NJ Property & Casualty Exam Practice Questions and Answers (Graded A)

NJ Property & Casualty Exam Practice Questions and Answers (Graded A) NJ Property & Casualty Exam Practice Questions and Answers (Graded A) NJ Property & Casualty Exam Practice Questions and Answers (Graded A) NJ Property & Casualty Exam Practice Questions and Answers (Graded A) What is a Business Owners Policy (BOP)? - ANSWER-They usually are targeted at small and medium-sized businesses. This assembles the basic coverages required by a business owner in one bundle. What are the features of a BOP Policy? - ANSWER-Property Liability, Business Income, and General Liability What is the method of valuation on building and business personal property? - ANSWER-Replacement Cost / 80% or more of the full replacement cost of the property How long is the "Period of Restoration" following a covered direct loss? - ANSWER-12 Consecutive Months, Restoration begins 72 hours after the time of direct physical loss & ends when the task is completed or business starts at a new permanent location What makes a business BOP eligible? - ANSWER-Business has to generate sales over $6million or that occupy more than 35,000 square feet of space What types of Businesses are BOP Eligible? - ANSWER-Apartment buildings, office buildings (6 stories or lower/ 100.000 sq ft.), Service, Processing, Wholesaler, Contractor, Restaurant (Fast Food), Motel (3 Stories or lower), Convenience