Insurance Policy Coverage Quiz

<p>$5,000 (A)</p> Signup and view all the answers

<p>Notifying the insurance company of the intent to incur costs (C)</p> Signup and view all the answers

<p>Virtual currency (D)</p> Signup and view all the answers

<p>Tow motors and forklifts (C)</p> Signup and view all the answers

<p>Lottery tickets held for sale (B)</p> Signup and view all the answers

<p>All electronic data (D)</p> Signup and view all the answers

<p>Machinery and boilers (D)</p> Signup and view all the answers

<p>Prepackaged software (A)</p> Signup and view all the answers

<p>Flag poles (B)</p> Signup and view all the answers

<p>Stock trees are included in coverage (B)</p> Signup and view all the answers

<p>The endorsement effective date and policy effective date are the same (B)</p> Signup and view all the answers

<p>A violent act that is aimed to coerce the civilian population. (B)</p> Signup and view all the answers

<p>The insurer is only liable for losses up to $100 billion. (B)</p> Signup and view all the answers

<p>Direct loss caused by fire to covered property. (C)</p> Signup and view all the answers

<p>Loss of business income. (C)</p> Signup and view all the answers

<p>No coverage is created for losses otherwise excluded. (B)</p> Signup and view all the answers

<p>The act must be certified and not exceed a specified loss amount. (B)</p> Signup and view all the answers

<p>Cost incurred due to lost business opportunities. (B)</p> Signup and view all the answers

<p>$5,000 (B)</p> Signup and view all the answers

<p>Discharge during installation or testing (C)</p> Signup and view all the answers

<p>Costs of recharging discharged extinguishers (A)</p> Signup and view all the answers

<p>Direct physical loss to business personal property (C)</p> Signup and view all the answers

<p>Indirect financial losses due to fire (B)</p> Signup and view all the answers

<p>Physical loss of covered property (B)</p> Signup and view all the answers

<p>No deductible applies (A)</p> Signup and view all the answers

<p>Columbia Casualty Company (B)</p> Signup and view all the answers

<p>On the effective date stated in the endorsement (C)</p> Signup and view all the answers

<p>To ensure safety and functionality (D)</p> Signup and view all the answers

<p>Pollutant clean-up and removal (A), Costs related to non-compliance with green standards (B)</p> Signup and view all the answers

<p>Proportion of covered loss to total loss (B)</p> Signup and view all the answers

<p>Damage from windstorms (B)</p> Signup and view all the answers

<p>Only to covered property that incurred damage (D)</p> Signup and view all the answers

<p>Loss resulting from lease cancellation (A)</p> Signup and view all the answers

<p>3/1/2023 (D)</p> Signup and view all the answers

<p>Non-compliance with green standards before the loss (A)</p> Signup and view all the answers

<p>Columbia Casualty Company (A)</p> Signup and view all the answers

<p>Damage from fire (A)</p> Signup and view all the answers

<p>The remaining value of a lease after cancellation (A)</p> Signup and view all the answers

Property Not Covered is a section in an insurance policy that outlines the items that are not covered under the policy.

This section specifically excludes items like accounts, bills, money, notes, or securities from being covered under the insurance policy.

Lottery tickets are specifically excluded from the category of securities in Property Not Covered.

Foundations of buildings, structures, machinery, or boilers are no longer excluded under Property Not Covered.

Electronic data, except as provided under specific additional coverages, is excluded from Property Not Covered.

Prepackaged software is also excluded from Property Not Covered.

Vehicles or self-propelled machines are excluded from Property Not Covered, except for tow motors, forklifts, and similar equipment used solely at a specific premise.

Fences, radio or television antennas, masts, poles, trees, and shrubs, except those designated as stock or part of a vegetated roof, are excluded from Property Not Covered.

This section highlights various exclusions that determine what specific types of property are not covered under the insurance policy.

This coverage reimburses for recharging or replacing discharged fire extinguishers and systems, whichever is less, including hydrostatic testing if required.

This coverage pays for direct physical damage to insured property resulting from an accidental discharge of chemicals from a fire extinguisher or system, within the covered premises.

Coverage does not apply if the fire extinguisher system is discharged during installation or testing.

This coverage has a maximum payout of $5,000 per occurrence.

The policy waives all deductibles for coverage related to fire extinguisher systems.

This coverage reimburses for physical damage to covered property caused by or resulting from government confiscation.

The coverage applies to physical damage to Your Business Personal Property.

This coverage specifically focuses on direct physical damage to your property.

This coverage reimburses you for direct loss or damage to your property resulting from government confiscation.

The policy offers coverage for government confiscation, meaning they will pay for damage to your business property if it gets seized by government authorities.

The Terrorism Risk Insurance Act (TRIA) helps insurers cover losses from acts of terrorism, but there's a cap on the amount they'll pay. If total insured losses from certified acts of terrorism exceed $100 billion in a year, insurers won't be responsible for any losses beyond that amount.

In the context of terrorism insurance, this refers to acts of violence or those dangerous to life or property that are committed intentionally by individuals to coerce the U.S. population or influence the government.

Even though the TRIA covers losses from certified acts of terrorism, it doesn't cover all types of losses. This exclusion specifically mentions losses related to business income, extra expenses, legal liability, and leasehold interests.

If a certified act of terrorism causes a fire, the insurance policy will cover the direct damage to insured property caused by the fire. However, it won't cover indirect losses like business interruption expenses.

Even though the TRIA offers some protection, other exclusions might still apply to a loss, even if it was caused by a certified act of terrorism. This means that events like nuclear hazards or war-related actions might not be covered.

Insured losses from certified acts of terrorism must exceed a certain amount, triggering the TRIA's involvement. However, this threshold can be exceeded if losses from several separate acts of terrorism occur within a single year, adding up to the total.

The TRIA limits insurer liability in cases of large-scale terror attacks. If the total losses exceed $100 billion in a year, insurers only pay up to that amount. However, before reaching the limit, insurers must first meet their self-funded deductibles, which are not covered by the government.

This insurance policy compensates for the reasonable costs of replacing keys, adjusting locks for new keys, or installing new locks due to a covered incident causing physical damage to a master key or grand master key.

This insurance policy covers the expenses for protecting covered property from potential damage by a covered cause of loss. This applies to immediate threats to prevent further damage.

The maximum amount the insurance policy will pay for a single incident of loss of a master key.

The maximum amount the insurance policy will pay for a single incident of loss prevention expenses.

Before taking action to prevent further damage, you must inform the insurance company. This helps ensure the policy is properly applied and allows the insurance company to assist.

This coverage pays a portion of the covered direct physical loss or damage, proportionate to the total direct physical loss or damage, unless 'green standards' apply.

This coverage does not cover increased costs or damage resulting from 'green standards' that weren't met before the loss, even if those standards became effective later.

This coverage specifically excludes losses or damages caused by fire resulting from nuclear reactions or radiation, or radioactive contamination.

This coverage does not apply to the 'Pollutant Clean-up and Removal Additional Coverage'.

This coverage excludes 'stock' as a covered property.

This coverage covers the loss of 'net leasehold interest' arising from a lease cancellation by the lessor due to valid conditions in the lease.

The 'net leasehold interest' refers to the difference between the fair market value of the leasehold and the remaining rent payments.