Bpp optional coverages - Study guides, Class notes & Summaries

What is a Modular Policy? - ANSWER-A modular policy is a policy consisting of several different documents, none of which by itself forms a complete contract. What is a Commercial Package Policy (CPP)? - ANSWER-A Commercial Package Policy is a modular policy that combines different forms and more than one line of coverage. What must a CPP policy consist of? - ANSWER-A Declaration Page (stating premium charges and coverage limits) A Policy Conditions (six conditions that apply to the entire...

AINS 23 Full Practice Exam Questions and Answers 1) Clarence entered into a contract bond that guarantees his insulation work will be free from defects in materials and workmanship for a specified period of five years after completion of the work. The type of bond used by Clarence is a - ANSWER-Maintenance bond. 2) Which one of the following statements is correct with respect to ocean marine loss exposures? - ANSWER-For cargo owners, the posibility of loss to the cargo exists either on boa...

ains 23 Exam Practice Questions and Answers Which one of the statements is correct with respect to the Building and Personal Property Coverage Form (BPP)? - Answer-Some property, such as building foundations below the lowest basement floor, is excluded because it may not be subject to loss by the perils insured against. Which one of the following Additional Coverages is covered under the Causes of Loss—Special Form but not under the Causes of Loss—Broad Form? - Answer-Property in Tran...

AINS23 practice Questions and Answers – Updated 2024 Which one of the following lists the covered causes of loss (basic, broad, or special); the deductible amount; and any optional coverages? Select one: A. Causes of loss forms B. Commercial property declarations C. Commercial property conditions D. Commercial property coverage forms - Answer-B. Commercial property declarations Ace Accounting has a Building and Personal Property Coverage Form (BPP) through Delta Insurance with a limi...

IC Commercial Multi-line Exam With Questions & Veried Answers Latest update Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. - ANSWER>>Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in CCC) Exterior Building Glass Replacement Cost Not Covered: Money/Securities Fences, radios, antennas, towers, signs (det...

BOP additional coverages - ANSWERS,Debris removal - 25%/180 days/$10,000 Preservation of property - 30 days Fire department service - $2500 Collapse - covered is cause by hidden decay, insect or vermin, weight of people or property, or use of defective material during construction. Water/liquid/molten material damage - included only in the special form. Business income - actual loss sustained/12 months/ordinary payroll - 60days with 72-hour waiting period. Extended business income - ...

CIC Commercial Property Exam Prep Endorsements used to modify coverage extensions (6) - ANSWER 1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants Explain replacement cost - ANSWER - without deduction for depreciation - claims are paid on acv until repairs or replacements is complete and then difference is paid - doe...