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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. Limited - Intermediate - Broad
Three Major Coverages
Three parties to Indemnity Agreement
Products Liability - liable for defective or hazardous products - even if an idiot wouldn't stick hand in mower
Types of Indemnity agreements
2. 60 days - know and reported or incurred and not reported
Basic Extended Reporting Period
Negligience
An accident
Three Major Coverages
3. Additional time and premium
Punitive
Liability Triggers
Contractual Indemnity
Supplemental ERP
4. Your conduct - Conduct of Others
Types of Indemnity agreements
An accident
Two Types of Damage
Liability Triggers
5. 1. Named insured - if indiv - includes spouse 2. Automatic Insured - Employee - Leased worker - Volunteer Worker - Real Estate Managers - Newly acquired or formed org
Contractual Indemnity
PD
Who is an insured?
Coverage A Exclusions
6. More Appropriately Insured Elsewhere - Catastrophe
Exposures
Compensatory
Automatic Insured Issues
Three Major Coverages
7. Named Insured - unless LLC - JV or Partnership - then NO
Bodily Injury
Uninsurable Exposures
Newly acquired or formed org
Claims Made Coverage Trigger
8. Occurrence means...
Statutes Create Liability
An accident
Punitive
Claims Made Coverage Trigger
9. In Addition to Policy Limits
Defense costs are paid
Exposures
Types of Indemnity agreements
Legally Responsible
10. Indemnitor, Indemnitee, Injured Party
Business Risk Exposures
An accident
PD
Three parties to Indemnity Agreement
11. Coverage A: BI/PD (Occurrence) - Coverage B: PI/AI (offense) - Coverage C: Medical Payments (no fault)
Three Major Coverages
Legally Responsible
Who is an insured?
Five Insured Contracts
12. Physical injury to tangible property - loss of use of tangible property - electronic data is not considered tangible property
Legally Responsible
Basic Extended Reporting Period
Intentional Torts
PD
13. Dram Shop - Statute of Limitation or Repose - Comparative Negligience - Workers Comp
Intentional Torts
Statutes Create Liability
An accident
Defense costs are paid
14. Indemnification and Hold Harmless Clauses
Liability Triggers
Contract Liability
Claims Made Coverage Trigger
Contractual Indemnity
15. Special Damages - Specific $ amounts General Damages - Subjective
Compensatory
Who is an insured?
Statutes Create Liability
Types of Indemnity agreements
16. Strict Liability same as ...
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17. Injury - Sickness or Disease - including death
Types of Indemnity agreements
Three parties to Indemnity Agreement
PD
Bodily Injury
18. One party assumes liability for another.
Contractual Indemnity
Statutes Create Liability
Punitive
Uninsurable Exposures
19. Statutes impose restrictions on insurability; imposed to deter or punish
Statutes Create Liability
Bodily Injury
Punitive
Automatic Insured Issues
20. Expected or Intended Injury (Bar Fight)
Products Liability - liable for defective or hazardous products - even if an idiot wouldn't stick hand in mower
Coverage A Exclusions
Newly acquired or formed org
PD
21. Employees - Unless they injure fellow employee or work in professional healthcare
Three parties to Indemnity Agreement
Exposures
Punitive
Automatic Insured Issues
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
Three Major Coverages
Contract Liability
CGL Loss Exposures
Contractual Indemnity
23. Direct - Vicarious: Agency-Principle - Employee-Employer - Indep Cont-Sub - Partnership-Partners
Contractual Indemnity
Three parties to Indemnity Agreement
Statutes Create Liability
Legally Responsible
24. A voluntary act resulting in injury or loss to another. Libel (written) slander (spoken) - wrongful detention - false arrest - copyright - assault - wrongful entry or eviction
PD
Intentional Torts
Bodily Injury
An accident
25. Compensatory - Punitive
Bodily Injury
Statutes Create Liability
Two Types of Damage
Five Insured Contracts
26. Dangerous Instrumentality - use of guns - lions
Supplemental ERP
Absolute Tort Liability
Defense costs are paid
PD
27. 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
Contractual Indemnity
Compensatory
PD
Claims Made Coverage Trigger
28. 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
Legally Responsible
Five Insured Contracts
Exposures
Occurrence Coverage Trigger
29. Coverage Territory - Policy Period
Occurrence Coverage Trigger
Types of Indemnity agreements
Business Risk Exposures
Claims Made Coverage Trigger
30. Your own work
Business Risk Exposures
Contract Liability
Bodily Injury
Compensatory
31. Product recall - data - SPAM
Business Risk Exposures
Uninsurable Exposures
Defense costs are paid
Newly acquired or formed org
32. 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
Negligience
Products Liability - liable for defective or hazardous products - even if an idiot wouldn't stick hand in mower
Five Insured Contracts
Business Risk Exposures