Property & Casualty: Chapters 11-15 Commercial Lines

When an individual or business purchases just one type of coverage for their commercial insurance needs, it is referred to as Monoline coverage.

In Indiana, a child under the age of 17 is considered a minor according to Workers Compensation laws.

In Indiana, if a child under the age of 16 is injured while working in violation of child labor law, the Worker Compensation laws dictate that the child will be paid double benefits.

In the context of Workers Compensation, a Sole Proprietor refers to an individual who owns and operates a business alone and is not required to be covered by Workers Compensation insurance. Other business structures such as Partnership, Limited Liability Company, and Corporation may have different requirements for Workers Compensation coverage.

Workers Compensation in Indiana provides Disability Income for a maximum of 500 weeks to those who are eligible.

Worker's Compensation in Indiana provides coverage for medical expenses without any limitations on the amount or duration, hence the correct answer is 'Unlimited, unlimited'.

Workers Compensation being mandatory in Indiana means that employers are required by law to provide coverage for their employees in case of work-related injuries or illnesses. This is meant to protect both the workers and the employers in the event of accidents or health issues arising from work situations.

In a Fidelity Bond, the employer is known as the Obligee because they are the party that is being protected by the bond in case of acts of dishonesty or fraud committed by an employee.

Mobile Equipment is typically best covered under Inland Marine insurance, which provides coverage for items that are often on the move and not covered by standard property or liability policies.

Forklifts and bulldozers are both examples of vehicles that are designed for movement and operation in various locations. They are classified as mobile equipment due to their ability to transport materials and perform tasks in different environments.

Equipment Breakdown coverage specifically applies to mechanical breakdown of machines, unlike the other options that cover different types of risks.

A Fidelity Bond is a type of insurance that covers policyholders for losses incurred as a result of fraudulent acts by specified individuals. The employee covered by the bond is referred to as the Principal, not the Surety, Obligee, or Indemnity.

Inland Marine insurance specifically covers goods in transit and those in the care of a bailee. It provides coverage for property that a business owns and that is in the care of employees or other third parties.

Coinsurance is not typically a requirement in a Business Owners Policy, as it pertains to the percentage the policyholder must pay for covered services after the deductible has been met. Deductible, Premium, and Coverage Limit are common requirements in insurance policies, but not specifically in a Business Owners Policy.

Farm laborers and seasonal workers are typically exempt from Workers Compensation coverage due to the nature of their work being temporary or transient in nature.

Surplus Lines Producers are required to submit 2 1/2% Gross Premium Tax twice a year as per regulations. This percentage is based on the total premiums collected by the producer.

Surplus Lines Producers write coverage with non-admitted companies, which are insurers not licensed in the state where the insurance coverage is being provided.

The correct notice period required for an Insurance Company to cancel a Commercial Lines policy for non payment of premium is ten days as per industry regulations.

In Indiana Workers Comp Law, anyone under the age of 17 is considered a minor. This is important as minors are treated differently when it comes to workers' compensation benefits and regulations.

Bars typically have higher potential risks and liabilities compared to small retail stores, coffee shops, and restaurants, making them less likely to be eligible for a Business Owner's Policy (BOP).

In this scenario, the Commercial Property coverage would be considered secondary to the coverage provided by the other module such as Commercial Crime.

Extortion involves the illegal use of threats or violence to obtain something of value, such as valuable merchandise, from another person or entity. It is different from robbery, blackmail, and bribery, which involve other forms of illegal manipulation or coercion.

The term 'Mysterious Disappearance' is used when an item goes missing with no clear explanation or evidence of theft. The other options, 'Lost Property', 'Vanishing Act', and 'Inexplicable Absence', do not specifically indicate the absence of theft and are not commonly used in this context.

Boiler and Machinery insurance typically covers the sudden and accidental breakdown of equipment such as boilers, HVAC systems, and machinery. It is designed to protect businesses from financial losses due to equipment failures.

A garage mechanic would need Garage Liability insurance specifically tailored to cover automobile liability as it provides coverage for a variety of risks associated with a garage operation, including liability for customer vehicles on the premises.