Free Commercial Property Policies Practice Questions
Massachusetts Property exam — 99 practice questions.
Subtopics: Vacancy, Municipal liens, Building official notice, Terrorism exclusion, Public adjusters, 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. Under the Massachusetts standard fire policy, for a commercial building the vacancy or unoccupancy period after which coverage is suspended is:
Thirty consecutive days
M.G.L. c.175 s.99 uses sixty days for residential premises of three units or less and thirty consecutive days for all other premises.
2. Before paying a claim of $5,000 or more for damage to real property other than an owner-occupied one-to-four family dwelling, a Massachusetts insurer must first require:
A certificate of municipal liens from the tax collector
M.G.L. c.175 s.99, Fourteenth, requires a certificate of municipal liens before paying such claims, and outstanding liens are paid to the city or town first.
3. Before paying a claim of $1,000 or more for loss to a building, a Massachusetts insurer must give written notice to the local building official and board of health at least:
Ten days before payment
M.G.L. c.175 s.99, Fifteenth, bars paying such a claim without at least ten days prior written notice to the building commissioner or inspector and the board of health or selectmen.
4. Under M.G.L. c.175 s.99, a commercial policy issued in the standard fire form may exclude loss caused by an act of terrorism as defined in:
The federal Terrorism Risk Insurance Act of 2002
Thirteenth of s.99 lets commercial policies exclude losses caused by an act of terrorism as defined in the Terrorism Risk Insurance Act of 2002, while that federal program continues.
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.
