Insurance Policy Extensions Quiz

<p>Coverage is subject to the Basket Aggregate Limit of Insurance. (B)</p> Signup and view all the answers

<p>Loss or damage to samples intended for sale (B)</p> Signup and view all the answers

<p>Loss or damage to accounts receivable records (A)</p> Signup and view all the answers

<p>$25,000 (C)</p> Signup and view all the answers

<p>Normal collection expenses (C)</p> Signup and view all the answers

<p>A specific limit for records of accounts receivable (A)</p> Signup and view all the answers

<p>If amounts due remain uncollected pending payment (D)</p> Signup and view all the answers

<p>Direct physical loss or damage by covered causes (B)</p> Signup and view all the answers

<p>Natural disasters (C)</p> Signup and view all the answers

<p>As a necessity resulting from physical loss or damage (A)</p> Signup and view all the answers

<p>The applicable Limit of Insurance shown in the Declarations (D)</p> Signup and view all the answers

<p>It can be apportioned among various Coverages as chosen by the insured (A)</p> Signup and view all the answers

<p>It does not increase the applicable Limit of Insurance (A)</p> Signup and view all the answers

<p>They may apportion it to any coverage one or more times (A)</p> Signup and view all the answers

<p>Actual cash value at the time of the loss (A)</p> Signup and view all the answers

<p>Preservation of Property (B)</p> Signup and view all the answers

<p>Limits of Insurance remain unaffected by hazardous claims (A)</p> Signup and view all the answers

<p>Ordinance or law coverage (C)</p> Signup and view all the answers

<p>They are applied separately unless otherwise stated (C)</p> Signup and view all the answers

<p>It is subject to the same limits as the rest of the coverages (C)</p> Signup and view all the answers

<p>$25,000 (B)</p> Signup and view all the answers

<p>Valuable Papers and Records (A), Non-owned Detached Trailers (C)</p> Signup and view all the answers

<p>90 Days (D)</p> Signup and view all the answers

<p>$25,000 (D)</p> Signup and view all the answers

<p>$10,000 (B)</p> Signup and view all the answers

<p>$25,000 (C)</p> Signup and view all the answers

<p>$25,000 (C)</p> Signup and view all the answers

<p>Outdoor Property (A)</p> Signup and view all the answers

<p>$1,000,000 (D)</p> Signup and view all the answers

<p>$25,000 (D)</p> Signup and view all the answers

<p>Loss attributable to non-compliance with existing green standards (B)</p> Signup and view all the answers

<p>Loss due to pollution clean-up efforts (B), Loss due to fire from nuclear reactions (C)</p> Signup and view all the answers

<p>Prior compliance with relevant green standards (D)</p> Signup and view all the answers

<p>Loss from lease cancellation due to valid lease conditions (D)</p> Signup and view all the answers

<p>Loss or damage proportional to total loss incurred (B)</p> Signup and view all the answers

<p>Expenses for removing hazardous materials from a site (A)</p> Signup and view all the answers

<p>It specifically excludes losses from hazardous substance incidents (A)</p> Signup and view all the answers

<p>They limit coverage to damages compliant with existing standards (C)</p> Signup and view all the answers

<p>They must indicate the cause of loss (D)</p> Signup and view all the answers

<p>Any form of fungus including yeast, mold, and related substances (C)</p> Signup and view all the answers

<p>Programmable electronic equipment used to store electronic data (B)</p> Signup and view all the answers

<p>Mobile communication property (B)</p> Signup and view all the answers

<p>Fungus intended for consumption (A)</p> Signup and view all the answers

<p>Media used for storing electronic data (C)</p> Signup and view all the answers

<p>An act certified by the Secretary of the Treasury under federal law. (B)</p> Signup and view all the answers

<p>Commercial Property Coverage Part (C)</p> Signup and view all the answers

<p>Losses caused directly or indirectly by a certified act of terrorism. (B)</p> Signup and view all the answers

<p>They are excluded regardless of any contributing factors. (B)</p> Signup and view all the answers

<p>It sets criteria for what constitutes a certified act of terrorism. (C)</p> Signup and view all the answers

<p>Property inspections and surveys can be done at any time. (D)</p> Signup and view all the answers

<p>Temporary custodians have limited rights related to the property. (B)</p> Signup and view all the answers

<p>$25,000 (A)</p> Signup and view all the answers

<p>Subsequent damage from a non-covered cause of loss (C)</p> Signup and view all the answers

<p>When they occupy the premises but do not own it (D)</p> Signup and view all the answers

<p>The insurance for the building is specified in the Declarations (D)</p> Signup and view all the answers

<p>The part of the premises which you occupy (B)</p> Signup and view all the answers

<p>The location of the building (A)</p> Signup and view all the answers

<p>By your contractual liability (C)</p> Signup and view all the answers

<p>Direct physical loss due to fire (C)</p> Signup and view all the answers

<p>It must be directly linked to a burglary incident (B)</p> Signup and view all the answers

<p>The policy is automatically cancelled retroactively. (C)</p> Signup and view all the answers

<p>Architectural and engineering fees (D)</p> Signup and view all the answers

<p>Additional coverages and coverage extensions (D)</p> Signup and view all the answers

<p>Non-compliance with economic and trade sanctions (B)</p> Signup and view all the answers

<p>All property at one premises constitutes a single premises. (B)</p> Signup and view all the answers

<p>It describes extra benefits beyond standard coverage. (C)</p> Signup and view all the answers

<p>Charges that are customary in the industry for repair (A)</p> Signup and view all the answers

<p>The start date for coverage under the endorsement. (A)</p> Signup and view all the answers

<p>The amount subtracted from the coverage limit. (B)</p> Signup and view all the answers

<p>It includes sanctions as exclusions for coverage. (C)</p> Signup and view all the answers

<p>Cost of reasonable restoration to pre-loss condition (C)</p> Signup and view all the answers

<p>Cost of the media with no stored data (C)</p> Signup and view all the answers

<p>Cost to repair or replace with substantially identical property (A)</p> Signup and view all the answers

<p>Property held for distribution or sale (C)</p> Signup and view all the answers

<p>Subject to the specific item limit detailed in the policy (A)</p> Signup and view all the answers

<p>The maximum payout is restricted to $75,000 in any one occurrence (A)</p> Signup and view all the answers

<p>Actual cash value of the equipment (C)</p> Signup and view all the answers

<p>Cost of restoring the computer is fully covered (D)</p> Signup and view all the answers

<p>Actual cost incurred to reproduce the data (C)</p> Signup and view all the answers

A defined event that causes damage or loss, triggering insurance coverage.

Amounts due to a business from customers who haven't paid yet.

Amounts the insurance company will pay for damages covered by the policy.

Extra costs incurred beyond normal collection efforts.

The maximum the insurance company will pay for a single claim.

Documents showing the amounts due from customers.

Actual destruction or impairment of accounts receivable records.

Payment limit for accounts receivable records within 100ft of the insured location.

Value of the tent is determined at actual cash value at the time of loss; maximum payout is the amount to repair or replace.

Maximum payment per loss for all coverages; separate from other limits.

Shared limit across multiple coverages; applies separately per location.

Named insured can choose how to divide the limit across affected coverages within the limit.

Additional coverage, separate from main limits, and the payment does not raise the coverage limit.

Amounts of insurance shown, separate amounts, and calculated according to specific terms

Specific coverage limit for a certain event.

List of coverages included in basket aggregate limit.

Document specifying the amount of insurance and location covered.

Single instance of an event that triggers a claim.

Insurance coverage for costs related to preventing losses.

Insurance coverage for trailers not owned by the insured.

Insurance coverage limit for outdoor property is $1,000,000.

Insurance for personal belongings of others, up to $5,000.

Liability coverage for pollutant cleanup, up to $100,000 annually.

Coverage for fees related to preparing for loss claims, up to $25,000.

Coverage for financial debt owed to a business.

Coverage for newly acquired or constructed buildings is $2,000,000.

Insurance coverage for property outside of the premises of the insured.

This coverage helps pay for losses related to meeting environmental standards but only for the part of the property damaged, not for failures to meet pre-loss standards.

The actual destruction or impairment of property caused by a covered event, for example, a fire destroying a building.

Environmental regulations or guidelines that buildings or structures must meet, such as energy efficiency standards.

The value of a lease agreement, minus any expenses or obligations related to the property.

When a lessor (the landlord) ends a lease agreement early, often due to a breach of the contract.

A reason or clause within the lease that justifies the landlord ending the lease agreement.

The person or entity who owns the property and leases it to someone else.

Coverage that helps pay for the cost of cleaning up pollutants or hazardous materials caused by a covered event.

A collection of goods, materials, or products held by a business for sale or use.

A process involving the nucleus of an atom, releasing a lot of energy, as in a nuclear explosion.

This coverage extends to the cost of replacing or reproducing lost information on important documents like contracts, financial records, and legal papers. It does not cover electronic data.

For valuable papers and records located more than 100 feet away from the described premises, the maximum payment for any one occurrence is $25,000. This is additional insurance to the Basket Aggregate Limit.

This coverage includes the cost of blank materials for reproducing records (whether or not duplicates exist) and, if a duplicate exists, the cost of labor to transcribe or copy the records. These costs are subject to the business personal property limit and not additional insurance.

This Extension does not cover property held as samples for delivery after sale.

This coverage protects against direct physical loss or damage to a building occupied but not owned by the insured, or one the insured is contractually liable for, caused by burglary.

This coverage doesn't apply to ensuing loss or damage caused by factors that aren't covered causes of loss, or if a building insurance limit is specified in the policy declarations.

The maximum payment for any loss or damage under this additional coverage is $25,000 per occurrence, even if the burglary happens in multiple locations.

An act of terrorism officially recognized by the US Secretary of the Treasury under the Terrorism Risk Insurance Act.

A federal law that provides insurance for losses caused by certified acts of terrorism.

This exclusion clause in an insurance policy specifies that the insurer will not cover losses caused directly or indirectly by a certified act of terrorism.

This exception overrides the exclusion for terrorism-related losses if those losses are caused by fire.

A unique identifier assigned to an insurance policy, allowing for easy reference and tracking.

The value of "Computers" is either the cost of repair with new, functionally identical equipment OR the actual cash value if not replaced or repaired. For partial damage, the cost is limited to restoring the property to its pre-loss condition.

The value of "Electronic Data" is the actual cost to reproduce the data. If not replaced or reproduced, the value is the cost of the "media" without any stored data.

"Media" refers to the physical storage device (like a hard drive or CD). Its value is the cost to repair or replace it with a substantially identical device.

This coverage extension DOES NOT apply to property held for sale, distribution, or manufacturing.

The maximum payout for these items at a specific location is subject to the Basket Aggregate Limit of Insurance found in the SCHEDULE.

The maximum payout for "Computers", "Electronic Data", and "Media" over 100 feet from a described location (excluding items in transit or at exhibitions) is $75,000 per occurrence.

"Fungus" means any type of fungus, including yeast, mold, mildew, rust, smut, or mushrooms. It also includes spores, toxins, odors, or anything produced by, released by, or related to the presence of fungus. However, it does not include any fungus intended for consumption.

"Computer" refers to your programmable electronic equipment used for storing, retrieving, and processing data. It includes the computer itself, its parts, dedicated air conditioning, fire suppression equipment, and electrical equipment used only for computer operations. It also includes peripheral equipment for communication and input/output functions like printing.

"Electronic data" is information stored and processed by a computer, like documents, images, or databases. It's the actual content you see on your computer.

"Mobile communication property" refers to devices like cellphones or tablets used for communication. They are explicitly excluded from the policy's "Computer" definition.

"Media" refers to materials used to store information, like CDs, DVDs, or USB drives. They are not included in the "Computer" definition.

In the context of the Basket Aggregate Limit of Insurance, all properties within a single location are considered a single premises regardless of the number of buildings.

The deductible applied to Additional Coverages and Coverage Extensions depends on whether a building is insured or not. It follows the Building Deductible, or the Business Personal Property Deductible if no Building coverage exists.

Covered Property valuation includes architectural, engineering, and other related costs incurred during construction and repair.

The policy is considered void from its inception if it violates any laws or regulations related to economic and trade embargoes.

This policy is void if any terms or conditions violate US laws and regulations regarding economic and trade embargoes.

Applies to Additional Coverages and Coverage Extensions when a building is insured.

Applies to Additional Coverages and Coverage Extensions when there is no Building coverage.