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CPI
Commercial Property Insurance
| Question | Answer |
|---|---|
| Under the Commercial Property Conditions, if the insured intentionally conceals or misrepresents a material fact, then the insurance company will | deny coverage |
| Under the Commercial Property Policy, an insured may bring legal action against the insurance company within | 2 years |
| A commercial building valued at $500,000 is insured under two Commercial Property policies. The first policy is for $300,000 and the second policy is for $200,000. If a covered loss of $100,000 occurs, the second company will pay: | $40,000 |
| A tenants equipment which is bolted to the floor of the building is NOT covered under the | Building and Personal Property property coverage form |
| Which of the following types of property would not be excluded from coverage under a Commercial Property Policy? | Animals that are for sale to the public |
| Under the Commercial Property policy- Automobile Liability is | Not a policy addition or extension |
| Under the Commercial Property policy- the maximum value that the insurance company will pay for any one tree, shrub, or plant is | $250 |
| Assume that a retail store is insured under a CPP for it's full replacement cost of $100,000. Further, assume that the store is totally destroyed by fire. There was a $2,000 fire department service charge. The CPP would pay the owner of the store: | $101,000 |
| Appraisals are made by two appraisers and one umpire; Each party pays the cost of their appraiser and splits the cost of the umpire; A decision agreed to by a majority of the appraisers/umpire will be binding- these are regarding what? | Appraisal under the Commercial Property Policy |
| You own a building valued at $100,000 and have it insured under a CPP with an 80% coinsurance percentage and a $500 deductible. You have the building insured for $90,000 and suffer a $20,000 fire loss. How much should you collect from your insurance co? | $19,500 |
| Joe intentionally set his warehouse with a CPP on fire trying to collect. A bank holds a mortgage on the warehouse. Which of the following actions would the bank not have to take in order to protect its rights to receive lost payment under the policy? | Cancel the mortgage if the insurance company requests in writing that it do so. |
| Under the Commercial Property Policy, _______ is not an optional coverage? | Fair Market Value |
| Under the CPP, which of the following losses would not be covered under the peril of fire? | Removal of debris from the damage site |
| Which of the following perils would NOT be covered under the Basic Cause of Loss form? | Earthquake |
| Which of the following is NOT an exclusion under the Basic Cause of Loss Form? | Volcanic Action |
| Which of the following perils is covered under the Broad Form Causes of Loss but is not covered under the Basic Form? | Weight of Ice, Snow, and Sleet |
| Under the Business Income coverage form, the definition of "business income" is | Net income, plus continuing normal operating expenses, including payroll |
| Under the Property Form of the CPP, the vacancy condition will not pay for loss as a result due to vandalism, water damage, theft, or attempted theft. What is the number of days property must be vacant before this takes effect? | 60 consecutive days |
| Business Income Coverage Forms pay for loss of income that the insured sustains due to a direct physical loss from a peril insured against. This is sometimes called? | Time Element Coverage Form |
| Under the Commercial Property form, all Earthquake shocks or volcanic eruptions that occur within a specified time period constitute a single Earthquake or volcanic eruption. The time period specified is | 168 hours |
| The Commercial Property Increased Cost of Construction additional coverage covers the additional costs required to comply with which of the following: | Building codes when a building is damaged by a covered cause of loss |
| The Commercial Property Increased Cost of Construction additional coverage is only available for buildings insured on which of the following value bases? | Replacement Cost |
| Under the Builders Risk coverage form, coverage is written for one year, but ceases, whenever which of the following occur? | 90 days have elapsed since construction was completed; the building is occupied or put to its intended use; the insured's interest in the property ceases |
| The Business Income coverage forms pay for loss of income that forces the insured to suspend operations during the period of restoration. "Suspension" is defined as which of the following? | A slowdown of cessation of the insured's business activities |
Created by:
BGeisert
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