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