Coverage is excluded under most policies that cover business property
Give this one a try later!
Employee Theft
symbol 4 (Owned Autos Other than Private Passenger Autos) for liability coverage
and specified causes of loss coverage
Give this one a try later!
Lawrence's business does not own any private passenger vehicles, so he
wants his business auto policy (BAP) to provide liability coverage and
specified causes of loss coverage only for the nonprivate passenger
vehicles that the firm owns. The declarations of his BAP should have:
,Guarantee the honesty of a person who is in a trusted position. Their most common
use deals with the employer-employee relationship, but a related type of bond--a
public officials bond--deals with public officials and the agencies they serve
Give this one a try later!
Fidelity Bonds
Pinnacle Insurance sends a renewal notice to Bill, the named insured, two months
before his personal auto policy expires. If Bill does not want to renew the policy, he
simply ignores the notice.
Give this one a try later!
Automatic Termination
Damage must arise from garage operations.
The garage liability insuring agreement protects the insured when:
a customer slips and falls on a wet floor at a dealership (premises-operations liability)
after a garage replaces the brake shoes on a customer's car, they fail and cause a
crash (products-completed operations liability)
a garage hires an independent contractor to repair its roof and a customer is injured
by a falling tool (independent contractors' liability).
Give this one a try later!
Insuring Agreement--Garage Operations--Other Than Covered Autos
,A fraudulent transfer of money from the insured's bank account to a thief's bank
account is an example of computer fraud.
Hacking into a merchant's computer and redirecting a customer's merchandise order
to ship to the hacker is another example.
Give this one a try later!
Computer Fraud Insuring Agreement
16
Give this one a try later!
What is the minimum age for a domestic worker to elect workers'
compensation if he or she does not meet the earnings threshold for
coverage?
No PAP covers injury sustained by the driver of a stolen car.
Give this one a try later!
Orlando and Monroe have personal auto policies (PAPs). Wanting to race
but fearful of risking damage to their cars, they each steal a car. Monroe's
stolen car collides with Orlando's stolen car, injuring Orlando. What
insurance, if any, will cover Orlando's medical bills?
, Reba subtracts $25,000 from her son's outstanding mortgage loan which had been
higher than his home's current value.
Give this one a try later!
Reba, First Bank's loan officer, abuses her discretionary authority in more
than one way. Which one of her actions would First Bank's financial
institution bond be most likely to cover?
This endorsement is useful to those whose only vehicle is a company car.
(EX. Fred is the president of a firm and has a company car for his personal use. The
firm's BAP covers the company car. He borrows a neighbor's car for an errand.
Without the Drive Other Car coverage endorsement, the BAP does not cover Fred for
liability while using the neighbor's car. The BAP covers the company for liability with
respect to vehicles that the company owns, hires, or borrows. So Fred will need a
personal auto policy to cover his liability while using the neighbor's car.)
Give this one a try later!
Drive Other Car Coverage--Broadened Coverage for Named Individuals
(CA 99 10)
-credit card
-inventory shortages
-funds transfer fraud
Give this one a try later!
Give this one a try later!
Employee Theft
symbol 4 (Owned Autos Other than Private Passenger Autos) for liability coverage
and specified causes of loss coverage
Give this one a try later!
Lawrence's business does not own any private passenger vehicles, so he
wants his business auto policy (BAP) to provide liability coverage and
specified causes of loss coverage only for the nonprivate passenger
vehicles that the firm owns. The declarations of his BAP should have:
,Guarantee the honesty of a person who is in a trusted position. Their most common
use deals with the employer-employee relationship, but a related type of bond--a
public officials bond--deals with public officials and the agencies they serve
Give this one a try later!
Fidelity Bonds
Pinnacle Insurance sends a renewal notice to Bill, the named insured, two months
before his personal auto policy expires. If Bill does not want to renew the policy, he
simply ignores the notice.
Give this one a try later!
Automatic Termination
Damage must arise from garage operations.
The garage liability insuring agreement protects the insured when:
a customer slips and falls on a wet floor at a dealership (premises-operations liability)
after a garage replaces the brake shoes on a customer's car, they fail and cause a
crash (products-completed operations liability)
a garage hires an independent contractor to repair its roof and a customer is injured
by a falling tool (independent contractors' liability).
Give this one a try later!
Insuring Agreement--Garage Operations--Other Than Covered Autos
,A fraudulent transfer of money from the insured's bank account to a thief's bank
account is an example of computer fraud.
Hacking into a merchant's computer and redirecting a customer's merchandise order
to ship to the hacker is another example.
Give this one a try later!
Computer Fraud Insuring Agreement
16
Give this one a try later!
What is the minimum age for a domestic worker to elect workers'
compensation if he or she does not meet the earnings threshold for
coverage?
No PAP covers injury sustained by the driver of a stolen car.
Give this one a try later!
Orlando and Monroe have personal auto policies (PAPs). Wanting to race
but fearful of risking damage to their cars, they each steal a car. Monroe's
stolen car collides with Orlando's stolen car, injuring Orlando. What
insurance, if any, will cover Orlando's medical bills?
, Reba subtracts $25,000 from her son's outstanding mortgage loan which had been
higher than his home's current value.
Give this one a try later!
Reba, First Bank's loan officer, abuses her discretionary authority in more
than one way. Which one of her actions would First Bank's financial
institution bond be most likely to cover?
This endorsement is useful to those whose only vehicle is a company car.
(EX. Fred is the president of a firm and has a company car for his personal use. The
firm's BAP covers the company car. He borrows a neighbor's car for an errand.
Without the Drive Other Car coverage endorsement, the BAP does not cover Fred for
liability while using the neighbor's car. The BAP covers the company for liability with
respect to vehicles that the company owns, hires, or borrows. So Fred will need a
personal auto policy to cover his liability while using the neighbor's car.)
Give this one a try later!
Drive Other Car Coverage--Broadened Coverage for Named Individuals
(CA 99 10)
-credit card
-inventory shortages
-funds transfer fraud
Give this one a try later!
