AINS 103 Questions with CORRECT Answers
Question:
Commercial property coverage components:
Answer:
Commercial property declarations, one or more commercial property coverage forms,
one or more causes of loss forms, commercial property conditions form, and any
applicable endorsements.
Question:
Commercial property declarations:
Answer:
The declaration page contains information such as a description of the property insured,
the kinds and amounts of coverage provided, and any optional coverages.
Question:
Commercial property coverage forms:
Answer:
Contain descriptions of the specific coverages being provided to the business. Typically,
one coverage form insures the insured's buildings and/or personal property, and another
coverage form insures business income and/or extra expense.
Question:
What are the three types of causes of loss forms and what do they allow the insured to
select?
Answer:
Basic, Broad, Special. These allow the insured to select, or the underwriter to offer, a
range of covered perils.
Question:
Commercial property conditions form:
Answer:
Contains conditions applicable to all coverage forms included in a commercial property
coverage part unless a coverage form contains a condition to the contrary.
, Question:
What does the commercial property coverage conditions list?
Answer:
Each obligation of the insured. This also includes various provisions, and rules to which
the insurer must adhere to.
Question:
(Y/N) Leah is a claims rep for a commercial client who has experiences a property loss.
The client wants to know whether they have to hold up their end of the insuring
agreement if their policy covers the loss. How should Leah respond?
Answer:
Yes.
Question:
What can the Insurance Services, Inc. (ISO) Building and Personal Property Coverage
Form, also known as the BPP, cover?
Answer:
Damage to a business's physical structures, the property inside, and other items that it
owns.
Question:
The BBP's Basic and Broad Forms:
Answer:
The Basic and Broad forms are nearly identical. They use the named perils approach,
which means they explicitly state the policy's covered causes of loss, which can include:
fire, lightning, explosion, windstorm or hail, smoke, and sprinkler leakage.
Question:
What perils are covered by the Broad form that are not covered under the Basic form?
Answer:
Falling objects, weight of ice, snow or sleet, and water damage, so it is slightly more
expensive.
Question:
Commercial property coverage components:
Answer:
Commercial property declarations, one or more commercial property coverage forms,
one or more causes of loss forms, commercial property conditions form, and any
applicable endorsements.
Question:
Commercial property declarations:
Answer:
The declaration page contains information such as a description of the property insured,
the kinds and amounts of coverage provided, and any optional coverages.
Question:
Commercial property coverage forms:
Answer:
Contain descriptions of the specific coverages being provided to the business. Typically,
one coverage form insures the insured's buildings and/or personal property, and another
coverage form insures business income and/or extra expense.
Question:
What are the three types of causes of loss forms and what do they allow the insured to
select?
Answer:
Basic, Broad, Special. These allow the insured to select, or the underwriter to offer, a
range of covered perils.
Question:
Commercial property conditions form:
Answer:
Contains conditions applicable to all coverage forms included in a commercial property
coverage part unless a coverage form contains a condition to the contrary.
, Question:
What does the commercial property coverage conditions list?
Answer:
Each obligation of the insured. This also includes various provisions, and rules to which
the insurer must adhere to.
Question:
(Y/N) Leah is a claims rep for a commercial client who has experiences a property loss.
The client wants to know whether they have to hold up their end of the insuring
agreement if their policy covers the loss. How should Leah respond?
Answer:
Yes.
Question:
What can the Insurance Services, Inc. (ISO) Building and Personal Property Coverage
Form, also known as the BPP, cover?
Answer:
Damage to a business's physical structures, the property inside, and other items that it
owns.
Question:
The BBP's Basic and Broad Forms:
Answer:
The Basic and Broad forms are nearly identical. They use the named perils approach,
which means they explicitly state the policy's covered causes of loss, which can include:
fire, lightning, explosion, windstorm or hail, smoke, and sprinkler leakage.
Question:
What perils are covered by the Broad form that are not covered under the Basic form?
Answer:
Falling objects, weight of ice, snow or sleet, and water damage, so it is slightly more
expensive.
