Update) Exploring Commercial Insurance |
Complete with Questions and Verified
Answers| 100% Correct| Grade A
Q: Marine insurance includes both ocean and inland marine coverage in the U.S. only
Answer:
TRUE
Q: Disease thought to be caused by work or the work environment.
Answer:
Occupational disease
Q: A description of the property insured would be located on the of a CPP
Answer:
Declarations page
Q: Three types of causes of loss forms in a commercial property policy: <\/em>, __<\/em><\/strong>,<\/p>\n\n\n\n
\n\n\n\n
Answer: Answer: Q: BPP Limits of Insurance can either be _ or <\/strong><\/em><\/strong> Q: TRUE\/FALSE: The Business Income and Extra Expense Coverage form covers extra AINS 103 Study Guide (Latest 2023\/ 2024 Update) Exploring Commercial Insurance | Complete with Questions and Verified Answers| 100% Correct| Grade A AINS 103 Study Guide (Latest 2023\/ 2024Update) Exploring Commercial Insurance |Complete with Questions and VerifiedAnswers| 100% Correct| Grade AQ: Marine insurance includes both ocean and inland marine coverage in the U.S. onlyAnswer:TRUEQ: Disease […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-130415","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/130415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=130415"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/130415\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=130415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=130415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=130415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
basic, broad, special
Q: The _ and <\/em><\/strong>BPP forms are nearly identical, using the _<\/em> __<\/strong><\/em> approach<\/p>\n\n\n\n
basic and broad, use ‘named perils’ approach
Q: In addition to what is covered on the basic form, the broad form covers:
–_ __<\/em><\/strong><\/p>\n\n\n\n\n
Answer:
open, anything that isn’t specifically excluded
Q: The amount an insurer is obligated to pay for a loss covered by the BPP is determined by the
of<\/em> and the __<\/em><\/strong>
Answer:
Limits of insurance and the deductible<\/li>\n<\/ul>\n\n\n\n
Answer:
specific or blanket
Q: Removing the debris after a fire, recovering data from damaged servers would be things
covered in a BPP’s<\/em> and<\/em>
Answer:
Additional coverages and extensions
Q: Although subject to special limits, the amounts payable under coverage extensions are in
_<\/em><\/strong> to the<\/em> _<\/em><\/strong> of insurance stated in the declarations
Answer:
in addition; overall limits
Q: TRUE\/FALSE: Business income insurance policies with and without additional coverage
for extra expenses use the same insuring agreement
Answer:
TRUE
Q: TRUE\/FALSE: The Business Income With Extra Expense Coverage form covers extra
expenses, but only if they reduce (i.e. mitigate the effects of) the business income loss
Answer:
FALSE – expenses like cleaning and restocking do not reduce the business income loss (i.e. are
not critical to normal business operations like rent, utilities, payroll) but are still covered<\/p>\n\n\n\n
expenses, even if they do not reduce the business income loss
Answer:
TRUE
Q: The limit of insurance stated in the BIC declarations is the amount the insurer will
pay for loss in any <\/em>occurrence Answer: Maximum amount for any one occurrence Q: If BIC is written on a specific basis, a limit is set for _<\/em><\/strong> insured
Answer:
each building
Q: If BIC is written on a blanket basis, a limit applies to _ at one location (or <\/em><\/strong>
_<\/em> at multiple locations) Answer: all buildings at one location, or all buildings at multiple locations Q: In a BIC policy, the amount of insurance required = _<\/em><\/strong> _<\/em> x _<\/em><\/strong>
Answer:
coinsurance % x coinsurance basis
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