AINS 103: SIMULATED EXAM QUESTIONS AND ANSWERS
GRADED A+ 100% GUARANTEED SUCCESS.
While performing duties for the business, all of the following would be an insured
under Business Liability Coverage of a partnership's businessowners policy (BOP),
EXCEPT: ANS >>> All executive officers of an LLC.
Which one of the following would be covered under the Extra Expense insuring
agreement of the Business Income (and Extra Expense) Coverage Form? ANS >>>
Costs to move office equipment to a substitute location.
An intangible asset resulting from a collection of perceptions and opinions, past
and present, about an organization that resides in the consciousness of its
stakeholders is known as an organization's: ANS >>> Reputation.
Ivan is a commercial insurance producer looking to expand his book of business.
He is researching local businesses trying to determine which businesses might be
eligible for the businessowners policy (BOP) and which would not be eligible.
Which one of the following businesses would be ineligible for BOP coverage? ANS
>>> Amusement parks are generally not eligible for BOP coverage. Retail stores,
small restaurants with limited cooking, and trade contractors are generally eligible
for BOP coverage.
, Marlene is a producer for East Goshen Mutual. She recently met with the owners
of Sugartown Farms to try and determine if they are eligible for the ISO
businessowners policy (BOP). Which one of the following facts about Sugartown
Farms would prevent it from being eligible for the BOP? ANS >>> Sugartown Farms
has a restaurant with a bar for local patrons.
Sugartown Industries insures its building and personal property under the
commercial property coverage part of a commercial package policy (CPP).
Following a lightning storm, a portion of the building was damaged from a small
fire. The operations manager pulled out the CPP to make sure that the building
was covered for this type of loss. Which one of the following components of the
commercial property coverage part would provide the operations manager with
information on the covered perils? ANS >>> The causes of loss form. The three
types of cause of loss forms - Basic, Broad, and Special - allow the insured to
select, or the underwriter to offer, a range of covered perils.
Under the Commercial General Liability (CGL) Coverage Form, medical payments
coverage applies to which one of the following situations? ANS >>> Sara is a
volunteer helping the named insured clean up their grounds.
Which one of the following causes of loss is covered by the commercial property
policy Causes of Loss—Broad Form but not the Basic Form? ANS >>> Falling
objects.
The Property Custody Company (PCC) stores customer property for a fee. PCC is
insured under a bailees' customers policy. One day, due to the negligence of an
unrelated party and not due to any negligence of PCC, property owned by one of
PCC's customers is destroyed while in PCC's custody. Which one of the following
describes how PCC's insurer will handle the claim for the damage to PCC's
customer's property under PCC's bailees' customers policy? ANS >>> It will pay the
GRADED A+ 100% GUARANTEED SUCCESS.
While performing duties for the business, all of the following would be an insured
under Business Liability Coverage of a partnership's businessowners policy (BOP),
EXCEPT: ANS >>> All executive officers of an LLC.
Which one of the following would be covered under the Extra Expense insuring
agreement of the Business Income (and Extra Expense) Coverage Form? ANS >>>
Costs to move office equipment to a substitute location.
An intangible asset resulting from a collection of perceptions and opinions, past
and present, about an organization that resides in the consciousness of its
stakeholders is known as an organization's: ANS >>> Reputation.
Ivan is a commercial insurance producer looking to expand his book of business.
He is researching local businesses trying to determine which businesses might be
eligible for the businessowners policy (BOP) and which would not be eligible.
Which one of the following businesses would be ineligible for BOP coverage? ANS
>>> Amusement parks are generally not eligible for BOP coverage. Retail stores,
small restaurants with limited cooking, and trade contractors are generally eligible
for BOP coverage.
, Marlene is a producer for East Goshen Mutual. She recently met with the owners
of Sugartown Farms to try and determine if they are eligible for the ISO
businessowners policy (BOP). Which one of the following facts about Sugartown
Farms would prevent it from being eligible for the BOP? ANS >>> Sugartown Farms
has a restaurant with a bar for local patrons.
Sugartown Industries insures its building and personal property under the
commercial property coverage part of a commercial package policy (CPP).
Following a lightning storm, a portion of the building was damaged from a small
fire. The operations manager pulled out the CPP to make sure that the building
was covered for this type of loss. Which one of the following components of the
commercial property coverage part would provide the operations manager with
information on the covered perils? ANS >>> The causes of loss form. The three
types of cause of loss forms - Basic, Broad, and Special - allow the insured to
select, or the underwriter to offer, a range of covered perils.
Under the Commercial General Liability (CGL) Coverage Form, medical payments
coverage applies to which one of the following situations? ANS >>> Sara is a
volunteer helping the named insured clean up their grounds.
Which one of the following causes of loss is covered by the commercial property
policy Causes of Loss—Broad Form but not the Basic Form? ANS >>> Falling
objects.
The Property Custody Company (PCC) stores customer property for a fee. PCC is
insured under a bailees' customers policy. One day, due to the negligence of an
unrelated party and not due to any negligence of PCC, property owned by one of
PCC's customers is destroyed while in PCC's custody. Which one of the following
describes how PCC's insurer will handle the claim for the damage to PCC's
customer's property under PCC's bailees' customers policy? ANS >>> It will pay the
