Ch. 8 Practice Questions Already Passed

Which Commercial Property form provides coverage for an indirect loss? {Ans: Business Income Coverage Form -The two indirect loss forms to the Commercial Property Coverage Part are the Business Income Coverage Form and the Extra Expense Coverage Form.}The Commercial Property policy applies a limit of what dollar amount for business personal property temporarily away from the premises? {Ans: $10,000 -A limit of $10,000 of coverage is extended for the insured's covered property (other than stock) while it is temporarily at a location the insured does not own, lease, or operate.}Time Element is best defined as: {Ans: Business Income and Extra Expense Coverage Form -Time element losses are indirect losses covering loss of business income and extra expenses.}Which of the following is not included in the Personal Effects and Property of Others Extension under the Building and Personal Property Coverage Form? {Ans: Loss by theft of personal effects -Personal effects of the insured, and of others that is in the insured's care, custody, or control, are covered up to $2,500. Coverage does not include loss by theft.}Under the Common Policy Conditions of the CPP, which of the following is true regarding inspections and surveys? {Ans: The