Chapter Questions
Define robbery, burglary, safe burglary, and theft.
Briefly describe the following insuring agreements in the commercial crime coverage form (loss-sustained form):a. Employee Theftb. Forgery or Alterationc. Inside the Premises-Theft of Money and Securitiesd. Inside the Premises-Robbery or Safe Burglary of Other Propertye. Outside the Premises
a. Explain the difference between the discovery form and the loss-sustained form.b. What is the purpose of the retroactive date endorsement that may be attached to a policy written on a discovery basis?
Identify the major exclusions in the commercial crime coverage form (loss-sustained form).
An important policy provision is called termination as to any employee. Explain the meaning of this provision.
When commercial crime insurance is written on a loss-sustained basis, the policy contains a provision called loss sustained during prior insurance not issued by us or any affiliate. Explain the meaning of this provision.
Briefly describe the following insuring agreements that appear in a financial institutions bond.a. Fidelity coverageb. On premises coveragec. In transit coveraged. Forgery or alteration
Identify the three parties to a surety bond.
How do surety bonds differ from insurance contracts?
Identify three types of surety bonds and give an example where each can be used.