Essay on Commercial Insurance Midterm Practice

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UNIT 1
Question 1
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Under the common policy conditions of a commercial insurance policy, all of the following are true about changes in a policy, EXCEPT:
Select one:
a. Changes can be requested only by the first named insured.
b. The insurer must obtain specific permission from all insureds to make the change.
c. The policy can be changed only by a written endorsement issued by the insurer.
d. Changes can be made only with the insurer's consent.
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The correct answer is:
The insurer must obtain specific permission from all insureds to make the change.
Question 2
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A liability loss exposure is best described as
Select one:
a. The certainty that a person or organization will sustain financial loss as the result of a claim for monetary damages or other remedy.
b. The certainty that a person or organization will sustain a financial loss as the result of damage, destruction, taking, or loss of use of property.
c. The possibility that a person or organization will sustain financial loss as the result of a claim for monetary damages or other remedy.
d. The possibility that a person or organization will sustain a financial loss as the result of damage, destruction, taking, or loss of use of property.
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The correct answer is:
The possibility that a person or organization will sustain financial loss as the result of a claim for monetary damages or other remedy.
Question 3
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A business that self-insures certain loss exposures is using what risk management technique?
Select one:
a. Retention
b. Seperation
c. Subrogation
d. Prevention
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The correct answer is:
Retention
Question 4
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A line of insurance is
Select one:
a. An insurance company subsidiary
b. A special type of policy limit
c. An identifiable type of insurance
d. An insurer's capacity to provide coverage
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The correct answer is:
An identifiable type of insurance
Question 5
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All of the following are noninsurance risk management techniques, EXCEPT:
Select one:
a. Retention
b. Inspections
c. Avoidance
d. Loss Control
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The correct answer is:
Inspections
Question 6
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Under a Commercial Package policy, an insured can cancel the policy
Select one:
a. Only after the policy has been in effect for 90 days
b. Only at the time of policy renewal with 10 days advance written notice
c. At any time by mailing or delivering written notice of cancellation to the insurer
d. At any time with 10 days advance written notice
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The correct answer is:
At any time by mailing or delivering written notice of cancellation to the insurer
Question 7
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What type of insurance covers the increased expenses that are needed to continue operations and that are a result of property damage?
Select one:
a. Surety bonds
b. Business income
c. Business maintenance
d. Commercial property
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The correct answer is:
Business income
Question 8
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Under the common policy conditions of a commercial insurance policy, the insurer has the right to inspect the insured's premises and operations
Select one:
a. Only after the insured has incurred a loss
b. During the policy period and up to 30 days after policy expiration
c. Only during the first 6 months of the policy period
d. At any reasonable time during the policy period
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The correct answer is:
At any reasonable time during the policy period
Question 9
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