Insurance License Ch. 8

BOP Overview

Prepackaged like a homeowners policy

Apartment and condo buildings of any size

BOP eligible businesses

Auto repair and auto dealerships

Classes of businesses NOT ELIGIBLE for the BOP include?

Yes

Is outdoor furniture a part of the building?

100

Materials and supplies within ____ feet are a part of the building

100

Something owned and used in business and within ____ feet is business personal property

accounts, bills, evidence of debt

Property NOT covered in BOP…

Business Income

Pays the actual loss of income sustained for up to 12 consecutive months following the date of loss from a covered peril

72

Coverage begins how many hours after time of loss under BOP?

12

Business Income and Extra Expense coverage makes payments for how many consecutive months after the date of the loss in a Businessowners Policy?

80

Newly acquired or constructed property requires ___% coinsurance

$250,000 for buildings, $100,000 for business personal property for a period of 30 days

Newly acquired or constructed property automatically covers newly acquired or constructed buildings for:

30 days

Coverage for newly acquired or constructed property lasts how long?

$1000

How much coverage for any one tree, shrub, or plant under BOP?

Employee dishonesty

Provides for employee theft (pilfering) of property or money

1 year

Under medical expenses, the insurer will pay reasonable expenses for how long?

Injuries from athletics

What is excluded under business liability?

Yes

Can I insurer cancel?

60 days

What is the number of day of vacancy for an insurer to cancel?

10 days

How many days for non-payment of policy premium

3 years

Insurer may examine and audit within how many years of the end of the policy period?

at any time

Insurer has right to inspect for underwriting purposes when?