Chapter 11 - The Commercial Package Policy

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1. Under a CPP, when does the Inspections and Surveys condition give the insurance company the right to inspect the insured's premises?

Explanation

A is correct. The insurance company has the right to inspect the insured's premises at any time.

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Insurance Quizzes & Trivia

This quiz covers key aspects of the Commercial Package Policy (CPP), including eligibility, policy declarations, cancellation rights, and inspection conditions.

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2. Under a CPP, how long after the end of the policy period can the insurance company examine the insured's books and records?

Explanation

D is correct. The insurance company can examine an insured's books and records up to three years after the end of the policy period.

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3. Under a CPP, how many days advance notice is required if the insurance company is cancelling the contract for nonpayment of premium?

Explanation

A is correct. When a CPP is cancelled by the insurer for nonpayment of premium, it is required to give notice at least 10 days in advance. In all other cases of permitted cancellation by the insurer, it must give notice at least 30 days in advance.

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4. Which of the following are contained in the Common Policy Declarations?

Explanation

A, B, and D are correct. The Common Policy Declarations contains information about who is insured, when he or she is insured, and for what lines he or she is insured. It includes the name and mailing address of the named insured, the policy period, and a summary of the premiums charged. Loss conditions are described in the policy form, not the declarations.

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5. Who may cancel a CPP?

Explanation

B and C are correct. Under the Common Policy Conditions, certain responsibilities and obligations are assigned to the first named insured. One of these is cancellation of the policy. The insurance company may also cancel the policy under certain circumstances.

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6. Which of these statements concerning the CPP are correct?

Explanation

A, B, and C are correct. Ocean Marine and Aviation insurance are not eligible for the CPP.

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Under a CPP, when does the Inspections and Surveys condition give the...
Under a CPP, how long after the end of the policy period can the...
Under a CPP, how many days advance notice is required if the insurance...
Which of the following are contained in the Common Policy...
Who may cancel a CPP?
Which of these statements concerning the CPP are correct?
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