AINS 23 - Ch 4
Crime Forms: Discovery Form - Answer-Forms that covers losses discovered during the policy period
even though they may have occurred before the period
Crime Forms: Loss Sustained Form - Answer-covers losses actually sustained during the policy period
and discovered no later than one year after policy expiration
Crime policy forms can be written as - Answer-monoline crime policies
Which one of the following is a policy that covers the crime loss exposures of financial institutions such
as banks, savings and loan institutions, and insurance companies? - Answer-Financial institution bond
Entities eligible for financial institution bonds are - Answer-Not eligible for the ISO Commercial Crime
Forms.
The most widely used financial institution bond is - Answer-Standard Form No. 24.
Crime loss exposures of financial institutions are covered by financial institution bonds. These policies
were developed by - Answer-The Surety and Fidelity Association of America (SFAA).
, James is in the process of forming his own brokerage company which will include several employees.
James will be best protected by purchasing which one of the following to cover the crime loss exposures
of his company? - Answer-Financial Institution Bond.
The ISO Commercial Crime Coverage Form includes these insuring agreements, numbered in the form as
shown: - Answer-1.Employee Theft
2.Forgery or Alteration
3.Inside the Premises—Theft of Money and Securities
4.Inside the Premises—Robbery or Safe Burglary of 5.Other Property
6.Outside the Premises
7.Computer and Funds Transfer Fraud
8.Money Orders and Counterfeit Money
The policy defines "theft" as the - Answer-unlawful taking of "money," "securities," or "other property"
to the deprivation of the insured.
No police report or criminal conviction is required for coverage to apply.
Insuring Agreement 2 (forgery/alteration) covers loss sustained for these reasons: - Answer-"forgery" or
alteration of checks, drafts, promissory notes, or similar written promises, orders or directions to pay a
sum certain in "money" that are:
(1) Made or drawn by or drawn upon you; or
(2) Made or drawn by one acting as your agent;
or that are purported to have been so made or drawn
Insuring Agreement 3 (inside the premises-theft of money and securities) covers - Answer-money and
securities inside the "premises" or "financial institution premises" against theft, disappearance, or
destruction.
Crime Forms: Discovery Form - Answer-Forms that covers losses discovered during the policy period
even though they may have occurred before the period
Crime Forms: Loss Sustained Form - Answer-covers losses actually sustained during the policy period
and discovered no later than one year after policy expiration
Crime policy forms can be written as - Answer-monoline crime policies
Which one of the following is a policy that covers the crime loss exposures of financial institutions such
as banks, savings and loan institutions, and insurance companies? - Answer-Financial institution bond
Entities eligible for financial institution bonds are - Answer-Not eligible for the ISO Commercial Crime
Forms.
The most widely used financial institution bond is - Answer-Standard Form No. 24.
Crime loss exposures of financial institutions are covered by financial institution bonds. These policies
were developed by - Answer-The Surety and Fidelity Association of America (SFAA).
, James is in the process of forming his own brokerage company which will include several employees.
James will be best protected by purchasing which one of the following to cover the crime loss exposures
of his company? - Answer-Financial Institution Bond.
The ISO Commercial Crime Coverage Form includes these insuring agreements, numbered in the form as
shown: - Answer-1.Employee Theft
2.Forgery or Alteration
3.Inside the Premises—Theft of Money and Securities
4.Inside the Premises—Robbery or Safe Burglary of 5.Other Property
6.Outside the Premises
7.Computer and Funds Transfer Fraud
8.Money Orders and Counterfeit Money
The policy defines "theft" as the - Answer-unlawful taking of "money," "securities," or "other property"
to the deprivation of the insured.
No police report or criminal conviction is required for coverage to apply.
Insuring Agreement 2 (forgery/alteration) covers loss sustained for these reasons: - Answer-"forgery" or
alteration of checks, drafts, promissory notes, or similar written promises, orders or directions to pay a
sum certain in "money" that are:
(1) Made or drawn by or drawn upon you; or
(2) Made or drawn by one acting as your agent;
or that are purported to have been so made or drawn
Insuring Agreement 3 (inside the premises-theft of money and securities) covers - Answer-money and
securities inside the "premises" or "financial institution premises" against theft, disappearance, or
destruction.
