Free Commercial Property Policies Practice Questions
Tennessee Property exam — 114 practice questions.
Subtopics: Commercial risk exclusions, Commercial cancellation grounds, Commercial cancellation notice, Cancellation reasons, Commercial nonrenewal, Late nonrenewal notice, Reduced coverage at renewal, Nonrenewal notice exceptions, Commercial premium increase, Commercial nonpayment, Commercial rate filing, Filing exemptions, Loss run requests, Loss run period, Loss run fees, Loss run violations, Classification changes, Residual market information, 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. Tennessee's Cancellation of Commercial Risk Insurance Act does NOT apply to:
Policies written by surplus lines insurers
For this act, commercial risk insurance excludes fidelity and surety bonds and insurance written by a surplus lines insurer.
2. A Tennessee commercial policy has been in force for six months. Which is a permitted reason to cancel it midterm?
Failure to follow written loss control recommendations
After 60 days, commercial risk cancellation is limited to listed grounds, including nonpayment, conviction, fraud or misrepresentation, failure to comply with written loss control recommendations, material change in risk, and policy violations.
3. Which of the following is NOT one of the listed grounds for canceling a Tennessee commercial risk policy after it has been in effect for 60 days?
The insured's business revenues fell
Listed grounds include nonpayment, conviction for a crime increasing a hazard, fraud or material misrepresentation, failure to follow loss control recommendations, material change in risk, solvency findings, and policy violations; lower revenue is not a ground.
4. A permitted cancellation of a Tennessee commercial risk policy takes effect no sooner than:
10 days after the notice is mailed
Cancellation for a listed ground, or of a non-renewal policy in effect fewer than 60 days, is effective not less than ten days after the date of mailing.
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.
