a messenger of the insured
D. Applies to act of theft by employees - Answer- B. Applies to criminal activity where the perpetrator gives false electronic instructions to remove the insured's funds from a bank account
All of the following would be covered under Commercial Crime insurance, EXCEPT:
A. "Inside the Premises Theft of Money & Securities"
B. "Funds Transfer Fraud"
C. "Forgery or Alteration"
D. "Seizure or Destruction of Property by Government Authority" - Answer- D. "Seizure or Destruction of Property by Government Authority"
Which of the following losses would be covered under a Crime insurance policy's "Inside the Premises - Robbery or Safe Burglary of Other Property" coverage?
A. Theft of money and securities
B. Fire damage to the insured building that is caused by a burglar
C. Broken windows and damage to a door
D. Vandalism to a trailer on the insured's premises caused by a burglar - Answer- C. Broken windows and damage to a door
All of the following are exclusions under the commercial Crime policy, EXCEPT:
A. Legal expenses, except as provided under Forgery or Alteration coverage
B. Indirect or consequential losses
C. Nuclear hazard
D. Loss of money resulting directly from theft by employees - Answer- D. Loss of money
resulting directly from theft by employees
The "Ownership of Property - Interests Covered" condition of the Commercial Crime policy, the property covered is limited to all of the following, EXCEPT:
A. Property owned by the insured
B. The benefit of the property owner whose property was stolen while under the care custody, and control of the insured C. Property for which the insured is legally liable
D. Property that is held for others - Answer- B. The benefit of the property owner whose property was stolen while under the care custody, and control of the insured
Under the "Legal Action Against the Insurer" condition of the Commercial Crime policy, if the insured is justified in bringing a lawsuit against the insurance company, they must do so:
A. Within 6 months from the date the loss is discovered
B. At any time, there is no restriction
C. Within 2 years from the date the loss is discovered
D. Within 7 years from the date the loss is discovered - Answer- C. Within 2 years from the date the loss is discovered
When a replacement policy is purchased, the Extended Period to Discover endorsement:
A. Expires immediately
B. Will expire within 30 days of the effective date of the replacement policy
C. Expires within 10 days
D. Will expire within 6 months of the effective date of the replacement policy - Answer- A. Expires immediately
Which of the following Crime Endorsements affect Employee Theft coverage?
I. Name or Position schedule
II. Client's property
III. Forgery
IV. Safe Depository
A. I, II, IV only
B. $1,500
C. I and III only
D. I, II, III, and IV - Answer- A. I, II, IV only
The "Loss Covered Under More Than One Coverage of this Insurance" condition in Commercial Crime insurance is designed to:
A. Allow the insured to choose the company that will pay the claim
B. To determine the coverage parts of the policy that may apply to the claim
C. Avoid overpayment of a claim
D. Provide subrogation of a claim - Answer- B. To determine the coverage parts of the policy that may apply to the claim
The three parties to a bond are:
A. Principal, obligee, and surety
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