Chapter 17: Commercial Crime Insurance

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  • 1/8 Questions

    George Hawthorn is employed by Moison Appliances as a shipping clerk. As he is stacking TVs in the storage room, he is surprised by two men, both carrying guns. They proceed to empty the warehouse of TVs. This is an example of what?

    • Burglary
    • Robbery
    • Mysterious disappearance
    • A fidelity loss
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About This Quiz

This quiz covers scenarios and concepts related to Commercial Crime Insurance, focusing on theft, robbery, burglary, and insurance coverage specifics.

Insurance Quizzes & Trivia

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  • 2. 

    Theft generally means which of the following?

    • Any act of stealing

    • Any act of stealing other than burglary or robbery

    • Burglary and robbery only

    • Employee dishonesty only

    Correct Answer
    A. Any act of stealing
    Explanation
    A is correct. Theft means the unlawful taking of money, securities, or other property. This broad term includes burglary, safe burglary, and robbery.

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  • 3. 

    What type of property is protected under Computer Fraud coverage?

    • Money

    • Securities

    • Other property

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    D is correct. Computer Fraud coverage covers loss of or damage to money, securities, and other property because of the use of a computer to fraudulently transfer that property from inside the premises or banking premises to a place or person (other than a messenger) outside the premises.

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  • 4. 

    In a Crime insurance policy, certificates of deposit are considered which of the following?

    • Other property

    • Money

    • Securities

    • Either money or securities

    Correct Answer
    A. Securities
    Explanation
    C is correct. Securities are instruments or contracts that represent money or property. Checks, drafts, bonds, certificates of deposit, stock certificates, stamps, and credit card receipts are all considered securities.

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  • 5. 

    Which of the following must be true in a burglary?

    • Property must be taken from a custodian or watchperson.

    • There must be no evidence of force or violence.

    • The burglary must involve unlawful entry or exit from the premises.

    • There must be visible evidence of forcible entry or exit.

    Correct Answer(s)
    A. The burglary must involve unlawful entry or exit from the premises.
    A. There must be visible evidence of forcible entry or exit.
    Explanation
    C and D are correct. Although burglary is not specifically defined in the Crime forms, it still has a specific meaning in the insurance industry. Burglary is the taking of property from inside the premises by a person unlawfully entering or leaving the premises. There must be evidence of forcible entry or exit, such as marks made by tools, explosives, chemicals, or electricity. There is no requirement that the property be taken from a custodian or watchperson.

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  • 6. 

    Who of the following would be considered custodians while having care and custody of company property inside the premises?

    • A store clerk

    • A company vice president

    • A janitor

    • A night watchperson

    Correct Answer(s)
    A. A store clerk
    A. A company vice president
    Explanation
    A and B are correct. A custodian is someone who has care or custody of property inside the premises. It includes the insured, the insured's partners or members, or any employee. It does not include a watchperson or janitor.

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  • 7. 

    Coverage for defense costs is included in which of the following?

    • Computer Fraud coverage

    • Forgery or Alteration coverage

    • All of the Crime coverages

    • None of the Crime coverages

    Correct Answer
    A. Forgery or Alteration coverage
    Explanation
    B is correct. Under Forgery or Alteration coverage, if the insured is sued for refusing to pay a forged or altered instrument and obtains the insurer's written permission to defend the suit, the insurer will pay reasonable defense costs incurred by the insured.

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  • 8. 

    An insured must file a proof of loss within how many days after a loss?

    • 90 days

    • 30 days

    • 120 days

    • 60 days

    Correct Answer
    A. 120 days
    Explanation
    C is correct. If a loss occurs, the insured must provide a sworn proof of loss within 120 days.

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Quiz Review Timeline (Updated): Mar 22, 2023 +

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 24, 2009
    Quiz Created by
    Fsspc
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