Cic Commercial Multi-Line Exam Prep (100% Correct Answers)

Identify the 7 Insuring Agreements included in the Commercial Crime Coverage Form (Loss Sustained Form) as well as the Commercial Crime Coverage Form (Discovery Form) {Ans: 1.) Employee Theft 2.)Forgery or Alterations 3.)Inside Premises- Theft of Money & Securities 4.)Inside Premises-Robbery or Safe Burglary of Other Property 5.)Outside The Premises 6.)Computer & Funds Transfer Fraud 7.)Money Orders & Counterfeit Money}Describe "money" "securities", other property., "theft" and "employee" as found in the Commercial Crime Coverage Form {Ans: money- coins, cash, has a face value and can be spent now (no confederate money) securities- Tokens, Tickets, Notes, takes more work Other property- tangible property, No Electronic Data Theft- unlawful taking of property to deprive the N.I. Employee: -Current or past (30 day window) -Temp/leased -Former Employee who is now a consultant -intern -Merger or Conslidated employees -Managers, directors, trustees NOT EMPLOYEES: AGENTS, BROKERS FACTORS, CONSIGNEES, INDEPENDENT CONTRACTORS}Describe and apply policy exclusions pertaining to insuring agreement A.1. Employee Theft {Ans: -inventory shortages discovered by inventory or profit loss computation -Trading Losses (Stocks etc...) -Warehouse Receipts}List the five exceptions to a common carrier's liability for the property of others in their possession {Ans: 1.) Acts of nature (flood, windstorm, earthquake)