NC Adjuster License COMMERCIAL
EVERYTHING 100% Correct
Provides higher limits on coverage already in effect, essentially adding an extra layer to
the coverage that is already carried. - ANSWER Excess Coverage
This coverage also provides higher limits for both coverages but also broadens some of
the coverage by way of fewer exlusions or modifying some of the exclusions or
coverages. - ANSWER Umbrella Policy
This policy provides excess limits and broadened coverages over and above the
Commercial Liability insurance provided under a CGL policy, a Commerical Auto policy,
etc. - ANSWER Commercial Umbrella policy
Under a Commercial Umbrella policy, what is the retention limit? - ANSWER The
deductible that applies when underlying coverage does not apply, but the Umbrella
coverage does apply.
The reason to purchase an Umbrella Liability Policy is: - ANSWER To provide higher
liability limits and broader coverage.
What costs are paid under the umbrella policy? - ANSWER The limit and any defense
costs minus any applicable self-insured retention (deductible)
Umbrella Liability policies commonly exclude damages that are covered under: -
ANSWER Workers Compensation insurance
True or False: Dwellings are not eligible for coverage under the Commercial Property
forms. - ANSWER TRUE
This condition in a Commercial Property policy states that any act of negligence on the
part of a person who is beyond the insured's direction or control, will not affect the
insurance. - ANSWER Control of Property
This condition in a Commercial Property policy states that before legal action ( a
lawsuit) can be taken against the insurer, an insured must have complies with all terms
of the policy. - ANSWER Legal Action Against the Insurer
Under the Legal Action Against Insurer condition in a Commerical Property policy, a
lawsuit must begin within ____ years following a loss. - ANSWER 2
This clause stated that if there is other insurance written on the same basis, recovery is
pro-rated with the other policies. - ANSWER Other Insurance
, This cause states that if the insurer provides more liberal coverage by revision that is
introduced during the policy period or in the 45 days preceding the inception date, the
revision applies immediately, as long as there is no extra premium involved. - ANSWER
Liberalization
Under Coverage Extensions for a Commercial policy, non-owned detached trailers, the
policy pays for up to __________. - ANSWER $5,000
Under Coverage Extensions, Business Personal Property Temporarily in Portable
Storage Units is given a limit of _____________ of coverage. - ANSWER $10,000
Under Coverage Extensions, Business Personal Property Temporarily in Portable
Storage Units has to be in storage unit within ___________ feet of the described
building or structure or premises. - ANSWER 100
The coverage for Business Personal Property Temporarily in Portable Storage Units is
only covered for _________ days. - ANSWER 90
Under Coverage Extensions, Outdoor Signs (whether attached to a building or not) are
covered for up to ________ for the perils covered by the policy. - ANSWER $2,500
On a Commercial policy, the losses of mold and mildew have been limited to
_________. - ANSWER $15,000
In cases of fire and lightning, the ___________ limit for mold and mildew does not
apply. - ANSWER $15,000
If mold or milder was caused by a pipe bursting and not by lightning or fire, would the
$15,000 limit set by ISO apply? - ANSWER Yes
What is the deductible for mold and mildew under Commercial Property insurance? -
ANSWER $500
The "Commercial Building & Personal Property - Additional Coverages will provide up to
_____% of the direct amount of loss, including the deductible to pay for debris removal.
- ANSWER 25
Under the coverage extension "Newly Acquired Personal Property" of the ISO
"Commercial Building & Personal Property" form, if the insured carries personal
property (contents) coverage, newly acquired personal property at another location is
covered for $___________ for a period of __________ days. - ANSWER $100,000; 30
Coinsurance is a property policy provision in which the insurance company agrees to a
lower insurance rate per ______ of coverage, as long as the insured maintains
insurance on the property at a specified percentage of the total value of the property. -
ANSWER $100
EVERYTHING 100% Correct
Provides higher limits on coverage already in effect, essentially adding an extra layer to
the coverage that is already carried. - ANSWER Excess Coverage
This coverage also provides higher limits for both coverages but also broadens some of
the coverage by way of fewer exlusions or modifying some of the exclusions or
coverages. - ANSWER Umbrella Policy
This policy provides excess limits and broadened coverages over and above the
Commercial Liability insurance provided under a CGL policy, a Commerical Auto policy,
etc. - ANSWER Commercial Umbrella policy
Under a Commercial Umbrella policy, what is the retention limit? - ANSWER The
deductible that applies when underlying coverage does not apply, but the Umbrella
coverage does apply.
The reason to purchase an Umbrella Liability Policy is: - ANSWER To provide higher
liability limits and broader coverage.
What costs are paid under the umbrella policy? - ANSWER The limit and any defense
costs minus any applicable self-insured retention (deductible)
Umbrella Liability policies commonly exclude damages that are covered under: -
ANSWER Workers Compensation insurance
True or False: Dwellings are not eligible for coverage under the Commercial Property
forms. - ANSWER TRUE
This condition in a Commercial Property policy states that any act of negligence on the
part of a person who is beyond the insured's direction or control, will not affect the
insurance. - ANSWER Control of Property
This condition in a Commercial Property policy states that before legal action ( a
lawsuit) can be taken against the insurer, an insured must have complies with all terms
of the policy. - ANSWER Legal Action Against the Insurer
Under the Legal Action Against Insurer condition in a Commerical Property policy, a
lawsuit must begin within ____ years following a loss. - ANSWER 2
This clause stated that if there is other insurance written on the same basis, recovery is
pro-rated with the other policies. - ANSWER Other Insurance
, This cause states that if the insurer provides more liberal coverage by revision that is
introduced during the policy period or in the 45 days preceding the inception date, the
revision applies immediately, as long as there is no extra premium involved. - ANSWER
Liberalization
Under Coverage Extensions for a Commercial policy, non-owned detached trailers, the
policy pays for up to __________. - ANSWER $5,000
Under Coverage Extensions, Business Personal Property Temporarily in Portable
Storage Units is given a limit of _____________ of coverage. - ANSWER $10,000
Under Coverage Extensions, Business Personal Property Temporarily in Portable
Storage Units has to be in storage unit within ___________ feet of the described
building or structure or premises. - ANSWER 100
The coverage for Business Personal Property Temporarily in Portable Storage Units is
only covered for _________ days. - ANSWER 90
Under Coverage Extensions, Outdoor Signs (whether attached to a building or not) are
covered for up to ________ for the perils covered by the policy. - ANSWER $2,500
On a Commercial policy, the losses of mold and mildew have been limited to
_________. - ANSWER $15,000
In cases of fire and lightning, the ___________ limit for mold and mildew does not
apply. - ANSWER $15,000
If mold or milder was caused by a pipe bursting and not by lightning or fire, would the
$15,000 limit set by ISO apply? - ANSWER Yes
What is the deductible for mold and mildew under Commercial Property insurance? -
ANSWER $500
The "Commercial Building & Personal Property - Additional Coverages will provide up to
_____% of the direct amount of loss, including the deductible to pay for debris removal.
- ANSWER 25
Under the coverage extension "Newly Acquired Personal Property" of the ISO
"Commercial Building & Personal Property" form, if the insured carries personal
property (contents) coverage, newly acquired personal property at another location is
covered for $___________ for a period of __________ days. - ANSWER $100,000; 30
Coinsurance is a property policy provision in which the insurance company agrees to a
lower insurance rate per ______ of coverage, as long as the insured maintains
insurance on the property at a specified percentage of the total value of the property. -
ANSWER $100
