RMIN 4000 FINAL EXAM BROWN UNIVERSITY ACTUAL QUESTIONS AND ANSWERS

RMIN 5100S Exam 2 Study Guide 2024 With Complete Solution categories of commercial loss exposures -Correct Answer-property, personnel, liability, net income loss property loss -Correct Answer-- tangible: personal property, real estate -intangible: patent, copyright personnel loss -Correct Answer-death, disability, injury, retirement liability loss -Correct Answer-your responsibility to someone else for property damage, bodily injury, or net income loss net income loss -Correct Answer-reduction in income due to a direct loss commercial property loss exposures -Correct Answer-- types of property - COL to property - financial consequences of property losses types of property -Correct Answer-- real: building and land, anything permanently attached to the building; HVAC, wiring and plumbing; underground pipes, driveways, sidewalks - personal: contents (BPP, property of others), floating property, property in transit, property of others financial consequences of property loss -Correct Answer-- cost to repair/replace damaged property - loss of business income while property being repaired/replaces - extra expenses to resume operations CPP -Correct Answer-common declarations, common conditions, 2 or more coverage parts coverage part -Correct Answer-commercial property declarations, commercial property coverage forms, COL forms, endorsements, commercial property conditions commercial property declarations -Correct Answer-info specific to the property being insured - location of property/description of the property - list of mortgagees - list of endorsements/coverage forms - coinsurance % - deductibles - property coverages and limits of insurance - any optional coverages - covered COL's commercial property coverage forms -Correct Answer-- ISO's CPP has several different commercial property coverage forms - this form tells you what property is covered - insuring agreement - definitions - property covered - property not covered - additional coverages/coverage extensions COL forms -Correct Answer-basic, broad, special named perils -Correct Answer-coverage for perils only listed in the policy open perils -Correct Answer-coverage for all perils unless specifically excluded in the policy basic -Correct Answer-11 perils covered broad -Correct Answer-11 perils plus 3 more special -Correct Answer-contains open perils BPP -Correct Answer-(building and personal property form) - can cover any of the 3 categories of property: building, BPP, and personal property of others BPP- building -Correct Answer-covers: - buildings/structures listed in the declarations - completed additions to covered property - permanently installed fixtures, machinery, equipment - personal property of insured used to service and maintain the premises - additions, alterations, repairs in progress including materials, supplies in connection with work BPP- BPP -Correct Answer-covers: - furnitures and fixtures - machinery and equipment - stock - leased property of the insured that they have a contractual right to insure - improvements and betterments - personal property owned by you and used in your business - labor, materials, or services furnished or arranged by you on the personal property of others BPP- personal property of others -Correct Answer-- must be in insureds care, custody, control - must be within 100 feet of building, structure, premises - payment made to the property owner not the insured - payment not based on legal liability BPP- property not covered -Correct Answer-- accounts, bills, currency - animals - automobiles for sale - electronic data - cost to replace/restore data or info - bridges, walkways, patios, paved surfaces - cost of excavations, gra