Description
Read the included article and then answer the questions. Type your answers into the downloaded document
RMI 372
Homework Assignment 1
100 points
(for your answer, please use double
space)
You may choose any 1 question to answer from each chapter. When you
chose that question, please specify which chapter it comes from.
Chapter 1: Introduction to Commercial Property Insurance
Question
1: What coverages are typically provided in businessowners policies?
Question
2: According to the Common Policy Conditions, under what circumstances can the insured transfer rights or duties under a policy?
Question
3: Describe how a policy may be canceled by an insurer or an insured according to the Common Policy Conditions.
Question
4:
Co-insurance
problem
You have a building values at $300,000. It is insured for $240,000
value. A covered cause of loss happened and caused $10,000 loss. The policy has
a $5,000 deductible. Please calculate the amount payable with the following two
scenarios:
Scenario 1:
Co-insurance requirement = 80%
Scenario 2:
Co-insurance requirement = 90%
Chapter 2: Building and Personal Property Coverage Form Educational Objectives
Question
1: What three general categories of property (corresponding to the three coverage agreements) does the Building and Personal Property Coverage Form (BPP) cover?
Question 2: What items that might otherwise be considered building property does the BPP exclude?
Question
3: Summarize property covered under the BPP for each of the specified types of personal property.
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Explanation & Answer
Attached.
1
Running head: RASHEED
Risk Management
Student’s name
University
Year
RASHEED
2
CHAPTER ONE – QUESTION ONE.
What coverages are typically provided in business owners policies?
Business Owner’s Policies (BOP) are a set of commercial insurances designed for small
and medium businesses. Often, these policies offer protection to all major assets owned by a
business and also liability risks which may be experienced in business. However different
insurance companies have different business owner’s policies which they offer to businesses
after meeting certain requirements. Some of the requirements which these insurance companies
consider include the revenue generated by the business, the location of the business and the level
of the business.
...