What are the Five Rights and Duties of the First Named Insured in an insurance policy? Authorized to cancel, receive notice of cancellation, make changes without insurer consent, responsible for payment of all premiums, payee for return premiums Authorized to cancel, receive notice of cancellation, make changes with insurer consent, responsible for payment of all premiums, not payee for return premiums Authorized to cancel, receive notice of cancellation, make changes with insurer consent, responsible for payment of some premiums, payee for return premiums Authorized to cancel, receive notice of cancellation, make changes with insurer consent, responsible for payment of all premiums, payee for return premiums

Authorized to cancel, receive notice of cancellation, make changes with insurer consent, responsible for payment of all premiums, payee for return premiums

Which of the following are Common Policy Conditions in an insurance policy? Cancellation, Changes, Examination of Your Books and Records, Inspections and Surveys, Premiums, Transfer of your rights and duties Cancellation, Changes, Examination of Your Books and Records, Inspections and Surveys, Premiums, Transfer of your rights and duties, Coverage Extensions Cancellation, Changes, Examination of Your Books and Records, Inspections and Surveys, Premiums, Transfer of your rights and duties, Endorsements Cancellation, Changes, Examination of Your Books and Records, Inspections and Surveys, Premiums, Transfer of your rights and duties, Additional Coverages

Cancellation, Changes, Examination of Your Books and Records, Inspections and Surveys, Premiums, Transfer of your rights and duties

Can the first named insured transfer their rights and duties under the policy without the insurer's consent? No, never Only with verbal consent from the insurer Yes, without any consent Only with the insurer's written consent

Only with the insurer's written consent

What does the commercial property coverage part declarations include? Effective date, Named insured, Description of Premises, Location, Construction, Occupancy, Endorsements Effective date, Named insured, Description of Premises, Location, Construction, Occupancy, Coverage Extensions Effective date, Named insured, Description of Premises, Location, Construction, Occupancy, Additional Coverages Effective date, Named insured, Description of Premises, Location, Construction, Occupancy

Effective date, Named insured, Description of Premises, Location, Construction, Occupancy

What are the 3 Categories of The Building and Personal Property Coverage Form? Building, Your business personal property, Personal Property of others Building, Your business personal property, Personal Property of others, Endorsements Building, Your business personal property, Personal Property of others, Additional Coverages Building, Your business personal property, Personal Property of others, Coverage Extensions

Building, Your business personal property, Personal Property of others

According to Part A Coverage, which of the following is not considered your business personal property? Office furniture Machinery and equipment permanently installed in the building Inventory Computers

Machinery and equipment permanently installed in the building

What is the purpose of Additional Coverages in an insurance policy? Extends the policy period Offers limited protection against specific types of losses or costs related to covered losses that would otherwise not be covered under the policy Provides full protection against all types of losses Covers only the deductible amount

Offers limited protection against specific types of losses or costs related to covered losses that would otherwise not be covered under the policy

Insurance Policy Components: Coverage, Conditions, and Rights of the Insured

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Business - Insurance

charlotte1oxhi Created by 10 mon ago

Cards in this deck(49)

What is the minimum notice period required by the insurer for canceling a policy due to nonpayment of premium?

What are the Five Rights and Duties of the First Named Insured in an insurance policy?

Which of the following are Common Policy Conditions in an insurance policy?

Can the first named insured transfer their rights and duties under the policy without the insurer's consent?

What does the commercial property coverage part declarations include?

What are the 3 Categories of The Building and Personal Property Coverage Form?

According to Part A Coverage, which of the following is not considered your business personal property?

According to Part A Coverage, which of the following covered property is considered a building?

What are the three types of covered cause of loss forms in insurance policies?

What is the purpose of Additional Coverages in an insurance policy?

What are Coverage Extensions in an insurance policy?

What information is typically included in Common Policy Declarations?

Who is the only person or entity that can cancel the policy and receive notice of cancellation?

Who is authorized to make changes to the terms of the policy with carrier consent?

What does the Examination Of Your Books And Records condition allow the insurance company to do?

What rights does the Inspections And Surveys condition grant the carrier?

Who is responsible for payment of all premiums and can receive return premiums?

Under what condition can your rights be transferred without written consent?

What are the four primary areas of insurable interest?

What do Commercial Property Coverage Forms typically include?

What is the purpose of Endorsements in an insurance policy?

What is the concept of Coinsurance in insurance policies?

Which of the following best describes the principle of 'indemnity' in insurance contracts?

Which of the following legal principles refers to an insurance policy being considered a 'Contract of Adhesion'?

If an insured fails to meet the coinsurance requirement, how is the claim payment affected?

T/F The insurance company is authorized to examine the insured's books and records even after the policy period has concluded.

T/F The insurance company is required to conduct safety inspections and confirm that the insured is adhering to all laws, regulations, and codes.

T/F Any return premiums will be divided evenly among all Named Insureds.

T/F The rights and duties outlined in the insurance policy cannot be transferred to another party, except in the case of the death of an individual named insured.

What does 'Ownership' mean in the context of insurable interest?

What is an example of a contractual requirement to carry insurance?

What does 'Bailment' mean and provide an example?

What does 'Factual Expectation' mean and provide an example?

What is agreed value in an insurance policy?

Does the agreed value have an expiration date?

What is ACV and how is it calculated?

What is RC and how does it differ from ACV?

What is the purpose of Inflation Guard in an insurance policy?

What are the conditions for waiving rights of recovery after a loss?

Following a loss, the Named Insured can transfer the rights of recovery to which of the following persons or entities?

What is the most commonly used coverage form to insure commercial buildings and their contents?

What is the purpose of the Preamble in an insurance policy?

What does Blanket insurance include?

What is Scheduled Coverage in an insurance policy?

What is Specific Insurance in an insurance policy?

What are the two options of blanket insurance?

What does the Causes of Loss - Basic Form provide coverage for?

What additional coverage does the Causes of Loss - Broad Form provide?

What does the Causes of Loss - Special Form insure against?

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Insurance Policy Components: Coverage, Conditions, and Rights of the Insured

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