Free Commercial Property Policies Practice Questions
Wyoming Property & Casualty exam — 70 practice questions.
Subtopics: Business personal property, Coverage form, Coinsurance calculation, Causes of loss, Business income, Extra expense, Replacement cost, Vacancy provision, Protective safeguards, Fluctuating values, Debris removal, Ordinance or law, Building and personal property, Causes of loss forms, Commercial package, Equipment breakdown, Coinsurance, Builders risk, Inland marine, Reporting form, Causes of loss special form, Agreed value, Peak season endorsement, Spoilage coverage, Causes of loss basic form, Newly acquired property, Functional valuation, Causes of loss broad form, Brands and labels, Pollutant cleanup, Legal liability coverage form, Tenant improvements, Earthquake coverage, Additional coverages, Coverage extensions, Vacancy, Valuation, Optional coverages, Functional building valuation
Read the Commercial Property Policies study guide
Sample questions & answers
1. Under a commercial property policy, coverage for a business's furniture, equipment, and stock is:
Business personal property coverage
Business personal property coverage insures a business's contents such as furniture, equipment, and stock.
2. The standard commercial form used to insure a building and its contents against direct physical loss is the:
Building and Personal Property Coverage Form
The Building and Personal Property Coverage Form is the standard form insuring commercial buildings and contents.
3. A building worth $500,000 carries $300,000 of coverage with an 80% coinsurance clause. For a $100,000 covered loss, the insurer pays (before deductible):
$75,000
Required coverage is $400,000 (80% of $500,000); carrying $300,000, the insurer pays 300,000/400,000 x $100,000 = $75,000.
4. The commercial property cause-of-loss form that provides the broadest, open-perils coverage is the:
Special form
The special cause-of-loss form provides open-perils coverage, the broadest of the standard commercial property forms.
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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.
