CALIFORNIA COMMERCIAL INSURANCE EXAM

CALIFORNIA COMMERCIAL INSURANCE EXAM What is a Modular Policy? - Answer- A modular policy is a policy consisting of several different documents, none of which by itself forms a complete contract. What is a Commercial Package Policy (CPP)? - Answer- A Commercial Package Policy is a modular policy that combines different forms and more than one line of coverage. What must a CPP policy consist of? - Answer- A Declaration Page (stating premium charges and coverage limits) A Policy Conditions (six conditions that apply to the entire contract) Two or more Coverage Modules/Parts What is the purpose of an Interline form? - Answer- An Interline form is used to eliminate redundancy and minimize the number of pages. EXAMPLE: A CPP policy only contains one Declarations page listing all of the separate coverages. In this case the Declaration page would be considered an interline form. What is a Monoline form? - Answer- A Monoline form only contains one 1 coverage part. (A single coverage policy) In a Commercial policy, who can cancel, request changes, is responsible for premium, and will be the only person named on a refund of premium? - Answer- The first named insured. NOTE: This may be an individual or a company. What are the 6 common conditions in a Commercial policy? - Answer- Cancellation, Changes, Inspections and Surveys, Premiums, How many days does the Insurer have to provide written notice to the Insured before cancella