Insurance - Chapter 9

According to the CGL conditions, If the insurer decides not to renew, the First Named Insured is to be notified how many days before the expiration date? A. 60 B. 20 C. 10 D. 30

A. 60

According to the CGL conditions, If the insurer decides not to renew, the First Named Insured is to be notified how many days before the expiration date? A. 60 B. 20 C. 30 D. 10

A. 60

The Mini Tail, when written with the Claims-Made Form under the Commercial General Liability Part, provides ________ days after the policy period for reporting a claim. A. 60 B. 90 C. 180 D. 120

A. 60

All of the following are true of the Claims-Made Form, except: A. A claim occurring less than 60 days prior to the retroactive date would be covered B. The mini tail allows up to 60 days after the end of the policy period for reporting a claim C. Supplemental payments are automatically included D. For coverage to apply, the injury or damage must have occurred after the retroactive date or during the policy period

A. A claim occurring less than 60 days prior to the retroactive date would be covered

Which of the following is not a type of insured contract? A. Employment contract B. Elevator maintenance C. Lease of premises D. Sidetrack agreement

A. Employment contract

All of the following are considered an insured under the Commercial General Liability Coverage Part to the Commercial Package Policy, except: A. Members of a past partnership not shown as a Named Insured in the Declarations B. Employees other than executive officers, but only for acts within the scope of their employment C. Anyone named in the Declarations D. Executive officers, but only with respect to their duties as the insured's officers or directors

A. Members of a past partnership not shown as a Named Insured in the Declarations

All of the following are considered liability assumed under insured contracts, except: A. Ordinance or Law B. Sidetrack agreements C. Elevator maintenance agreements D. A lease of premises

A. Ordinance or Law

A ramp collapses after being built and injures a pedestrian. Which type of liability would apply? A. Operations B. Completed Operations C. Premises D. Products

B. Completed Operations

Which of the following is true about Commercial General Liability Medical Expenses? A. First aid is not included B. Medical expenses do not pay for injury to the insured C. Medical expenses will pay for an injury to the insured's tenant D. Any expenses reported within 3 years of the accident will be covered

B. Medical expenses do not pay for injury to the insured

All of the following are true, except: A. The general aggregate limit is the most the company will pay for all damages during a policy period under Coverage A, Coverage B, and medical payments under Coverage C, except for products and completed operations claims B. The aggregate limits of the policy that are stated in the Declarations are the maximum amount payable for a single claim in any policy period C. The each occurrence limit is the most the company will pay for damages under Coverage A and Coverage C, arising out of any one occurrence D. Section III of the Commercial General Liability Coverage Forms describes the limits of insurance

B. The aggregate limits of the policy that are stated in the Declarations are the maximum amount payable for a single claim in any policy period

Which of the following is true regarding Completed Operations Coverage? A. Bodily injury arising from negligent or faulty work of the insured is not covered if it occurs after the work is completed and turned over to its owner B. The coverage will pay for bodily injury and/or property damage caused by negligent or faulty work by the insured, but will not pay for the cost of replacing the work that caused the loss C. If faulty work, negligently performed, causes damage to other property of the claimant, then coverage extends to include the faulty work D. Coverage applies only during the period that the insured has custody and control of the work deemed faulty or inadequately performed

B. The coverage will pay for bodily injury and/or property damage caused by negligent or faulty work by the insured, but will not pay for the cost of replacing the work that caused the loss

All of the following are true, except: A. Under the mini tail, the insurer must be notified of a claim within 60 days after the end of the policy period B. The supplemental tail requires an annual premium to be paid in advance C. Under the supplemental tail, the insured must request coverage within 60 days after the end of the policy term D. The extended reporting period does not increase the policy limits

B. The supplemental tail requires an annual premium to be paid in advance

What are the territorial limits of the Commercial General Liability Coverage Part of the Commercial Package Policy? A. Only the United States, its territories and possessions B. United States, its territories and possessions, Puerto Rico and Canada C. The United States, Puerto Rico and Mexico D. United States, its territories and possessions, Canada, and Mexico

B. United States, its territories and possessions, Puerto Rico and Canada

Which of the following is not covered by Advertising Injury Coverage? A. Infringement of copyright B. Wrongful entry C.Misappropriation of advertising ideas or style of doing business D. Violation of copyright, title or slogan

B. Wrongful entry

A Commercial General Liability Policy with a General Aggregate Limit of $300,000 and an Occurrence Limit of $100,000 experiences an occurrence that has a $200,000 loss and a second occurrence with a $100,000 loss. How much of the General Aggregate Limit is available after the second loss? A. $200,000 B. None C. $100,000 D. $300,000

C. $100,000

All of the following are true of the Claims-Made Form, except: A. For coverage to apply, the injury or damage must have occurred after the retroactive date or during the policy period B. Supplemental payments are automatically included C. A claim occurring less than 60 days prior to the retroactive date would be covered D. The mini tail allows up to 60 days after the end of the policy period for reporting a claim

C. A claim occurring less than 60 days prior to the retroactive date would be covered

All of the following are included under Section II (Who is an Insured) of the Commercial General Liability Coverage Forms that is written on an occurrence basis, except: A. An operator of a forklift B. A real estate manager C. A partner of an insured partnership while on personal business D. Any individual, partnership, joint venture or corporation that is named in the Declarations

C. A partner of an insured partnership while on personal business

At what point in time is the earned premium used to compute the final premium determined for the premium audit? A. Monthly B. At the time the premium deposit is made C. At the end of the policy period D. At the beginning of the policy period

C. At the end of the policy period

Choose the peril that is not covered under Personal Injury Coverage. A. False Arrest B. Malicious prosecution C. Bodily Injury sustained during an eviction D. Libel and Slander

C. Bodily Injury sustained during an eviction

Choose the peril that is not covered under Personal Injury Coverage. A. Malicious prosecution B. Libel and Slander C. False Arrest D. Bodily Injury sustained during an eviction

D. Bodily Injury sustained during an eviction

The CGL condition 'Insured's Right to Claim Information' applies to which form(s)? A. Both Claims-Made and Occurrence B. Occurrence only C. Neither Claims-Made nor Occurrence D. Claims-Made only

D. Claims-Made only

Which of the following would be found in Section I of a CGL? A. List of insureds under the policy B. The Commercial General Liability conditions C. The policy definitions D. Coverage for bodily injury and property damage

D. Coverage for bodily injury and property damage

All of the following about Products Liability Coverage are correct, except: A. Coverage applies to property damage the product causes B. Coverage applies to bodily injury the product causes C. Coverage applies to bodily injury occurring away from premises the insured owns or rents D. Damage to the product itself is covered

D. Damage to the product itself is covered

Businesses that make money selling liquor by the drink should purchase which of the following Liability Policies? A. Contractual Liability B. Host Liquor Liability C. Products Liability D. Dram Shop Liability Coverage

D. Dram Shop Liability Coverage

Which of the following forms responds to losses that occur while the policy is in force and provides a defense and payment of claims for which the insured is legally liable, regardless of when the claim is made against the insured as long as the loss occurred during the policy term? A. Claims-Made Form B. Premises and Operations Form C. Products Form D. Occurrence Form

D. Occurrence Form

Coverage B of the CGL provides which of the following? A. Medical Expense B. Bodily Injury and Property Damage Liability C. Supplementary Payments D. Personal and Advertising Injury

D. Personal and Advertising Injury

The Limited Pollution Liability Coverage Form differs from the Pollution Liability Coverage Form in what respect? A. The Limited form has a lower limit of liability B. The Limited form does not include a leak from a waste facility on premises C. The Limited form is not available in all states D. The Limited form does not include clean up

D. The Limited form does not include clean up

Which of the following is true concerning the condition of Premium Audit of the Commercial General Coverage Part to the Commercial Package Policy? A. Premium Audit is the comparison of the insured's premium with the average premium in the insured's rating classification B. Premium Audit is the action taken by the insurer to see that the insured's rating is properly classified C. Premium Audit refers to the right of the insured to contest the premium after policy issuance D. The advance premium is only a premium deposit, and the earned premium will be based on an audit at the end of the policy period

D. The advance premium is only a premium deposit, and the earned premium will be based on an audit at the end of the policy period

Which of the following is not considered a wrongful act under the EPLI? A. Discrimination B. Sexual harassment C. Wrongful termination D. Workers strike

D. Workers strike