Free Commercial Property Policies Practice Questions
South Dakota Property exam — 96 practice questions.
Subtopics: Valued policy law, 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. Which South Dakota total fire loss is NOT settled under the valued policy law?
A building insured under a commercial blanket form covering two or more buildings
SDCL 58-10-10(7) excludes total losses to buildings insured under a commercial blanket form with one amount covering two or more buildings.
2. Two policies cover the same South Dakota building, which is totally destroyed by lightning. Under the valued policy law, each insurer pays:
Its proportion based on its limit relative to total insurance
SDCL 58-10-10(5) requires each insurer to pay only the proportion of the loss that its limit bears to the total insurance.
3. A Commercial Package Policy (CPP) is created by combining:
Common declarations and conditions with two or more coverage parts
A CPP combines common declarations and conditions with two or more coverage parts (e.g., property and liability).
4. The Building and Personal Property Coverage Form (BPP) can insure:
The building, business personal property, and property of others in the insured's care
The BPP can cover the building, business personal property, and personal property of others in the insured's care, custody, or control.
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.
