CHEAT SHEET - PROPERTY CASUALTY ACTUAL

CHEAT SHEET - PROPERTY & CASUALTY (ACTUAL / )

EXAM QUESTIONS AND VERIFIED CORRECT ANSWERS

Liberalization condition States that any revision that broadens coverage without requiring additional premium will automatically apply to the coverage part oif the revision is adopted by the insurer during the policy period. More coverage without more premium. 45 days of policy's effective date.

Supplementary Payments acronym

BAILED

BAILED

Bonds Aid (first aid) Interest Loss earnings Expenses Defense cost

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Commercial General Liability policies provide what three coverages?Coverage A - Bodily injury and property damage liability Coverage B - Personal and advertising injury liability Coverage C -- Medical Payments

Building and personal property coverage form Covers buildings, the insured's business person property, and the personal property of others located at the business premises. Building coverage includes completed additions

(THIS IS ON THE TEST)

Cuase of loss forms List the perils that the property is insured against. there are

three separate cause of loss forms:

Basic Broad Special (open)

What are the three separate cause of loss forms?Basic Broad Special (open) 2 / 3

Business income coverage forms Pay for loss of income that th einsured sustains due to a direct physical loss from a peril insured against that forces the insured to suspend operatiosn during the preiod of restoration.

Time element coverage Provides coverage for the loss of business income over a period of time.

Extra expense Coverage that reimburses the insured for expenses incurred to keep a business going after a loss caused by a covered peril.

Business income without extra expense coverage form Replaces the extra expense coverage with an expenses to reduce loss coverage that covers expenses the insured incurs to reduce loss, up to the amount the loss is reduced.

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