AINS 23 Segment A Part 1
All property can be classified as real property or personal property. In this context, all of these are
examples of real property, EXCEPT:
1) A building's heating equipment
2) A standalone, private garage adjacent to a dwelling
3) Underground Steam pipes
4) Oil while being transported through an underground pipeline - Answer-Oil while being transported
through an underground Pipeline
The commercial property conditions
1) Are an optional component of the commercial property coverage part
2) Are printed within each of the commercial property coverage forms
3) Apply to all commercial property coverage forms unless the form contains a condition to the contrary
4) Require reiteration in each coverage form - Answer-Apply to all commercial property coverage forms
unless the form contains a condition to the contrary
Tangible property consisting of land, all structures permanently attached to the land, and whatever is
growing on the land - Answer-Real property (realty)
,All tangible or intangible property that is not real property - Answer-Personal property
commercial package policy (CPP) coverage component that provides a broad range of coverages to
"middle-market" or larger firms to insure buildings and business personal property. - Answer-
Commercial property coverage part
policy that covers two or more lines of business by combining ISO's commercial lines coverage parts -
Answer-Commercial package policy (CPP)
policy that covers only one line of business - Answer-Monoline policy
factors that are applied to the regular policy premiums for certain coverage parts of a CPP that includes
both property and liability coverages, resulting in premium discounts for those coverage parts - Answer-
Package modification factors
A required commercial property coverage part component that provides basic information about the
policyholder and the insurance provided - Answer-Commercial property declarations page
a commercial property coverage part component that can be any of several commercial property forms
containing an insuring agreement and related provisions - Answer-Commercial property coverage form
a required component of the commercial property coverage part that specifies perils covered - Answer-
Causes of loss form
A required component of the commercial property coverage part that contains conditions applicable to
all commercial property coverage forms - Answer-commercial property conditions
Package modification factors for the Commercial Package Policy (CPP) often
, 1) Specify that the policy can be changed only by a written endorsement.
2) Specify the endorsements that modify coverage parts in the policy.
3) Provide a method for the insured to transfer rights and duties under the policy.
4) Provide a premium discount for the insured. - Answer-Provide a premium discount for the insured
A description of the property insured, a list of mortgagees, and the applicable coinsurance percentage(s)
are shown on which one of the following documents?
1) Commercial property coverage forms
2) Commercial property declarations
3) Commercial Property Conditions
4) Causes of loss forms - Answer-Commercial property declarations
Which one of the following statements is correct with respect to the Commercial Property Conditions?
1) They apply to all coverage forms included in a commercial property coverage part, unless a coverage
form contains a condition to the contrary.
2) They are an optional component of the commercial property coverage part, used at the underwriter's
discretion.
3) They provide definitions for words and phrases used in the policy to which they are attached.
4) They are printed in bold type on the commercial property declarations page. - Answer-They apply to
all coverage forms included in a commercial property coverage part, unless a coverage form contains a
condition to the contrary.
Generally, more than one causes of loss form is used in a commercial property coverage part for which
one of the following reasons?
1) Using multiple causes of loss forms in a single policy is standard industry practice.
All property can be classified as real property or personal property. In this context, all of these are
examples of real property, EXCEPT:
1) A building's heating equipment
2) A standalone, private garage adjacent to a dwelling
3) Underground Steam pipes
4) Oil while being transported through an underground pipeline - Answer-Oil while being transported
through an underground Pipeline
The commercial property conditions
1) Are an optional component of the commercial property coverage part
2) Are printed within each of the commercial property coverage forms
3) Apply to all commercial property coverage forms unless the form contains a condition to the contrary
4) Require reiteration in each coverage form - Answer-Apply to all commercial property coverage forms
unless the form contains a condition to the contrary
Tangible property consisting of land, all structures permanently attached to the land, and whatever is
growing on the land - Answer-Real property (realty)
,All tangible or intangible property that is not real property - Answer-Personal property
commercial package policy (CPP) coverage component that provides a broad range of coverages to
"middle-market" or larger firms to insure buildings and business personal property. - Answer-
Commercial property coverage part
policy that covers two or more lines of business by combining ISO's commercial lines coverage parts -
Answer-Commercial package policy (CPP)
policy that covers only one line of business - Answer-Monoline policy
factors that are applied to the regular policy premiums for certain coverage parts of a CPP that includes
both property and liability coverages, resulting in premium discounts for those coverage parts - Answer-
Package modification factors
A required commercial property coverage part component that provides basic information about the
policyholder and the insurance provided - Answer-Commercial property declarations page
a commercial property coverage part component that can be any of several commercial property forms
containing an insuring agreement and related provisions - Answer-Commercial property coverage form
a required component of the commercial property coverage part that specifies perils covered - Answer-
Causes of loss form
A required component of the commercial property coverage part that contains conditions applicable to
all commercial property coverage forms - Answer-commercial property conditions
Package modification factors for the Commercial Package Policy (CPP) often
, 1) Specify that the policy can be changed only by a written endorsement.
2) Specify the endorsements that modify coverage parts in the policy.
3) Provide a method for the insured to transfer rights and duties under the policy.
4) Provide a premium discount for the insured. - Answer-Provide a premium discount for the insured
A description of the property insured, a list of mortgagees, and the applicable coinsurance percentage(s)
are shown on which one of the following documents?
1) Commercial property coverage forms
2) Commercial property declarations
3) Commercial Property Conditions
4) Causes of loss forms - Answer-Commercial property declarations
Which one of the following statements is correct with respect to the Commercial Property Conditions?
1) They apply to all coverage forms included in a commercial property coverage part, unless a coverage
form contains a condition to the contrary.
2) They are an optional component of the commercial property coverage part, used at the underwriter's
discretion.
3) They provide definitions for words and phrases used in the policy to which they are attached.
4) They are printed in bold type on the commercial property declarations page. - Answer-They apply to
all coverage forms included in a commercial property coverage part, unless a coverage form contains a
condition to the contrary.
Generally, more than one causes of loss form is used in a commercial property coverage part for which
one of the following reasons?
1) Using multiple causes of loss forms in a single policy is standard industry practice.
