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Test your basic knowledge |
Commercial Casualty Insurance Exam Commercial Lines
Start Test
Study First
Subject
:
certifications
Instructions:
Answer 32 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Coverage A: BI/PD (Occurrence) - Coverage B: PI/AI (offense) - Coverage C: Medical Payments (no fault)
Exposures
Liability Triggers
Three Major Coverages
Claims Made Coverage Trigger
2. More Appropriately Insured Elsewhere - Catastrophe
Exposures
Punitive
PD
Three Major Coverages
3. Injury - Sickness or Disease - including death
Bodily Injury
Products Liability - liable for defective or hazardous products - even if an idiot wouldn't stick hand in mower
Who is an insured?
Legally Responsible
4. Named Insured - unless LLC - JV or Partnership - then NO
Two Types of Damage
An accident
Newly acquired or formed org
Contract Liability
5. Indemnitor, Indemnitee, Injured Party
Absolute Tort Liability
Three parties to Indemnity Agreement
PD
Bodily Injury
6. Dangerous Instrumentality - use of guns - lions
Defense costs are paid
Types of Indemnity agreements
Absolute Tort Liability
Negligience
7. Physical injury to tangible property - loss of use of tangible property - electronic data is not considered tangible property
Exposures
Two Types of Damage
PD
Contractual Indemnity
8. Compensatory - Punitive
Two Types of Damage
Compensatory
Coverage A Exclusions
Types of Indemnity agreements
9. Dram Shop - Statute of Limitation or Repose - Comparative Negligience - Workers Comp
Punitive
Types of Indemnity agreements
Statutes Create Liability
PD
10. 1. Lease of premises 2. Sidetrack Agreement (Railroad) 3. Easement or license agreement 4. Municipality - Indemnify a municipality 5. Elevator Maintenance 6. Any other written contract where you assume a tort liability
Business Risk Exposures
Contractual Indemnity
Five Insured Contracts
Basic Extended Reporting Period
11. Expected or Intended Injury (Bar Fight)
Coverage A Exclusions
An accident
Punitive
Bodily Injury
12. 1. Duty owed 2. Breach of that duty 3. Insured's action caused damages 4. Proximate or actual cause between breach and damages. 5. Proven by plaintiff
An accident
Liability Triggers
Claims Made Coverage Trigger
Negligience
13. Statutes impose restrictions on insurability; imposed to deter or punish
Intentional Torts
Types of Indemnity agreements
Punitive
Automatic Insured Issues
14. Occurrence means...
Bodily Injury
Two Types of Damage
An accident
Occurrence Coverage Trigger
15. Product recall - data - SPAM
Uninsurable Exposures
PD
An accident
Intentional Torts
16. 1. BI/PD caused by occurrence in coverage territory 2. BI/PD did not occur before retroactive date 3. during policy period or extended reporting period
Claims Made Coverage Trigger
Uninsurable Exposures
Statutes Create Liability
Punitive
17. Your conduct - Conduct of Others
Contractual Indemnity
Punitive
Liability Triggers
Five Insured Contracts
18. Limited - Intermediate - Broad
Defense costs are paid
Bodily Injury
Types of Indemnity agreements
Five Insured Contracts
19. Strict Liability same as ...
20. Indemnification and Hold Harmless Clauses
Contract Liability
Intentional Torts
Exposures
Compensatory
21. In Addition to Policy Limits
Claims Made Coverage Trigger
Two Types of Damage
Defense costs are paid
Absolute Tort Liability
22. 1. Premises Liability 2. Business Operations Liability 3. Products Liability 4. Completed 5. Contractual Liability 6. Contingent Liability - for Indep Cont 7. Personal Injury Liability Offenses 8. Advertising Liability Offenses
CGL Loss Exposures
Punitive
Two Types of Damage
Contract Liability
23. A voluntary act resulting in injury or loss to another. Libel (written) slander (spoken) - wrongful detention - false arrest - copyright - assault - wrongful entry or eviction
Business Risk Exposures
Occurrence Coverage Trigger
Intentional Torts
Newly acquired or formed org
24. Employees - Unless they injure fellow employee or work in professional healthcare
Products Liability - liable for defective or hazardous products - even if an idiot wouldn't stick hand in mower
Automatic Insured Issues
Compensatory
Bodily Injury
25. 60 days - know and reported or incurred and not reported
Basic Extended Reporting Period
Supplemental ERP
Three parties to Indemnity Agreement
Bodily Injury
26. 1. Named insured - if indiv - includes spouse 2. Automatic Insured - Employee - Leased worker - Volunteer Worker - Real Estate Managers - Newly acquired or formed org
Occurrence Coverage Trigger
Contractual Indemnity
Who is an insured?
Products Liability - liable for defective or hazardous products - even if an idiot wouldn't stick hand in mower
27. Coverage Territory - Policy Period
Uninsurable Exposures
PD
Three Major Coverages
Occurrence Coverage Trigger
28. Additional time and premium
Occurrence Coverage Trigger
Claims Made Coverage Trigger
Supplemental ERP
Defense costs are paid
29. Direct - Vicarious: Agency-Principle - Employee-Employer - Indep Cont-Sub - Partnership-Partners
Three Major Coverages
Legally Responsible
Claims Made Coverage Trigger
Statutes Create Liability
30. Your own work
Punitive
Claims Made Coverage Trigger
Business Risk Exposures
Three parties to Indemnity Agreement
31. Special Damages - Specific $ amounts General Damages - Subjective
Compensatory
Negligience
Three Major Coverages
CGL Loss Exposures
32. One party assumes liability for another.
Absolute Tort Liability
Liability Triggers
Supplemental ERP
Contractual Indemnity