Quiz: The Business Owner's Policy

13 Questions | By Fsspc | Last updated: Mar 22, 2022 | Total Attempts: 435

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The world of business is a tough one to conquer, but once you do, you’ll have a firm understanding of the inner workings of one of the biggest aspects of today’s society. Today we’ll be taking a look at the business owner's policy. What do you know about it? Let’s take a look.

Questions and Answers

1.

What is the largest office building risk that might be eligible for a BOP?
- A.
  
  Three stories and 50,000 square feet
- B.
  
  Three stories and 75,000 square feet
- C.
  
  Six stories and 75,000 square feet
- D.
  
  Six stories and 100,000 square feet
2.

3: Under the additional coverages of the Businessowners property coverage, property removed to protect it from loss will be covered at another location for up to how many days?A. 5 daysB. 10 daysC. 20 daysD. 30 days
- A.
  
  5 days
- B.
  
  10 days
- C.
  
  20 days
- D.
  
  30 days
3.

What is the standard deductible for the BOP property coverage?
- A.
  
  $500
- B.
  
  $1,000
- C.
  
  $750
- D.
  
  $250
4.

Which of the following statements applies to Mechanical Breakdown coverage?
- A.
  
  It is not available in a BOP.
- B.
  
  It is automatically provided in a BOP.
- C.
  
  It is an optional BOP coverage that is activated by an entry in the declarations.
- D.
  
  It is specifically designed to cover insured objects while they are being tested.
5.

6: Which one of the following coverages is not included in the BOP?A. Bodily injury and property damage liabilityB. Personal and advertising injury liabilityC. Medical expenseD. Professional liability
- A.
  
  Bodily injury and property damage liability
- B.
  
  Personal and advertising injury liability
- C.
  
  Medical expense
- D.
  
  Professional liability
6.

Which of the following would be covered under the building coverage of a BOP?
- A.
  
  Restroom fixtures
- B.
  
  Photocopy machines
- C.
  
  Furnishings in the insured's private office
- D.
  
  Carpets and floor tiles
7.

Which of the following would be covered under the business personal property coverage of a BOP?
- A.
  
  Desks, filing cabinets, and other office equipment the insured uses in her business
- B.
  
  An enclosure around the front entry to a store that the insured tenant had built when he began leasing the building
- C.
  
  Cans of paint that are stacked near a newly constructed outer wall prior to painting the wall
- D.
  
  Fire extinguishers located at various places on the inside walls of the building
8.

Which of the following is not excluded under Businessowners Liability coverage?
- A.
  
  Damages the insured causes intentionally
- B.
  
  Liquor liability for those in the business of serving liquor
- C.
  
  Liability assumed under an insured contract
- D.
  
  Damage to the insured's own work
9.

What is the time limit for Extended Business Income coverage under the BOP?
- A.
  
  30 days
- B.
  
  45 days
- C.
  
  60 days
- D.
  
  90 days
10.

For how long after the date of a direct physical loss will the insurance company pay for extra expenses under the extra expense additional coverage?
- A.
  
  30 days
- B.
  
  90 days
- C.
  
  . 180 days
- D.
  
  12 months
11.

Unless a higher limit is shown in the declarations, what is the limit on coverage for business income from dependent properties?
- A.
  
  $5,000
- B.
  
  $10,000
- C.
  
  $50,000
- D.
  
  $100,000
12.

What is the discovery period for coverage of losses under the employee dishonesty optional coverage?
- A.
  
  One year from the date of the dishonest act
- B.
  
  One year from the end of the policy period
- C.
  
  Three years from the date of the dishonest act
- D.
  
  Three years from the end of the policy period
13.

Which of the following is covered under personal and advertising injury liability coverage in the BOP?
- A.
  
  Slander and libel
- B.
  
  Malicious prosecution
- C.
  
  Copyright infringement
- D.
  
  All of the above