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