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Chapter 10 COM 125 Practice Quiz Question and answers verified to pass Section 3. 1 - Overview - correct answer ... Advantage of the all risks approach is that it is more difficult for insurers to deny coverage under an all risks form. With an all risks form, the burden is on the insurer to sh...

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  • August 20, 2024
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  • 2024/2025
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Chapter 10 COM 125 Practice Quiz
Section 3. 1 - Overview - correct answer ✔...


Advantage of the all risks approach is that it is more difficult for insurers to
deny coverage under an all risks form. With an all risks form, the burden is on
the insurer to show that coverage does not apply to a particular loss, whereas
with a named perils form, the insured must show that loss was caused by a
peril specifically insured against in the policy. (T/F)? - correct answer ✔true


Section3. 2 - Named Perils Coverage - correct answer ✔...


For many years, the vast majority of named perils policies covered only the
following perils: - correct answer ✔- Fire
- Lightning
- Extended coverage perils (windstorm, hail, explosion, smoke, civil
commotion, aircraft, and vehicles)
- Vandalism


In the mid 1980s a new set of standard commercial property forms was
introduced, which included not just one, but two named perils forms.


What are the 2 forms? - correct answer ✔- Basic form
- Broad Form


A standard basic named perils policy provides coverage for the traditional
named perils listed above, plus three additional perils, as follows. What are
the three additional perils? - correct answer ✔- Sprinkler leakage
- Volcanic action

,- Sinkhole collapse


A standard broad named perils policy provides coverage for all the perils
included in the basic form, plus 4 more not included in the basic causes of
loss form, as follows: - correct answer ✔- Falling objects
- Weight of ice, snow, or sleet
- Water damage from certain causes
- Collapse from specified causes


Which Named Perils Form is this?


- Fire
- Lightning
- Extended coverage perils (windstorm, hail, explosion, smoke, civil
commotion, aircraft, and vehicles)
- Vandalism
- Sprinkler leakage
- Volcanic action
- Sinkhole collapse
- Falling objects
- Weight of ice, snow, or sleet
- Water damage from certain causes
- Collapse from specified causes - correct answer ✔Broad Form


Which Named Perils Form is this?


- Fire

, - Lightning
- Extended coverage perils (windstorm, hail, explosion, smoke, civil
commotion, aircraft, and vehicles)
- Vandalism
- Sprinkler leakage
- Volcanic action
- Sinkhole collapse - correct answer ✔Basic Form


Section 3. 3 - All Risks Coverage - correct answer ✔...


All risks policies provide coverage for loss from...? - correct answer ✔all
causes except those that are specifically excluded


Summary of Key All Risks Exclusions and Limitations (29) - correct answer
✔- Nuclear hazard
- War and military action
- Governmental seizure or destruction of property
- Building ordinance enforcement
- Off-premises utility service interruption
- Earth movement
- Water (flood, mudslide, seepage, and sewer backup)
- Delay, loss of use, and loss of market
- Smoke, vapor, or gas from agricultural or industrial operations
- Wear and tear; rust, corrosion, fungus, decay, deterioration, hidden or latent
defect; smog; settling, cracking, shrinking, or expansion; nesting, infestation,
or release of secretions by insects, birds, rodents, or animals
- Dampness, dryness, changes or extremes of temperature, and marring or
scratching, all with respect to personal property only

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