AD Banker Property and Casualty Chapter 8 Test Questions with Correct Answers Latest Update

AD Banker Property and Casualty Chapter 8 Test Questions with Correct Answers Latest Update Common Policy Conditions - Answers contains the legal obligations and duties of the insured and insurer Examination of Your Books and Records - Answers The insurer may examine the insured's books and records anytime during the policy period and up to 3 years afterward. Inspections and Surveys - Answers The insurer has the right, but is not obligated, to make inspections and surveys at anytime. These surveys are for purposes of underwriting and rating and are not safety inspections. Premiums - Answers The First Named Insured is responsible for the premium payments and will be the recipient of any return premiums. Interline Endorsements - Answers These endorsements coordinate the coverage contained in one coverage part of the policy with other coverage parts to prevent duplication. Cause of Loss (Basic Form) - Answers provides coverage for the following causes of loss (perils): fire, lightning, windstorm, or hail, smoke, aircraft, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action. includes the Additional Coverage - Limited Coverage for Fungus, Wet Rot, Dry Rot, and Bacteria. The Limit of insurance is up to $15,000 for all covered losses that take place during the 12-month period that begins with the policy's inception date. Cause of Loss (Broad Form) - Answers Includes the perils contained in the basic form, plus 3 additional causes of loss: Falling Objects,Weight of Ice, Snow, or Sleet, Water Damage Caused by Accidental Discharge Cause of Loss (Special Form) - Answers provides coverage for risks of Direct Physical Loss unless the peril or cause of loss is specifically excluded or limited. Open Perils Basis. The Building and Personal Property Coverage Form - Answers describes how property coverage applies to the following classes of property: buildings, business personal property of the insured, and personal property of others. There is no liability coverage provided by this form. Furniture and fixtures - Answers Such as office furniture and shelving. Machinery and equipment - Answers Such as refrigerators and telephone systems. Stock - Answers Merchandise held in storage or for sale, raw materials, and supplies used for packing or shipping such stock. Debris Removal - Answers Pays the expense of removing debris following a covered loss and is subject to a maximum of 25% of the coverage applying to direct physical loss. However, in the event of a total loss where the limit of insurance on the building is exhausted, the policy will pay up to an additional $10,000 for debris removal. Preservation of Property - Answers Provides open peril coverage for a maximum period of 30 days on insured property that is being moved or temporarily stored at another location because of endangerment by a covered peril. Fire Department Service Charge - Answers Provides, as an additional amount of insurance, up to