AD BANKER AL P&C CH 11 Commercial Crime Part Test Questions Answered Correctly Latest Update

AD BANKER AL P&C CH 11 Commercial Crime Part Test Questions Answered Correctly Latest Update Which of the following is not considered a theft loss? A. Burglary B. Attempted theft C. Robbery D. Mysterious disappearance - Answers D. Mysterious disappearance is the loss of property when the cause of loss cannot be determined. What is the taking of property from the care of a person by threatening bodily harm? A. Burglary B. Attempted theft C. Robbery D. Mysterious disappearance - Answers C. Robbery is a theft using threat of violence. For the purposes of crime policies, how long is a person an employee after employment is terminated, regardless of the reason for termination? A. 15 days B. 30 days C. 60 days D. 180 days - Answers B. An employee is a person in the insured's service and compensated for that service for 30 days after termination. Which of the following has the care and custody of the insured's property outside the premises? A Employee B. Watchperson C. Custodian D. Messenger - Answers D. The messenger can be the insured or any of the insured's partners or employees. Each of the following is true of a Discovery crime coverage form, EXCEPT: A. Covers a loss that was discovered within one year of the termination of the policy period B. Covers a loss that was discovered during the policy period C. Might require the use of a Retroactive Date D. Covers a loss that did not necessarily occur during the policy period - Answers A. The Loss Sustained form provides coverage for a loss that both occurred and was discovered during the policy period or was discovered within one year of the termination of the policy period. Commercial Crime policies are written for which of the following commercial enterprises? A. Private B. Government C. Publicly held D. Volunteer - Answers A. The Commercial Crime Coverage Forms (both Loss-Sustained and Discovery) are designed for private businesses. The insuring agreements of these policies and forms contain one limit of insurance for all types of employee theft The Commercial Crime Coverage form offers how many types of insuring agreements? A. 2 B. 4 C. 6 D. 8 - Answers D. This form has 8 insuring agreements, but the insured can choose one, several, all, or none. The Inside the Premises: Theft of Money and Securities insuring agreement covers each of the following types of loss, EXCEPT: A. Theft of money inside the insured's premises committed by a person present on the premises B. Theft of money and securities by an accountant C. Damage to the insured's premises or its exterior caused by a theft or attempted theft D. Damage to a locked safe, vault, cash register, box, or draw caused by a theft or attempted theft - Answers B. Accounting errors are not covered, and also excluded are vandalism losses if not related to a theft, and fire losses from vandalism, theft, burglar, or robbery as there are all covered under the standard property forms. Which of the following is covered under the Outside the Premises crime insuring agreement? A. Armored car stolen during a robbery B. Transfer of property without authorization C. Money in the hands of a messenger D. Vandalism - Answers C.