Free Commercial Property Policies Practice Questions
Arkansas Property exam — 102 practice questions.
Subtopics: Valued policy law, Commercial nonrenewal, Premium increase notice, Restrictive endorsements, Multi-year policies, Commercial standards scope, Commercial package policy, Building and personal property, Special cause of loss, Business income, Extra expense, Builders risk, Cause of loss basic, Ordinance or law CP 04 05, Peak season, Spoilage, Value reporting, Legal liability, Inland marine purpose, Contractors equipment floater, Transportation coverage, Equipment breakdown, Need for equipment breakdown, Farm property form, Livestock coverage, Interline endorsements, Commercial coinsurance, Mobile agricultural equipment, Causes of Loss Broad Form, Building definition, Your business personal property, Personal property of others, Newly acquired or constructed property, Vacancy provision, Agreed value option, Inflation guard option, Replacement cost option, Business income with extra expense, Maximum period of indemnity, Monthly limit of indemnity, Extended business income, Civil authority commercial, Dependent properties, Ordinance or law increased cost, Pollutant cleanup and removal, Preservation of property, Tenants improvements and betterments, Leasehold interest coverage, Accounts receivable coverage, Valuable papers and records, Common policy conditions, Common conditions - cancellation, Examination of books, Inspections and surveys, Transfer of rights, Commercial property conditions, Commercial other insurance, Control of property, Property not covered - BPP, Property not covered - land, BPP 100 feet, Newly acquired - buildings limit, Outdoor property extension, Valuable papers extension, Property off premises extension, Fire department service charge CP, Preservation of property CP, Pollutant cleanup limit, Debris removal CP, CP vacancy, CP vacancy reduction, CP loss payment timing, CP valuation default, Stock valuation, Basic form perils, Sinkhole collapse, Special form theft limits, Special form collapse, Business income definition, Business income waiting period, Extended business income days, Business income coinsurance, Civil authority distance, Condominium association form, Condo commercial unit-owners, Legal liability form, Inland marine scope, Bailee customer, Inland marine conditions, Causes of loss, Builders risk calculation, Boiler and machinery, Ordinance or law
Read the Commercial Property Policies study guide
Sample questions & answers
1. When the Arkansas valued policy law applies to a total loss under a commercial property policy, the payment is:
Reduced by the policy's deductible or retention
Ark. Code 23-88-101(a)(2): for commercial policies, the payment is reduced by the retention or deductible.
2. The Arkansas valued policy law does not apply to a building whose completed value is insured under a:
Builder's risk policy
Ark. Code 23-88-101(b)(2) excludes buildings whose completed value is insured under a builder's risk policy.
3. When a building insured under a blanket policy covering several buildings is totally destroyed, Arkansas law requires an initial payment equal to:
The value assigned to that building for rating
Ark. Code 23-88-101(b)(3): the valued policy law does not apply to blanket policies; instead an initial payment equals the value assigned for rating to each affected building.
4. Except for nonpayment of premium, an Arkansas insurer that will not renew a commercial property policy must mail written notice of nonrenewal at least:
60 days before expiration
Ark. Code 23-79-307(a)(7): an insurer must renew unless written notice of nonrenewal is mailed at least sixty days before the expiration date. The subchapter sets standards for commercial lines property and casualty policies (23-79-301).
Practice: Commercial Property Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
