Principles of Risk Management and Insurance, 12e(Rejda/McNamara)Chapter 25 Commercial Property Insurance1) Which of the following is (are) included in the common declarations page of a commercial package policy? I.A description of the insured propertyII.A listing of the causes-of-loss that are covered by the policyA) I only B) II only C) both I and II D) neither I nor II Answer: AQuestion Status: Previous Edition2) Which of the following items is (are) contained in the common policy conditions page of the commercial package policy?I.The policy periodII.A provision describing the insurer's right to audit the insured's books and records3) Which of the following is covered under the building and personal property coverage form? 4) Which of the following statements about the building and personal property coverage form is (are) true?I.A limited amount of coverage is provided for pollutant cleanup and removal at the described premises if the release or discharge of the pollutant results from a covered cause of loss.II.Fire department service charges are specifically excluded because they are a normal cost of doing business.1
5) All of the following are extensions of coverage under the building and personal property coverage form EXCEPTA) newly acquired or constructed property.B) valuable papers and records.C) personal property temporarily off the premises.D) currency and securities.Answer: DQuestion Status: Previous Edition6) Which of the following statements about the provisions of the building and personal property coverage form is (are) true?I.A separate deductible must be satisfied for each building damaged in the same occurrence.II.Under the replacement cost option, there is no deduction for depreciation.
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- Fall '13