What is a Business Owners Policy (BOP)? - ANSWER-They usually are targeted at small and medium-sized businesses. This assembles the basic coverages
... [Show More] required by a business owner in one bundle.
What are the features of a BOP Policy? - ANSWER-Property Liability, Business Income, and General Liability
What is the method of valuation on building and business personal property? - ANSWER-Replacement Cost / 80% or more of the full replacement cost of the property
How long is the "Period of Restoration" following a covered direct loss? - ANSWER-12 Consecutive Months, Restoration begins 72 hours after the time of direct physical loss & ends when the task is completed or business starts at a new permanent location
What makes a business BOP eligible? - ANSWER-Business has to generate sales over $6million or that occupy more than 35,000 square feet of space
What types of Businesses are BOP Eligible? - ANSWER-Apartment buildings, office buildings (6 stories or lower/ 100.000 sq ft.), Service, Processing, Wholesaler, Contractor, Restaurant (Fast Food), Motel (3 Stories or lower), Convenience Store/Gasoline Store, Self Storage
What type of Businesses are not BOP Eligible? - ANSWER-Auto Repair/Service Station, Restaurant (Not Fast Food), Place of Amusement, Manufacturers
What is covered in Section 1 of the BOP? - ANSWER-Buildings & Structures at the premises described in the dec, business personal property located in or on the building at the described premises or in the open (or vehicle) within 100 ft of the premises, leased personal property
What is the ISO? - ANSWER-Insurance Service Office - Provides rating services by filling out an ISO Form
What are some coverage extensions in the BOP? - ANSWER-Newly acquired/Constructed Property, Personal Property off Premises, Outdoor Property, Personal Effects, Valuable Paper & Records, Accounts Receivable, Exclusions
What is Business Income Extra Expense? - ANSWER-Loss of income and continuing expenses
What are Additional Expenses? - ANSWER-Any expense needed to not allow business income loss (Example - Extra Space)
What is Liability? - ANSWER-Bodily Injury & Property Damage through a 3rd party
What is Advertising Liability? - ANSWER-Publisher, getting sued for writing something (Slander, Defamation of Character, Ruin Someone)
What is Products Liability? - ANSWER-Bodily injury and property damage from your product
What is Product Completed Operations? - ANSWER-Completed Job and someone gets injured
What is Medical Expense? - ANSWER-Good will coverage, bodily injury (Whether or not legally liable), To avoid small claims and lawsuits
What makes you Dwelling Program Eligible? - ANSWER-Has to have Residential dwelling purposes & can't have more than 4 dwelling units or more than 5 roomers or boarders
What are the dwelling coverage forms? - ANSWER-DP1 (Basic) , DP2 (Broad), and DP3 (Special)
What are the covered perils under a DP1? - ANSWER-Fire, lightning, explosion, wind & hail, smoke, aircraft, riot & looting, vandalism, sprinkler leakage, sinkhole collapse, volcano/lava
What is the valuation on a DP1? - ANSWER-Covers losses at Actual Cash Value (ACV)
What are the covered perils under a DP2? - ANSWER-Fire, Lightning, Internal & External Explosion, Windstorm & Hail, Civil Commotion, Smoke, Aircraft & Vehicles, Volcanic Eruption, Riot, Vandalism & Malicious Mischief, Burglary Damage, Weight of Ice & Snow, Glass Breakage, Accidental Discharge or Overflow of Water or Steam, Falling Objects, Freezing of Pipes, Electrical Damage, Collapse, Tearing Apart, Cracking, Burning, Bulging
What is the valuation on a DP2? - ANSWER-Covers losses at Replacement Cost (RPC)
What is the personal property valuation on a DP2? - ANSWER-Covers losses at Actual Cash Value (ACV)
What are the covered perils under a DP3? - ANSWER-Open Perils Coverage (Only doesn't cover excluded)
What are the excluded perils of a DP3? - ANSWER-Ordinance or Law, Earth Movement, Water Damage, Power Failure, Neglect, War, Nuclear Hazard, Intentional Loss, Governmental Action, Mold
What is the valuation on a DP3? - ANSWER-Covers losses at Replacement Cost (RPC)
What is the Dwelling (A) Coverage? - ANSWER-Dwelling
What is the Dwelling (B) Coverage? - ANSWER-Other Structures
What is the Dwelling (C) Coverage? - ANSWER-Personal Property
What is the Dwelling (D) Coverage? - ANSWER-Fair Rental Value
What is the Dwelling (E) Coverage? - ANSWER-Additional Living Expense
What Does Dwelling Coverage (A) Cover? - ANSWER-Dwelling described in the dec page, used for residential purposes, including structures attached to the dwelling (Example: Garage)
TRUE OR FALSE?
Dwelling Coverage (A) Also Covers Material & Supplies on or next to the described location used to construct, alter, or repair the dwelling or other structures @ the described location? - ANSWER-True
TRUE OR FALSE?
Dwelling Coverage (A) Covers Land and Land Dwelling Sits On? - ANSWER-False
What is the Valuation of Dwelling Coverage (A) - ANSWER-Replacement Cost
What Does Dwelling Coverage (B) Cover? - ANSWER-Other structures described on the location if they are separated or detached from the dwelling by clear space, a fence, or a utility line (Example: Detached Garage)
TRUE OR FALSE?
Dwelling Coverage (B) Covers Structures Rented to Others Who Were Not A Tenant of the Dwelling Before Residing in the Other Structure - ANSWER-False
What is the Dwelling Coverage (B) Percentage Limit of Insurance of the Coverage (A) limit? - ANSWER-10%
What Does Dwelling Coverage (C) Cover? - ANSWER-Household & personal property usual to the occupancy
TRUE OR FALSE?
Dwelling Coverage (C) Covers Loss Due to Vandalism & Mischief, Guest, as Well as Servant While Located on the Described Location? - ANSWER-True
TRUE OR FALSE?
Accounts, bank notes, coins, currency, birds, animals, fish, aircraft, watercraft (other than rowboats or canoes), motor vehicles (other than used to service location/handicapped), hovercraft, data, paper records, computers, credit cards, funds transfer cards, water/steam, and grave makers are property covered in the Dwelling Coverage (C) form? - ANSWER-False
In the Dwelling Coverage (C) form, the insured may use what percentage of the Coverage C limit of insurance for loss caused by insured peril to covered property anywhere in the world? - ANSWER-10%
What Does Dwelling Coverage (D) Cover? - ANSWER-Provides insurance for indirect losses that occur as a result of direct loss to property insured under coverages A,B, or C that are covered by the policy
TRUE OR FALSE?
Dwelling Coverage (D) is a policy that pays for the "Fair Rental Value" of that part of the described location that is rented to others, or held for rental for others at the time of a loss - ANSWER-True
What is the Dwelling Coverage (D) limit of Coverage (A) limit? - ANSWER-20%
What Does Dwelling Coverage (E) Cover? - ANSWER-Policy pays for any necessary increases in living expenses incurred by the named insured lives uninhabitable. (Maintain normal standard of life).
What is the limit percentage for the Dwelling Coverage (E) - ANSWER-20%
What is the meaning of WC SAVER? - ANSWER-Windstorm, Civil Commotion, Sales, Aircraft, Volcanic Eruption, Riots
What is Homeowners Insurance? - ANSWER-A form of property insurance that covers losses and damages to an individual's house and to assets in the home. Also provides liability coverage against accidents in the home or on the property
What are other coverages of the Dwelling Policy? - ANSWER-Debris Removal, Improvements Alterations and Additions, Worldwide Coverage, Reasonable Repair, Property Removed, Trees Shrubs and Plants, Fire Department Service Charge, Collapse, Glass or Safety Glazing Material, Ordinance or Law
What are some General Exclusions of the Dwelling Policy? - ANSWER-Ordinance or Law, Earth Movement, Water Damage, Power Failure, Neglect, War, Nuclear Hazard, Intentional Loss, Non Concurrent Exclusions
What are Selected Endorsements for the Dwelling Policy? - ANSWER-Automatic Increase in Insurance, Broad theft Coverage, Limited Theft Coverage, Dwelling Under Construction, Personal Liability Supplement
What makes you Homeowner Policy Eligible? - ANSWER-Name insured must be the owner-occupant of the insured dwelling, The dwelling muse be the principal residence of the named insured, and incidental business occupancies, offices, studios, schools are all permitted.
TRUE OR FALSE?
Eligible dwellings under the Homeowners Policy contain 1-4 residential units and no ore than 2 roomers or boarders per family. - ANSWER-True
What Form is the HO-2 Homeowners Coverage Form? - ANSWER-Broad Form
What Form is the HO-3 Homeowners Coverage Form? - ANSWER-Special Form
What Form is the HO-4 Homeowners Coverage Form? - ANSWER-Contents Broad Form
What Form is the HO-5 Homeowners Coverage Form? - ANSWER-Comprehensive Form
What Form is the HO-6 Homeowners Coverage Form? - ANSWER-Unit Owners Form
What Form is the HO-8 Homeowners Coverage Form? - ANSWER-Modified Form
What does the HO-2 Form Cover? - ANSWER-Provides coverage for the dwelling, other structures and personal property
TRUE OR FALSE?
HO-2 Provides Named Perils Coverage for Coverage A,B and C - ANSWER-True
What are the 16 Named Perils the HO-2 Covers? - ANSWER-Fire or Lightening, Windstorm or Hail, Explosion, Riot or Civil Commotion, Aircraft Vehicles, Smoke, Volcanic Eruption, Vandalism or Mischief, Theft (Limited), Falling Objects, Weight of Ice Snow Sleet, Accidental Discharge or Overflow of Water/Steam, Sudden or Accidental Tearing Apart Cracking Burning Bulging of heating or air conditioning systems, Freezing , damage from electrical current
Under the HO-2 Coverage losses under Coverage A&B are on what valuation? - ANSWER-Replacement Cost Basis
Under the HO-2 Coverage losses under Coverage C are on what valuation? - ANSWER-Actual Cash Value
TRUE OR FALSE?
HO-2 Coverage does not cover loss to a fence, driveway, or walk caused by a vehicle owned or operated by the insured? - ANSWER-True
What does the HO-3 Form Cover? - ANSWER-Provides coverage for the dwelling and other structures.
TRUE OR FALSE?
HO-3 Provides Open Perils Coverage for Coverage A and B ? - ANSWER-True
Under the HO-3 Coverage Form Coverage C losses are Valued on what kind of basis? - ANSWER-Actual Cash Value
What is Extra Expense? - ANSWER-Expenses to keep a business going after a covered loss
What does the HO-4 Form Cover? - ANSWER-Provides coverage for the renters or tenant homeowners (Personal Property)
TRUE OR FALSE?
The HO-4 Policy's Personal Property Losses are on an Actual Cash Value Basis? - ANSWER-TRUE
TRUE OR FALSE?
The HO-4 Policy Insures Personal Property under Coverage C against losses from the 16 named broad perils - ANSWER-TRUE
What Does the HO-5 Form Cover? - ANSWER-Provides coverage for the dwelling, other structures, and personal property
The HO-5 Form Provides Insurance on What Kind of Peril Basis? - ANSWER-Open Perils
Under the HO-5, Losses to the Dwelling & Other Structures are on What Valuation? - ANSWER-Replacement Cost
Under the HO-5, Losses to the Personal Property are on What Valuation? - ANSWER-Actual Cash Value
What Does the HO-6 Form Cover? - ANSWER-Provides coverage to the owner of the condominium or cooperative unit
The HO=6 Coverage Form provides _______ Peril Coverage under Coverage A and Coverage C - ANSWER-Named
What Does the HO-8 Form Cover - ANSWER-Provides coverage for older homes when the replacement and market value of the dwelling are disproportionate
What is Actual Cash Value? - ANSWER-Replacement Cost - Depreciation
What is Replacement Cost? - ANSWER-The cost to replace right away with a like/similar item
What is a Named Insured? - ANSWER-Person or Persons designated on the policy's dec page (Main GUY)
What is (Part A) of Personal Auto Policy? - ANSWER-Liability Coverage
What is (Part B) of Personal Auto Policy? - ANSWER-Medical Payments
What is (Part C) of Personal Auto Policy? - ANSWER-Uninsured Motorist
What is (Part D) of Personal Auto Policy? - ANSWER-Coverage for Damage to Your Auto
What is (Part E) of Personal Auto Policy? - ANSWER-Duties After an Accident or Loss
What is (Part F) of Personal Auto Policy? - ANSWER-General Provisions
What Considers you Personal Auto Eligible? - ANSWER-Needs a gross weight of 10,000 pounds or less. Primary use must be personal
TRUE or FALSE?
Delivery or Commercial Use of An Eligible Vehicle Renders it Ineligible - It Must Go Under Business Auto? - ANSWER-True
What enables a Vehicle to be a "Your Covered Auto" - ANSWER-Any vehicle shown in the dec page, newly acquired auto, any trailer insured owns, any auto or trailer used as a substitute that the insured doesn't own
What is a Split Limit? - ANSWER-Bodily Injury Limit (per person), Bodily Injury Limit (per accident), Property Damage Limit (per accident)
What is a Combined Single Limit? - ANSWER-Maximum aggregate per accident no matter what [Show Less]