IS-1110.A: Writing Commercial Exposures Answers

1

The General Property Form and the Residential Condominium Building Association Policy automatically include contents coverage.

  • True
  • False
2

A mixed-use building is classified as a non-residential building if it is less than _______ residential.

  • 25%
  • 50%
  • 75%
  • 80%
3

Which of the following is an Other Residential building in the NFIP?

  • An assisted living facility
  • A duplex home
  • A hospital
  • A grain silo
4

Commercial condominium unit owners can purchase building coverage up to a maximum of:

  • $0. Building coverage may not be purchased in the name of the unit owner.
  • $250,000
  • $500,000
  • $1,000,000
5

Pollution damage is limited in the General Property Form to:

  • $10,000
  • $50,000
  • $100,000
  • $500,000
6

Retail stores, banks, movie theaters, restaurants, and gas stations are all examples of non-residential business buildings in the NFIP.

  • True
  • False
7

If building coverage is purchased by a tenant due to a lease agreement:

  • The building owner and tenant may each write separate policies to cover the building
  • The building owner must be named on the policy
  • The building owner cannot be named on the policy
  • The tenant cannot be named as an additional insured
8

The Standard Flood Insurance Policy is always primary, and any other policy that includes flood coverage on the same building is excess.

  • True
  • False
9

The maximum deductible option for all non-residential buildings is:

  • $5,000
  • $10,000
  • $25,000
  • $50,000
10

Other Residential buildings and all non-residential buildings are always covered under the General Property Form.

  • True
  • False

What Others Also Viewed