Property and Casualty Chapter 8

Most of the insurance coverages that the typical business needs, whether they are large or small, are contained in one super policy called The _____.

Commercial Package Policy (CPP)

The modules are actually _____, or coverage's, that are used to construct a CPP.

Policies

You as the Producer/Agent select the ___/____/____ that are required to fulfill the needs of each individual business.

policies/coverages/modules

The seven insurance coverage's available in the CPP are Property, ____, Crime, _____, Inland Marine, Boiler & Machinery and _____.

Casualty, Auto, Farm

To keep it simple, the information that is common to all seven modules is pulled out of each module and placed in two separate cover pages called the Common Policy Declarations and the ______, which must appear in every CPP.

Common Policy Conditions

Coverage under a CPP will begin at 12:01 ___ Standard Time.

a.m.

The Common Policy Conditions state that the key Named Insured who controls the CPP for the business is called the _____.

First Named Insured

Changes to the CPP can be requested by the First Named Insured. Such changes may be made in writing by the insurance company and are called policy _____.

Endorsements

If an Endorsement is written to cover several modules of the CPP, it is called an______.

Interline Endorsement

If your business purchases a CPP, then the insurance company has the right to examine your corporate ____ and ____.

Books and Records

Policy premiums are to be paid by ____.

The First Named Insured

If the insurance company wants to cancel the policy, it must give timely written notice to ______.

The First Named Insured