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Questions and Answers
What type of losses does the policy cover related to master keys?
What type of losses does the policy cover related to master keys?
What is the maximum payout for the loss of a master key under the policy?
What is the maximum payout for the loss of a master key under the policy?
Which of the following costs will the policy not cover?
Which of the following costs will the policy not cover?
What is the maximum coverage for loss prevention expenses under the policy?
What is the maximum coverage for loss prevention expenses under the policy?
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What is required before taking any loss prevention action?
What is required before taking any loss prevention action?
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Which type of currency is explicitly mentioned as not being covered?
Which type of currency is explicitly mentioned as not being covered?
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What types of vehicles are excluded from coverage according to the amendments?
What types of vehicles are excluded from coverage according to the amendments?
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Which item is explicitly listed as not being considered a security?
Which item is explicitly listed as not being considered a security?
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What type of data is replaced in the amendments regarding coverage?
What type of data is replaced in the amendments regarding coverage?
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Which component related to buildings and structures has been deleted from coverage?
Which component related to buildings and structures has been deleted from coverage?
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Which of the following is included in the list of items that do not fall under the personal property coverage?
Which of the following is included in the list of items that do not fall under the personal property coverage?
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Which of these items is included in the amended coverage exclusions?
Which of these items is included in the amended coverage exclusions?
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What does the amendment specify about trees, shrubs, or plants in relation to coverage?
What does the amendment specify about trees, shrubs, or plants in relation to coverage?
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Which statement is true regarding the effective dates mentioned in the amendments?
Which statement is true regarding the effective dates mentioned in the amendments?
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What constitutes a 'certified act of terrorism' according to the content?
What constitutes a 'certified act of terrorism' according to the content?
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When insured losses from terrorist acts exceed $100 billion, what is the insurer's liability?
When insured losses from terrorist acts exceed $100 billion, what is the insurer's liability?
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Which type of damage is covered under the fire provision for a certified act of terrorism?
Which type of damage is covered under the fire provision for a certified act of terrorism?
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Which of the following is NOT included in the coverage for fire resulting from a certified act of terrorism?
Which of the following is NOT included in the coverage for fire resulting from a certified act of terrorism?
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What happens if the Terrorism Risk Insurance Act's exclusion terms conflict with other exclusion policies?
What happens if the Terrorism Risk Insurance Act's exclusion terms conflict with other exclusion policies?
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What is a necessary condition for the application of coverage under the Terrorism Risk Insurance Act?
What is a necessary condition for the application of coverage under the Terrorism Risk Insurance Act?
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Which component is explicitly excluded from coverage under the fire provision related to terrorism?
Which component is explicitly excluded from coverage under the fire provision related to terrorism?
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What is the maximum amount payable for fire extinguisher systems expense in one occurrence?
What is the maximum amount payable for fire extinguisher systems expense in one occurrence?
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Under what condition will no coverage apply for a fire extinguishing system?
Under what condition will no coverage apply for a fire extinguishing system?
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Which expense is covered under the fire extinguisher systems expense policy?
Which expense is covered under the fire extinguisher systems expense policy?
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What type of loss does the government confiscation coverage address?
What type of loss does the government confiscation coverage address?
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Which of the following is NOT included in the fire extinguisher systems expense coverage?
Which of the following is NOT included in the fire extinguisher systems expense coverage?
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What will the insurance cover if there is a discharge of chemicals from a fire extinguisher?
What will the insurance cover if there is a discharge of chemicals from a fire extinguisher?
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What is the deductible for the additional coverage under fire extinguisher systems expense?
What is the deductible for the additional coverage under fire extinguisher systems expense?
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Which company underwrites the policy mentioned?
Which company underwrites the policy mentioned?
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When does the coverage for fire extinguisher systems begin?
When does the coverage for fire extinguisher systems begin?
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What is the purpose of hydrostatic testing mentioned in the coverage?
What is the purpose of hydrostatic testing mentioned in the coverage?
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What does the Green Standards Additional Coverage exclude?
What does the Green Standards Additional Coverage exclude?
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What is the basis of calculating loss under the covered direct physical loss?
What is the basis of calculating loss under the covered direct physical loss?
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Which of the following is NOT covered by the Green Standards Additional Coverage?
Which of the following is NOT covered by the Green Standards Additional Coverage?
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When does the Green Standards Additional Coverage apply?
When does the Green Standards Additional Coverage apply?
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What type of loss does the net leasehold interest coverage refer to?
What type of loss does the net leasehold interest coverage refer to?
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What is the effective date of the policy mentioned?
What is the effective date of the policy mentioned?
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Which of the following scenarios could potentially void the Green Standards Additional Coverage?
Which of the following scenarios could potentially void the Green Standards Additional Coverage?
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Which underwriting company is mentioned in the content?
Which underwriting company is mentioned in the content?
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What type of damage is explicitly excluded from coverage under the Green Standards?
What type of damage is explicitly excluded from coverage under the Green Standards?
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What does 'net leasehold interest' refer to in the context of this policy?
What does 'net leasehold interest' refer to in the context of this policy?
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Study Notes
Policyholder Notice - Terrorism Coverage
- This notice does not form a part of the policy.
- It does not grant coverage or change the terms and conditions of any coverage.
- "We" refers to the insurer, "you" refers to the policyholder.
- Terrorism Risk Insurance Act (Act) allows you to purchase terrorism coverage.
- The Act establishes a federal program that shares the risk of terrorism losses with the insurance industry.
- The definition of a certified act of terrorism has changed.
- The act must now encompass, for example, a terrorist act committed against the U.S. government by a U.S. citizen.
- The Secretary of the Treasury certifies the event.
- The federal share of terrorism losses is 85% of the amount exceeding the applicable insurer retention.
- This will decrease by 1 percentage point per calendar year until it reaches 80%.
- If aggregate insured losses exceed $100 billion in a calendar year, the Treasury will not make any payment.
- Terrorism coverage exclusions for nuclear, war, or military action remain in effect.
- The federal government shares the risk of loss from future terrorist attacks.
Cancellation
- The first Named Insured can cancel by mailing or delivering advance written notice.
- The insurer can cancel if there's non-payment of premium or other reasons.
- A 10-day notice is required for non-payment, and a 30-day notice for other reasons.
- Notices are sent to the first Named Insured's last known address.
- Cancellation is effective on the date stated.
- Any premium refunds are issued pro-rata.
Exclusion of Certified Acts of Terrorism
- The act that is certified is excluded from coverage.
- The exclusion applies regardless of any other contributing cause or event.
- Certification of an act of terrorism requires insured losses exceeding $5 million in the aggregate.
- The act must be a violent act or one dangerous to human life that's intended to influence the U.S. government.
Service of Suit
- The Insurer designates the Superintendent, Commissioner, or Director of Insurance (or a similar officer) as its attorney for service of process.
- The General Counsel at the specified address is the designated person to whom the officer sends process.
- The Insurer will abide by the final decision of the court or any appellate court.
Other Coverage-related Aspects
- This document describes specific provisions for certain types of property (like buildings, personal effects, etc.) and situations (like auto dealerships).
- Limits of insurance are included for various assets and coverage.
- A wide range of exclusions exist to limit coverage in specific scenarios.
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Description
Test your knowledge on the coverage specifics of a master key insurance policy. This quiz will cover various aspects such as payout limits, exclusions, and important requirements related to loss prevention actions. Make sure to understand the amendments made to the policy and what items are specifically included or excluded.
