1. Your client recently purchased $10,000 valuable papers and records insurance
A. Identify two factors which will be considered by the underwriter when determining
the rate to be charged for this coverage
B.
i) Insureds record/documents are all maintained on computer files, on Friday of last
week, a sudden power surge caused all files to be destroyed. Indicate whether the
valuable papers and records insurance purchased respond to pay for this loss. State
whether covered or not covered.
ii) Last week the insured left important document at her lawyers office. Last night, a
fire totally destroyed the lawyers office. The value of the insured documents was
$750. Indicate whether the valuable papers and records insurance purchased would
respond to pay this loss. State whether covered or not covered
Give this one a try later!
, A. Valuable papers and records are kept
B. Covered
Covered
1. The assumption should not be made that clients do not need a boiler and machinery
policy because they do not have an explosion exposure from boilers or pressure
vessels on the premises.
A. Under what circumstances should a tenant purchase such a coverage?
B. Boiler and machinery policies provide more than just explosion coverage. There are
specialized comprehensive coverage forms which can be used to insured
photocopiers, fax machines, cash registered and other machinery. What two key
coverages are provided by such policies which makes them attractive to business
having these items?
Give this one a try later!
a. Everyone should have this coverage because now days everyone uses
things that are mechanical and electrical.
b. Property damage
Expediting damage
63. Early yesterday morning, thieves stole approximately $30,000 of ski apparel from
Snow Trax Ski Wear Inc. The business's owner, Iona Hill, has prepared an inventory of
the property loss and has asked you to submit it to the insurers for payment. The only
crime coverage provided by her insurance policy is that for stock burglary.
A. You have advised Ms. Hill that before payment will be provided by the insurer, it
will require evidence confirming that the loss was caused by burglary. Identify 2 of
their other elements for proof required to be present in any claim for burglary
,coverage.
b. Assuming the conditions require to constitute a burglary are all present, indicate
weather coverage would be provided under the stock burglary rider for property
taken from the following locations on the premises. State covered/not covered:
i) From show window which does not open directly into the interior of the premises.
ii) V
Give this one a try later!
a. Forcible entry
Business has to be closed
b. Covered
c. Covered
1. To qualify for insurance coverage, Cousins Fine Food Emporium was required to
install an automatic extinguishing system, as crime was increasing in the area, the
owner also chose to install an infrared burglar detection system at the same time. The
insurer provided a rate credit for both the fire and theft coverages provided by the
policy.
You have advised the owner that the policy issued by the insurer will contain a
conviction which specifically outlines certain obligations of its insureds in respect of
such property protection systems. I dentist 3 obligations placed on this insured by the
policy condition.
Give this one a try later!
a. Inform insurer any defect
Inform insurer system is canceled or not renewed
Police service suspension
63. In your survey of their business exposure, it was your recommendation that the
policy for Tammi's Toys for Tots Inc. contain a Peak Season Endorsement.
, A. Identify the class of property to which this endorsement applies
B. Your comments as to the advantages of this endorsement persuaded Tammi to
accept your recommendation. Identify 2 advantages of the Peak Season Endorsement
Give this one a try later!
a. used when insured's business changes seasonally
b. increase stock value in advanced and save premium dollars because
insured does not have to pay for coverage for entire time
1. Barbs bargain basement Ltd insured all of building, equipment and stock under a
broad form policy issued through your brokerage. A separate glass rider providers
coverage for all exterior plate glass contained in the building.
A. The glass rider insures more than the value of the glass itself. Identify two other
costs specifically mentioned in the insuring agreement contained in this rider for
which coverage is also provided
B. A portion of the building is rented of Cheep Charlies Laundry and Alterations inc.
As a tenant, is it possible that Charlie would ever purchase coverage on the glass
contained in the portion of the building occupied by him. Explain your answer
Give this one a try later!
a. Glass rider: lettering, ornamentation, and artwork
b. Yes, because he might want coverage for glass, signage, and artwork h's
installed in his owned space
1. The valuations clause contained in commercial property insurance policies
establishes how certain property is to be valued by the policy after a loss. In the event
of a loss to the following property belonging to Happy Harry's Appliance Store LTD.
Indicate how each would be valued under the policy.
A. Refrigerator which has been sold but not yet delivered B. Unsold stock C.
A. Identify two factors which will be considered by the underwriter when determining
the rate to be charged for this coverage
B.
i) Insureds record/documents are all maintained on computer files, on Friday of last
week, a sudden power surge caused all files to be destroyed. Indicate whether the
valuable papers and records insurance purchased respond to pay for this loss. State
whether covered or not covered.
ii) Last week the insured left important document at her lawyers office. Last night, a
fire totally destroyed the lawyers office. The value of the insured documents was
$750. Indicate whether the valuable papers and records insurance purchased would
respond to pay this loss. State whether covered or not covered
Give this one a try later!
, A. Valuable papers and records are kept
B. Covered
Covered
1. The assumption should not be made that clients do not need a boiler and machinery
policy because they do not have an explosion exposure from boilers or pressure
vessels on the premises.
A. Under what circumstances should a tenant purchase such a coverage?
B. Boiler and machinery policies provide more than just explosion coverage. There are
specialized comprehensive coverage forms which can be used to insured
photocopiers, fax machines, cash registered and other machinery. What two key
coverages are provided by such policies which makes them attractive to business
having these items?
Give this one a try later!
a. Everyone should have this coverage because now days everyone uses
things that are mechanical and electrical.
b. Property damage
Expediting damage
63. Early yesterday morning, thieves stole approximately $30,000 of ski apparel from
Snow Trax Ski Wear Inc. The business's owner, Iona Hill, has prepared an inventory of
the property loss and has asked you to submit it to the insurers for payment. The only
crime coverage provided by her insurance policy is that for stock burglary.
A. You have advised Ms. Hill that before payment will be provided by the insurer, it
will require evidence confirming that the loss was caused by burglary. Identify 2 of
their other elements for proof required to be present in any claim for burglary
,coverage.
b. Assuming the conditions require to constitute a burglary are all present, indicate
weather coverage would be provided under the stock burglary rider for property
taken from the following locations on the premises. State covered/not covered:
i) From show window which does not open directly into the interior of the premises.
ii) V
Give this one a try later!
a. Forcible entry
Business has to be closed
b. Covered
c. Covered
1. To qualify for insurance coverage, Cousins Fine Food Emporium was required to
install an automatic extinguishing system, as crime was increasing in the area, the
owner also chose to install an infrared burglar detection system at the same time. The
insurer provided a rate credit for both the fire and theft coverages provided by the
policy.
You have advised the owner that the policy issued by the insurer will contain a
conviction which specifically outlines certain obligations of its insureds in respect of
such property protection systems. I dentist 3 obligations placed on this insured by the
policy condition.
Give this one a try later!
a. Inform insurer any defect
Inform insurer system is canceled or not renewed
Police service suspension
63. In your survey of their business exposure, it was your recommendation that the
policy for Tammi's Toys for Tots Inc. contain a Peak Season Endorsement.
, A. Identify the class of property to which this endorsement applies
B. Your comments as to the advantages of this endorsement persuaded Tammi to
accept your recommendation. Identify 2 advantages of the Peak Season Endorsement
Give this one a try later!
a. used when insured's business changes seasonally
b. increase stock value in advanced and save premium dollars because
insured does not have to pay for coverage for entire time
1. Barbs bargain basement Ltd insured all of building, equipment and stock under a
broad form policy issued through your brokerage. A separate glass rider providers
coverage for all exterior plate glass contained in the building.
A. The glass rider insures more than the value of the glass itself. Identify two other
costs specifically mentioned in the insuring agreement contained in this rider for
which coverage is also provided
B. A portion of the building is rented of Cheep Charlies Laundry and Alterations inc.
As a tenant, is it possible that Charlie would ever purchase coverage on the glass
contained in the portion of the building occupied by him. Explain your answer
Give this one a try later!
a. Glass rider: lettering, ornamentation, and artwork
b. Yes, because he might want coverage for glass, signage, and artwork h's
installed in his owned space
1. The valuations clause contained in commercial property insurance policies
establishes how certain property is to be valued by the policy after a loss. In the event
of a loss to the following property belonging to Happy Harry's Appliance Store LTD.
Indicate how each would be valued under the policy.
A. Refrigerator which has been sold but not yet delivered B. Unsold stock C.
