Property and Casualty Test 3

All of the following are ways in which the emergency program and the regular program of the National Flood Insurance Program differ Except:

Emergency program is for communities that have been accepted into the NFIP for years

Eligibility for the NFIP is limited. National flood insurance is available:

Only to owners of properties in communities that have met requirements established by the NFIP

The outside the premises insuring agreement contained in the ISO Commercial Crime Coverage Form covers both money/securities and other property. All of the following are covered perils under Outside the premises for money or securities EXCEPT

Robbery

Layered property coverage-

Consists of two or more property policies arranged in levels of coverage

Which of the following perils are not covered by the Inside the Premises - Theft of money and securities insuring agreement of the ISO Commercial Crime Coverage Form?

Collusion

The following are advantages of ensuing loss provision in the ISO Flood Coverage Endorsement.
I Prevent the insurer from having to pay the sum of the flood limit and the policy limit that applies to other covered perils.
II The insured has double coverage

I only

The owner of an office building and BPP insured with $5,000,000 blanket limit written for replacement cost and an ISO Flood coverage endorsement with a $1,000,000 limit and a $25,000 deductible. The owner also has the NFIP General Property Form with a $50

The NFIP pays $500,000 and the ISO Flood endorsement pays $275,000, the excess above the NFIP less the deductible

The computer Fraud Insuring Agreement contained in the ISO Commercial Crime coverage form covers different types of property. All of the Following are property types covered perils under Computer Fraud Except:

Electronic Instructions

A small business is considering the purchase of Difference in Conditions for their commercial properties. One advantage to purchasing this coverage is:

DIC Policies do not require coinsurance for the property coverage

All of the following are ways in which attaching the ISO Flood coverage endorsement to a commercial property coverage part can provide broader protection against flood than obtaining a separate flood insurance policy from the NFIP Except:

The ISO endorsement can be attached to a standard property policy

All of the following are benefits provided to the insured by highly protected risk insurance Except:

Coverage for intentional errors

A warehouse storage facility needs additional limits for both flood and earthquake exposures over what it currently carries with its commercial property policy. Which one of the following coverages would best fit the needs of this facility?

A difference in conditions (DIC) Policy

All of the following are advantages of difference in conditions insurance Except:

To cover property in the United States

ABC company has a constant need to move its inventory among its locations throughout the United States. It also temporarily keeps inventory at trade shows and at many different locations, including customers facilities and public warehouses. Ignoring liab

An output Policy

All of the following are exclusions under the Employee Theft insuring agreement Except:

Fire

In the regular program, the maximum amount of flood insurance available for nonresidential properties personal property coverage is?

$500,000

Jancey Company owns a chain of office complexes throughout the US. The largest property exposure for any one complex is $40 mil. Insurance co A provides first layer of $750,000 above a $250,000 deductible. Insurance co B provides a $10 mil second layer, b

Company A pays $750,000
Company B pays $10 million
Company C pays $4 million
Company D pays nothing

All of the following are disadvantages of difference in conditions (DIC) insurance
EXCEPT

It is approved by all regulators throughout the United States

Unless waived, the ISO Flood Coverage endorsement provides

Payment excess of the maximum coverage available under the NFIP, even if the insured has not purchased NFIP coverage

In the Insurance Services Office (ISO) Flood Coverage Endorsement, flood is added as a coverage cause of loss. According to endorsement, the definition of flood includes

The overflow of inland or tidal waters

The following are characteristics of organizations that qualify for highly protected risk (HPR) insurance Except

The unwillingness to provide special loss prevention engineering

The national flood insurance program (NFIP) includes both a regular program and an emergency program. What are the correct maximum limits of insurance for building coverage in both programs?

$500,000 in the regular program
$100,000 in emergency

All of the following are duties required by the Commercial Crime Coverage Form that an insured must perform after discovering a loss that may be covered EXCEPT

The insured must take pictures of damage

The difference in conditions (DIC) policy can serve a variety of needs. Its basic purpose is to

Fill in gaps left by the insured's other property insurance

A chain of retail stores wants to insure against the following types of loss: Theft of money by employee, robbery by outsiders, robbery of store messengers conveying money off premises. Recommend the insuring agreement of the ISO that would be appropriate

I,III, IV, and V

The ISO earthquake and volcanic eruption endorsements both contain a

Percentage deductible that replaces dollar deductible on other commercial property forms

The principle difference between the two ISO earthquake endorsements, CP 1040, Earthquake and Volcanic Eruption Endorsement and CP 10 45, Earthquake and Volcanic Eruption Endorsement (Sub Limit Form), is

The CP 10 45 form is not subject to coinsurance and permits coverage to be written subject to a sublimit.

Which one of these is not an element of the Commercial Crime Coverage Form's definition of occurrence?

An act committed by only one person

SSA Company has coverage under an ISO Commercial Crime Coverage Form. SSA suffered a covered safe burglary of its premises during which property that belonged to a customer was taken. How does the Ownership of Property- Interests Covered condition applies

Only the insured can make a claim under the policy for the customer's property.

Homeowners can purchase flood insurance building coverage up to:

$250,000

Which one of these is not covered under the Commercial Crime Coverage Form's Lessees of Safe Deposit Boxes endorsement?

Robbery of Money

Which one of the following Commercial Crime Coverage Form insuring agreement provides coverage on a full worldwide basis?

Forgery or alteration

ABC, Inc. is a large, national retailer that sells a variety of consumer goods. ABC carries a CPP that includes Insurance Services Office's Commercial Crime Coverage Form (Loss Sustained) with the following insuring agreements: Employee Theft; Forgery and

Inside the Premises - Theft of Money and Securities

The ISO government crime forms exclude coverage for which one of the following types of employees that the ISO commercial crime forms do not exclude?

Tax collectors

The following are potential disadvantages of layering property coverage EXCEPT

Obtaining adequate and flexible limits without the use of coinsurance.

Two tax collectors, who are employees in a local town, embezzled $520,000 from the town's treasury by altering checks and forging signatures. The town has unendorsed ISO government crime policy with a $100,000 limit for forgery and alteration that was in

There is no coverage because there is an exclusion for losses caused by any tax collector.

ABC, Inc. is a large, national retailer that sells a variety of consumer goods. ABC carries a CPP that includes Insurance Services Office's Commercial Crime Coverage Form (Loss Sustained) with the following insuring agreements: Employee Theft; Forgery and

One

Which one of these would not be covered under Inside the Premises-Robbery of Safe Burglary of Other property insuring agreement?

Robbery committed against a watchperson working inside the insured's store.

Which one of these would not subject to a special limit of $5,000 per occurrence under the Inside the Premises-Robbery of Safe Burglary of Other Property coverage under the Commercial Crime Coverage Form?

Securities

Indicate "yes" or "no" whether each of the following is covered under the National Flood Insurance Program (NFIP)
Loss of Income resulting from a flood.

No

Indicate "yes" or "no" whether each of the following is covered under the National Flood Insurance Program (NFIP)
Damage from a flood in progress at the start of the policy period.

No

Indicate "yes" or "no" whether each of the following is covered under the National Flood Insurance Program (NFIP)
Melting snow resulting in flood damage.

Yes

The Riverside Country Club insures its building and personal property under a General Property Form issued by the NFIP. Indicate "yes" or "no" whether each of the following losses, which resulted from an overflow of water, would be covered under Riverside

No

The Riverside Country Club insures its building and personal property under a General Property Form issued by the NFIP. Indicate "yes" or "no" whether each of the following losses, which resulted from an overflow of water, would be covered under Riverside

No

The Riverside Country Club insures its building and personal property under a General Property Form issued by the NFIP. Indicate "yes" or "no" whether each of the following losses, which resulted from an overflow of water, would be covered under Riverside

Yes

The Riverside Country Club insures its building and personal property under a General Property Form issued by the NFIP. Indicate "yes" or "no" whether each of the following losses, which resulted from an overflow of water, would be covered under Riverside

Yes

Indicate whether the Inside the Premises- Robbery or Safe Burglary of other Property endorsement to the ISO Commercial Crime Coverage Form would cover each of the following losses.
A person entered the insured's store and, while being observed by a store

Yes

Indicate whether the Inside the Premises- Robbery or Safe Burglary of other Property endorsement to the ISO Commercial Crime Coverage Form would cover each of the following losses.
A burglar entered the insured's store when it was closed for the night and

No

Gift shop is insured under an ISO commercial Crime Coverage Form that includes Employee Theft Insuring Agreement. Please indicate if there will be coverage
After receiving a lower raise than expected, a disgruntled Gift Shop employee intentionally destroy

No

Gift shop is insured under an ISO commercial Crime Coverage Form that includes Employee Theft Insuring Agreement. Please indicate if there will be coverage
An employee of Gift Shop voided the record of an actual sale and stole the cash that had been depos

Yes