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