Section I – Property: Other Coverages

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Question 1 of 13

1. Question

The Business Income coverage included in the Businessowners Policy covers loss of income

for up to 12 consecutive months after the date of loss or damage.

for up to 6 consecutive months after the date of loss or damage.

for up to 80% of the Building Limit.

for the dollar amount stated in the Declarations.

Correct

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Question 2 of 13

2. Question

All of the following statements about the Business Income Coverage under the Businessowners Policy is true EXCEPT

The time during which the Business Income coverage applies and the repairs are being made is known as the period of restoration.

The period of restoration begins 72 hours after the time of direct physical loss or damage.

Ordinary payroll expense is limited to 60 days.

The Deductible shown in the Declarations applies.

Correct

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Question 3 of 13

3. Question

The Extended Business Income coverage included in the Businessowners Policy

pays for reduction of income once business operations are resumed after the repairs have been completed.

extends the time limit from 12 months to 18 months.

eliminates the 72-hour waiting period.

doubles the limit of insurance shown in the Declarations, as long as the property was insured for at least 80% of Replacement Cost at the time of loss.

Correct

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Question 4 of 13

4. Question

All of the following are examples of a Dependent Property as it relates to Business Income from Dependent Properties coverage EXCEPT

properties owned by suppliers of materials or services to the insured.

properties owned by customers of the insured.

magnet stores that attract customers to the insured’s business.

properties owned by close relatives of the insured.

Correct

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Question 5 of 13

5. Question

The Extra Expense coverage included in the Businessowners Policy

pays for loss of income due to a covered cause of loss for up to 12 consecutive months after the date of loss or damage.

pays for expenses the insured needs to pay that result from damage or loss due to a covered cause of loss.

pays for reduction of income once business operations are resumed after the repairs have been completed.

provides loss of income when damage (due to a covered cause of loss) occurs to a Dependent Property.

Correct

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Question 6 of 13

6. Question

Under the Businessowners Policy, a 72-hour waiting period applies to

Extra Expense coverage.

Business Income coverage.

Fire Department Service Charge coverage.

Increased Cost of Construction coverage.

Correct

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Question 7 of 13

7. Question

The Civil Authority coverage included in the Businessowners Policy

provides Business Income and Extra Expense coverage if a civil authority prohibits use of the described premises.

pays if a civil authority (the police, for example) causes damage to the insured’s Building or Business Personal Property.

pays if a civil authority (the fire department, for example) charges to put out a fire or provides some other service to prevent or reduce damage.

pays for the increased costs to repair or rebuild a covered building due to the enforcement of an ordinance or law.

Correct

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Question 8 of 13

8. Question

All of the following are correct about the Fire Department Service Charge EXCEPT

It pays up to $2,500 for the services of a fire department to save or protect the property.

Deductible does not apply.

It is an additional coverage included in the policy for no extra charge.

It is an optional coverage that can be purchased for an extra charge.

Correct

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Question 9 of 13

9. Question

The Increased Cost of Construction coverage included in the Businessowners Policy pays for the increased costs to repair or rebuild a covered building due to

the enforcement of an ordinance or law.

a shortage of building materials.

a shortage of labor.

a shortage of both labor and building materials.

Correct

Incorrect
Question 10 of 13

10. Question

The Newly Acquired or Constructed Property coverage extension included in the Businessowners Policy

provides temporary coverage for 60 days; Building Coverage is limited to $200,000; Business Personal Property Coverage is limited to $100,000.

provides temporary coverage for 30 days; Building Coverage is limited to $250,000; Business Personal Property Coverage is limited to $100,000.

provides temporary coverage for 90 days; Building Coverage is limited to $500,000; Business Personal Property Coverage is limited to $250,000.

provides temporary coverage for 120 days; Building Coverage is limited to $50,000; Business Personal Property Coverage is limited to $25,000.

Correct

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Question 11 of 13

11. Question

The Outdoor Property coverage extension included in the Businessowners Policy

provides open peril coverage; all causes of loss are covered unless listed as an exclusion in the policy.

only pays when damage is caused by wind, vandalism, or vehicles.

only pays when damage is caused by fire, lighting, explosion, riot, civil commotion, or aircraft.

pays for all causes of loss except flood.

Correct

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Question 12 of 13

12. Question

All of the following are Valuable Papers and Records EXCEPT

money or securities.

inscribed, printed, or written documents.

manuscripts, records, or abstracts.

books, deeds, drawings, films, maps, or mortgages.

Correct

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Question 13 of 13

13. Question

Under the Businessowners Policy, direct loss of or damage to Business Personal Property, money, and securities resulting from dishonest acts committed by the insured’s employees

is covered automatically without adding an optional coverage or endorsement.

is covered automatically if the insured properly screens and trains all employees.

can be covered if the insured has purchased the Employee Dishonesty optional coverage.

can be covered if the insured has purchased the Civil Authority optional coverage.

Correct

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