Free Commercial Property Policies Practice Questions
Minnesota Property exam — 99 practice questions.
Subtopics: Commercial cancellation, Commercial nonrenewal, Terrorism exclusion, Business income, Commercial package policy, Building and personal property, Special cause of loss, 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. A Minnesota commercial property policy that has been renewed is canceled midterm because the insured substantially increased the risk. How much notice is required?
60 days
Midterm cancellation of a commercial property or liability policy for reasons other than nonpayment is not effective before 60 days after notice stating the specific reason.
2. A new Minnesota commercial property policy (never renewed) has been in force 45 days. What notice must the insurer give to cancel it?
At least 10 days' written notice
The midterm cancellation reasons and 60-day notice do not apply to policies in effect less than 90 days that have not been renewed; cancellation is effective at least ten days after written notice.
3. A Minnesota commercial property insurer sends a nonrenewal notice only 40 days before expiration. What is the result?
It continues until 60 days after notice is received
Nonrenewal notice is due at least 60 days before expiration; if late, the policy continues in force until 60 days after the policyholder receives the notice.
4. Under the Minnesota standard fire policy provisions, how is terrorism treated in a commercial policy?
Excluded unless endorsed onto the policy
The insurer is not liable for loss caused by terrorism under a commercial policy unless an endorsement specifically assuming coverage for terrorism is attached.
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.
