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