PnC Miscellaneous Commercial Lines

In Boiler and Machinery Insurance a substantial portion of the premium is used for:


1. Inspection 
2. Agents Commission 
3. Claims Purposes 
4. Advertising

1. Inspection

All of the following are listed on the Boiler and Machinery Declaration page EXCEPT:


1. Mailing Address of named insured 
2. Loss payee and address 
3. Mortgage holders and address 
4. Boiler and Machinery Exclusions

4. Boiler and Machinery Exclusions

The Boiler and Machinery limit of insurance is written as:


1. Any of the choices 
2. A single limit of insurance per accident 
3. A single limit of insurance per policy period 
4. As an Aggregate Limit

2. A single limit of insurance per accident 

Which of the following is NOT a party to a surety bond?


1. Obligee 
2. Principal 
3. Bondsman 
4. Surety

3. Bondsman

In a surety bond the party that pays the premium would be:


1. Bondsman 
2. Principal 
3. Obligee 
4. Surety

2. Principal

What is a difference between surety bonds and insurance policies?


1. Insurance policies are financial guarantees 
2. Surety bonds indemnify, insurance policies will not 
3. Surety bonds are 3 party contracts, insurance policies are 2 party contracts 
4. Surety bonds will not protect against the risk of loss

3. Surety bonds are 3 party contracts, insurance policies are 2 party contracts 

Who would be in least need of purchasing professional liability insurance?


1. Insurance agents 
2. Financial planner 
3. School teacher 
4. Physicians

3. School teacher 

Which of the following is usually excluded under errors and omissions insurance?


1. Negligence 
2. Errors 
3. Bodily injuries 
4. Omissions

3. Bodily injuries 

Which of the following Perils would NOT be covered under difference in conditions?


1. Earthquake 
2. Mysterious Disappearance 
3. Fire 
4. Flood

3. Fire

Which of the following would NOT be considered live stock in a Farm Coverage Plan?


1. Chickens 
2. Goats 
3. Mules 
4. Pigs

1. Chickens

What type of bond guarantees that a principal will complete and deliver work free of liens?


1. Supply bond 
2. Contract bond 
3. Performance bond 
4. Payment bond

4. Payment bond

The type of insurance written with property coverages to supplement the protection and fill gaps in insurance is called:


1. difference in conditions insurance 
2. commercial umbrella insurance 
3. errors and omissions insurance 
4. surplus lines insurance

1. difference in conditions insurance 

Which of the following is true regarding commercial umbrella insurance policies?


1. They are written on an excess basis 
2. They give coverage from the first dollar of a covered loss 
3. They usually provide broader coverage than primary insurance 
4. There are three standard types of forms

1. They are written on an excess basis 

Farm liability coverage includes all of the following, except:


1. Bodily injury and property damage 
2. Personal and advertising injury 
3. Medical payments 
4. Products and completed operations

4. Products and completed operations

Which of the following is NOT one of the seven major farm property coverage form coverages?


1. Extra expense after a loss 
2. Dwelling 
3. Household personal property 
4. Loss of use

1. Extra expense after a loss