Property And Casualty Insurance Exam Questions And Answers Part One

Which of the following is defined as a covered cause of loss in businessowners property coverage? {Ans: Leakage from fire-extinguishing equipment}Which inland marine coverage condition says that an insurer will settle with the actual owners of property involved in a loss? {Ans: Privilege to adjust with the owner}In a commercial package policy, who may cancel the policy in writing and make changes to the policy with the consent of the insurer? {Ans: First named insured}Tom's Truck Service's vehicle is stolen. The policyholder may obtain coverage for transportation expenses subject to which of the following limits? {Ans: $20 per day; $600 maximum}Coverage A - Bodily Injury and Property Damage in the commercial general liability policy will cover {Ans: Losses due to the insured's negligence.}A commercial property special form covers property in transit up to {Ans: $5,000.}