Exam (elaborations)
AINS 103 STUDY EXAM QUESTIONS AND ANSWERS
- Course
- Institution
AINS 103 STUDY EXAM QUESTIONS AND ANSWERS
[Show more]
Content preview
AINS 103 STUDY EXAM QUESTIONSAND ANSWERS
Business owners policies (BOP) - Answer-Designed for small to mid sized businesses
Most BOP eligibility rules are based on critera relatred to business size and complexity
of loss exposures such as total square footage of the floor area, annual gross sales,
building height, business type
Apartment buildings critera - Answer-may not be able to exceed a certain number of
floors or units. Premitted occupancies may include offices and eligible wholesaler, retail,
service, processing, and contractor businesses
office buildings critera - Answer-may not be able to exceed a certain number of floors or
total floor area. Permitted occupancies migt include eligible wholesale, retail, service,
processing, and contractor businesses
contractor criteria - Answer-may only be eligible up to a certain amount of receipts and
payroll. General contractors and hazardous trades are usually ineligible
main street businesses criteria - Answer-retail, wholesale, service, or processing
buildings that do not exceed a specified total floor area and their personal prop
resturants criteria - Answer-BOP are often avaliable for fast food resturants and
resturants with limited cooking facilities that do not exceed a certain total floor area and
seating capacity. Restrictions on sale of beer, wine, and liq apply
motels criteria - Answer-motels may be a limit of 3 stories in height. Integrated bars and
seasonal operations are usaully ineligible
BOP fast food - Answer-often avaliable for fast food resturants and resturants w limited
cooking facilities. A limited cooking facility is one in which food is prepared with
appliances that do not emit smoke or grease laden vapors that require an exhaust
system.
what are some other restrictions that might be placed on the eligibility of a resturant for
coverage under a BOP? - Answer-other restrictions a resturant may face in regard to
BOP coverage pertain to square footage, seating capacity, and the sale of beer and
wine
businesses that are not eligible for BOP because of their loss exposures and certain
types of risk - Answer-automobible businesses: auto dealers, auto repair shops, and
parting garages
bars and pubs
, most manufacturing firms
one or two family dwellings other than multiple unit garden apt complexes
Amustment parks and other places of amusement such as arcades and bowling alleys
financial instutions
apartment building criteria - Answer-may not be able to exceed a certain number of indv
units
main street businesses include - Answer-retail, wholesale, service, or processing
buildings and personal prop that does not exceed a specified total floor area
why arent financial institutions not eligible for BOP - Answer-because of their many loss
exposures
motels limits - Answer-may have limit of 3 stories in height. Integrated bars and
seasonal operations usually inelgible
what do businessowners policies provide - Answer-free standing package policy that
combined prop and liab coverages into one form
designed for small to midsized businesses with relatively smiple loss exposures
What does BOP cover that is prop loss exposures - Answer-buildings, business
personal prop, personal prop of others, business income and extra expense
what will BOP usually cover that is liab loss exposures - Answer-premises and
operations liab, products and completed operations liab, contractual liab, personal and
advertising inj liab
what doews BOP often cover that are loss exposures - Answer-employee dihonesty,
theft of money and securities, forgery and lateration, equip breakdown
somethings BOPs dont cover - Answer-insurance business with one or more autos
would likely need to purhcase a commercial auto policy addition to BOP
coverage for hired and nonoened autos, such as a rental car, as well as a variety of
other coverages can be added to the bond by endorsement
Lits of exposures DO NOT include workers comp, prof liab or health and disability
coverage
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller biggdreamer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now