101 Exam 100% Correct Answers

Salvage Rights {Ans: Allow the insurer to take possession of the insured property for which it has paid a total loss (e.g. if an insurer paid for the total loss of a house that burned down they would have the right to salvage any copper piping that may remain intact)}Commercial Insurance {Ans: 1. Commercial package policy or businessowners policy: provide business owners with property/crime/liability coverages; now it is under just one policy but before you had to get several policies 2. Commercial property: covers damage to buildings or their contents that results from fire/vandalism/other causes of loss 3. Commercial crime: protects against losses from theft of business property and money, including employee theft 4. Commercial general liability: protects a business against its legal liability to others for bodily injury and property damage 5. Commercial auto: covers liability for bodily injury and property damage caused using the business's autos and damage to the business's own autos when they are in an accident 6. Workers compensation: covers legally required benefits that businesses are required to pay to their employees for job-related injuries and illnesses 7. Commercial umbrella: provides additional liability limits beyond those provided by other policies}Expense Ratio {Ans: