Term
| Who is the only person who can change a CPP policy? |
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Definition
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Term
| Who long is the insurer granted access to the records of the insured? |
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Definition
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Term
| The insurer is granted the _____, but does not have the ________ to make inspections, surverys, reports and recommendations relating to the insurance. |
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Definition
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Term
| Responsibility for payment of the premiums rests with the ___________. |
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Definition
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Term
| The rights and duties of the insuredunder the policy can be transferred to another only with _______________. |
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Definition
| written consent of the insured. |
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Term
| In the event of the insured's death, rights and duties are _______________. |
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Definition
| automatically transferred to the insured's legal representative. |
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Term
| A coverage part consists of three things: |
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Definition
All of the coverage forms
Endorsements
Other attachments applicable to a single line of insurance |
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Term
| If a policy contains only 1 coverage part it is classified as _________. |
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Definition
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Term
| If the policy contains more than 1 coverage part it will be classified as a ______________. |
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Definition
| Commercial Package Policy |
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Term
Common Conditions in CPP:
Concealment, Misrepresentation or Fraud Coverage |
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Definition
| Coverage will be voidedin the event the insured committed fraud as it relates to the policy at any time. |
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Term
Common Conditions in CPP:
Control of Property |
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Definition
| This condition states that any act or negligence by persons not under the direction of the insured will not void coverage. |
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Term
Common Condition in CPP:
Insurance Under Two or More Coverages |
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Definition
| If more than one coverage under the policy can respond to the same loss, the insurer will pay no more than the actual loss. |
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Term
Common Conditions in CPP:
Legal Action Against the Insurer |
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Definition
| No person may bring legal action against the insurer until all policy terms have been complied with, and then only if the legal action is brought within 2 years of the loss (may vary state to state) |
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Term
Common Policy Conditions in CPP:
Liberalization |
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Definition
| If the insurer adopts any provisions which would broaden coverage during the policy period or within 45 days prior to the effective date, the broadened coverage will also apply without having to be endorsed on the policy. |
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Term
Common Policy Conditions on CPP:
No Benefit to Bailee |
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Definition
| No person who has custody of covered property, other than the insured, can benefit from the insurance. |
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Term
Common Policy Conditions in CPP:
Other Insurance |
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Definition
| If the insured has other insurance with the same terms, conditions, and provisions, the policy will contribute by limits. If the other insurance is other than that described above, the policy will respond on an excess basis, paying only for the amount of any loss in excess of the other insurance. |
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Term
Common Policy Conditions in CPP:
Policy Period, Coverage Territory |
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Definition
| The policy territory includes the United States, its possessions and territories, Puerto Rico, and Canada. |
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Term
Common Conditions in CPP:
Transfer of Rights of Recovery Against (Subrogation) |
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Definition
| The insured must transfer any rights he/she has to recover damages from another person to the insurer after the insurer makes payment for the loss. |
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Term
| This is the main form used to cover buildings, business personal property, and property of others on the insured's premises: |
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Definition
| Building and Personal Property Coverage Form |
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Term
| Under the Building and Personal Property Coverage form, replacement cost coverage can be.... |
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Definition
| written at the option of the insured for the building and business personal property, but not for personal property of others. |
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Term
| Replacement cost coverage for property of others can be... |
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Definition
| added at the option of the insured and if the insured is liable for it under written contract. |
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Term
| Under the Building and Personal Property Coverage Form of a CPP, the Building Coverage insures... |
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Definition
| the building described, including outdoor fixtures and furniture, items used to service the property, permanently installed machinery and equipment, and additions under construction, including the materials, supplies and equipment within 100 feet of the premises. |
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Term
| Under the Building and Personal Property Coverage Form of a CPP, outdoor signs are... |
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Definition
| covered up to $1,000 if attached to the building |
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Term
| Under the Building and Personal Property Coverage Form of a CPP, the Business Personal Property Coverage insures... |
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Definition
| business personal peroperty located in, or within 100 feet of the building including improvements and betterments, and leased personal property that the insured has a contractual obligation to insure. |
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Term
| Under the Building and Personal Property Coverage Form of a CPP, the Personal Property of Others insures... |
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Definition
| personal property if located at the described premises or within 100 feet of the premises and in the insured's care, custody or control. |
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Term
| The Debris Removal Coverage under The building and Personal Property Coverage Form is... |
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Definition
| limited to no more than 25% of the loss. Debris removal covers the cost of removing debris following a covered loss. These expenses must be reported to the insurer within 180 days of the loss for coverage to apply. in a separate section of the policy, a grant of an additional $10,000 coverage is available if the 25% limit is insufficient. |
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Term
| The Preservation of Property Coverage under The Building and Personal Property Coverage Form will... |
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Definition
| also pay for any damage to property moved to protect it from further damage, but only for 30 days after the property is first moved. |
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Term
| The Fire Department Service Charge Coverage under The Building and Personal Property Coverage Form will... |
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Definition
| pay for fire department service calls if the insured is under obligation to pay. The policy will reimburse the insured for up to $1000 for this charge. The deductible does not apply to this additional coverage. |
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Term
| The Increased Cost of Construction Coverage under The Building and Personal Property Coverage Form will... |
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Definition
| pay the lesser of: $10,000 or 5% of the limit of insurance applicable to the building for increased cost of construction resulting from building laws enforcement. |
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Term
| The Pollutant Clean Up and Removal Coverage under The Building and Personal Property Coverage Form will... |
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Definition
| pay up to $10,000 for expenses incurred to remove pollutants if the discharge is cased by a covered cause of loss and reported in writing within 180 days of occurrence. This is the maximum amount the insurer will pay in any 12 month period. |
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Term
| The under The Building and Personal Property Coverage Form will... |
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Definition
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Term
| The Electronic Data Coverage under The Building and Personal Property Coverage Form will... |
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Definition
| pay up to $2,500 for the cost to replace or restore electronic data that has been destroyed or corrupted by a covered cause of loss. |
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Term
| Under the CPP Building and Personal Property Coverage form, extensions can be added if... |
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Definition
| the policy has an 80% or more coinsurance percentage or a value reporting period. |
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Term
| Under the CPP Building and Personal Property Coverage Form, the Newly Adquared or Constructed Property extension... |
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Definition
| is for 30 days for newly acquired building and personal property that are similar n use to the property insured. This extension will pay up to 25% of the building limit to a maximum of $250,000 for newly acquired building, and 10% of the personal property limit for a maximum of $100,000 for personal property. |
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Term
| Under the CPP Building and Personal Property Coverage Form, the Personal Effects and Property of Others extension... |
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Definition
| cover up to $2500 for personal effects of the insured or his employees (coveage does not apply to theft). This coverage ca also be applied to personal property of others in the insured's care, custody, and control. |
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Term
| Under the CPP Building and Personal Property Coverage Form, the Valuable Papers and Records extension... |
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Definition
| covers up to $2,500 for the cost to research, replace or restore lost information from valuable papers and records can be recovered. |
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Term
| Under the CPP Building and Personal Property Coverage Form, the Property Off Premises extension... |
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Definition
| covers up to $10,000 for property, excluding stock, which is temporarily at a premises the insured does not own, lease or operate. This coverage does not apply to personal property in a vehicle, or in the possession of a salesperson. |
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Term
| Under the CPP Building and Personal Property Coverage Form, the Outdoor Property extension... |
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Definition
| covers up to $1,000 for fences, radio and television antennas, and detached signs, or $250 for trees, shrubs and plants damaged or destroyed by fire, lightening, explosion, riot or civil commotion or aircraft. |
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Term
| Under the CPP Building and Personal Property Coverage Form, the Nonowned Detached Trailers extension... |
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Definition
| covers up to $5,000 if the loss occurs when the trailer is in the insured's custody and only if the insured is contracually obligated to pay for the loss or damage. A higher limit may be shown in the declarations. This coverage is considered excess over other insurance. |
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Term
| CPP: If the building has been vacant for more than _____ consecutive days before the loss, the insurer will not pay for damage caused by vandalism sprinkler leakage, glass breakage, wter damage, theft, or attempted theft. If the loss is caused by any other peril, the insurer will reduce the amount they would have otherwise paid by 15%. |
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Definition
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Term
| This is used to cover buildings and permanent fixture for condominium associates. |
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Definition
| Condominium Association Coverages Form |
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