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Commercial Property questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating
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Commercial Property questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating

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  • August 5, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Commercial Construction
  • Commercial Construction

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Commercial Property
A. a package policy - ANS-Both commercial property and liability were combined into one policy,
thus saving money on underwriting expense. What is this combination called?

a. A package policy
b. A combination policy
c. A monoline policy
d. A valid policy

A. The value reporting endorsement - ANS-A florist wanted coverage on business contents that
vary in amount over the course of a year. Which form best covers this situation?

a. The value reporting endorsement
b. The peak season endorsement
c. The automatic increase in insurance endorsement
d. none of the above

B. Extra Expense Coverage form - ANS-A home oxygen service must continue to supply its
customers even if the facility is destroyed by a fire. Consequently, the service may make
purchases from one of its competitors to keep their own customers supplied with medically
necessary equipment in order to have the opportunity to stay in business. Where is this type of
insurance coverage found?

a. Building and Personal Property Coverage form
b. Extra Expense Coverage form
c. Leasehold Interest Coverage form
d. Legal Liability Coverage form

B. Jettison - ANS-A ship loaded with lumber encountered a terrible storm, and some of the
lumber was thrown overboard to save the ship - this action is called:

a. Barratry
b. Jettison
c. Sue and labor
d. Running down clause

B. The Association Policy is primary and the Unit Owners' Policy is excess -
ANS-Condominiums may be covered by both an Association (Commercial Condo) Policy and a
Unit Owners' (Homeowners) Policy, which of the following is true?

a. The Unit Owners' Policy is primary and the Association Policy is excess

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