Free Commercial Property Policies Practice Questions
New Mexico Property exam (series 18-28) — 117 practice questions.
Subtopics: Fire department service charge, Preservation of property, Vacancy, Newly acquired buildings, Coinsurance, Civil authority, Extended business income, Extra expense, Special form exclusions, BPP, Causes of loss, Business income, Replacement cost, Builders risk, Flood, Equipment breakdown, Ordinance or law, Inland marine, Farm, Commercial package policy, Building and personal property, Special cause of loss, 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, 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, Civil authority commercial, Dependent properties, Ordinance or law increased cost, Pollutant cleanup and removal, 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, Builders risk calculation, Boiler and machinery
Read the Commercial Property Policies study guide
Sample questions & answers
1. Under the ISO Building and Personal Property Coverage Form (CP 00 10), the fire department service charge additional coverage pays up to how much per premises unless a higher limit is shown?
$1,000
The commercial form pays up to $1,000 for fire department service at each described premises unless a higher limit is shown.
2. Under CP 00 10, property moved to preserve it from a covered loss is covered for loss while moved or stored only if the loss occurs within how many days after it is first moved?
30 days
Preservation of property covers loss while property is being moved or temporarily stored, only if the loss occurs within 30 days after first moved.
3. Under CP 00 10, when a building has been vacant more than 60 consecutive days, a loss from a covered cause NOT specifically excluded by the vacancy condition (such as fire) is:
Reduced by 15%
For causes of loss other than the listed vacancy exclusions (vandalism, sprinkler leakage, glass breakage, water damage, theft), the payment is reduced by 15%.
4. Under CP 00 10, if a building has been vacant for more than 60 consecutive days, which cause of loss is NOT paid at all?
Vandalism
After 60 consecutive days of vacancy, the form pays nothing for vandalism, sprinkler leakage, building glass breakage, water damage, theft or attempted theft.
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.
