Commercial package policy - Study guides, Class notes & Summaries

pearson vue practice exam Questions and answers, 100% Accurate, graded A+ In stating a seller's price and terms to a prospective buyer, the seller's broker is required by the law of agency to state ONLY those terms that are a. included in the listing agreement b. based on the brokers evaluation of prevailing prices and terms c. favorable for the seller, as determined by the broker d. attractive to buyers, as determined by the broker - -a. included in the listing agreement a lot measu...

In property insurance, the term "property in transit" refers to which one of the following? C. Property while being transported by trucks, cars, buses, trains, airplanes, and ships Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effects of a business interruption. Which one of the following is an example of an extra expense? B. Cost to rent temporary office space Radley Contracting Company is installing new signage on the front of...

Property and casualty insurance Exam Questions and Answers Updated Nov 2022. A banker is ready to close on a customer's loan. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. This is an example of A builder's risk form is most often written as which of the following? A building is insured, but no one has lived or worked in it for 10 years. The building is completely empty of any furniture or perso...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

Supporting information under an Account (11) -Correct Answer 1. Summary 2. Contacts 3. Location 4. Participants 5. Transactions 6. Submission Manager 7. Policies and UW files 8. Documents 9. History 10. Notes 11. Related Accounts Types of Policy Transactions (6) -Correct Answer 1. Submission 2. Change 3. Renew 4. Cancelled 5. Rewritten 6. Reinstated Jobs can be started in 3 ways -Correct Answer 1. By users through Actions menu 2. External systems through API's 3. PC bat...

NJ Property Producer License Questions and Answers Rated A+ A "certification of license status" report can be run on any currently licensed New Jersey producer, but can only contain information on formal disciplinary actions taken within the past 4 Years What is not an additional cause of loss in broad form commercial property policies Replacement Cost An installation floater is used to insure Appliances intended to become a permanent part of the building. The list of lines of...

WA State Property & Casualty State exam questions and answers already passed Assignment The transfer of a policy to another party. Often done when commercial property is sold to a new owner. Building & Personal Property (BPP) The commercial property policy for larger businesses. Business Income Policy A commercial policy covering the indirect loss of income following a loss. Cancellation Termination of a policy during the policy period. Casualty Insurance A broad term which includes all of t...

Commercial Package Policy Common Policy declarations and Common Policy Conditions form which apply to the entire policy regardless of types of coverage written 4 Components of Commercial Package Policy (CPP) Common Policy Declarations Page; Common Policy Conditions; Interline Endorsements; Coverage Parts Contents of Common Policy Declarations Page Shows the who, what, when, where and how much of entire policy, each of the coverage parts included and a Declarations page for each coverage pa...

California Commercial Insurance Exam Questions and Answers (60Questions) Latest 2024. 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 cha...

80% - Answer-Standard co-insurance amount. Abandonment - Answer-The insured leaving the damaged property and demanding full payment for a total loss. Actual Cash Value (ACV) - Answer-Replacement cost at the time of loss less depreciation. Actuary - Answer-The person who establishes rates for the insurer. Advertising Liability - Answer-Offense that arises from advertising the insured's services or products including unintentional violation of copyright laws. Aggregate Limit - Answer-A typ...