Chapter 11 - The Commercial Package Policy
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- 1.Which of these statements concerning the CPP are correct?
- A.
Almost all commercial risks are eligible for coverage under the CPP.
- B.
The insured can choose a variety of eligible commercial coverages to tailor the package to fit his or her specific business insurance needs.
- C.
A complete CPP includes Common Policy Declarations, Common Policy Conditions, and two or more coverage parts.
- D.
A CPP can include Ocean Marine and Aviation insurance.
- 2.Which of the following are contained in the Common Policy Declarations?
- A.
The policy period
- B.
The name and mailing address of the insured
- C.
Conditions specifying the insured's duties following a loss
- D.
The insured's premium for each coverage part purchased
- 3.Who may cancel a CPP?
- A.
Any named insured.
- B.
The insurance company.
- C.
The first named insured.
- D.
None of the above; once a policy is issued, it can never be cancelled.
- 4.Under a CPP, how many days advance notice is required if the insurance company is cancelling the contract for nonpayment of premium?
- A.
10 days
- B.
21 days
- C.
30 days
- D.
60 days
- 5.Under a CPP, how long after the end of the policy period can the insurance company examine the insured's books and records?
- A.
10 days
- B.
3 months
- C.
1 year
- D.
3 years
- 6.Under a CPP, when does the Inspections and Surveys condition give the insurance company the right to inspect the insured's premises?
- A.
At any time
- B.
Quarterly
- C.
Every six months
- D.
Once a year
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