Casualty

The amount paid by the insured at the beginning of policy period under a workers compensation policy is referred to as

The deposit premium

Blanket dishonesty bonds cover all

employees of the insured

Losses arising from wrongful termination or discrimination are covered by...

employment practices liability

What bonds protects an employer from the actions of dishonest employees?

fidelity

A personal automobile policy's medical payments coverage will pay for

injury to a family member who is struck by the insured's car

According to insurance law, an agent...

solicits, negotiates, procures, or effects insurance on behalf of an insurer

The procedure for resolving a disagreement between the insured and insurer about a loss is outlined in

the conditions

A restaurant has employees use company vehicles to make deliveries. If a driver has an at-fault accident which causes injuries, the employer may be reasonable b/c of

vicarious liability

Commercial umbrella liability policies coverage

when a loss is excluded under the underlying policy but not excluded under the umbrella

commercial umbrella policies can be written over all of the following primary liability coverages EXCEPT

workers compensation

Forcing a person to buy insurance through a particular company or producer is

Coercion

Which of the following is a defense against negligence?

Comparative Negligence

What would "a covered auto accidentally collides with a deer" be covered under?

Comprehensive coverage

Which part of insurance contract contains info about the location of the insured property

Declarations Page

What was NOT a common law defense available to employers?

Doctrine of Adhesion

Senior Vice president of ABC Corp. has a company auto and does not carry personal auto insurance. When she drives car for personal use, how is coverage provided in the event of a loss?

Drive other car---broadened coverage for named individuals endorsement

Under commercial package policy, person whose name is listed first in declarations and assigned certain responsibilities and obligations is

First name insured

What is NOT considered a personal injury loss under the commercial general liability CGL policy

Fraud

The attempt to restore an insured to his pre-loss condition is known as

Indemnification

In an insurance transaction, who does a licensed agent legally represent?

Insurer

What are the benefits of workers compensation insurance

Lost wages Rehabilitation costs Medical expenses

What would be considered special damages?

Medical Expenses

Fair Credit Reporting Act

Obligates insurers that use a third party source to acquire credit information to inform applicants who have been denied coverage of the identity of that source

What is not a benefit of workers compensation insurance?

Pain and suffering

Who are the owners of a mutual insurance company?

Policyowners

A person is injured after slipping at grocery store. Commercial general liability would provide coverage under what?

Premises liability

Who are the three parties to a surety bond?

Principle, Obligee, and surety

Umbrella liability insurance policies do all the following EXCEPT...

Provide coverage only to individuals

What is NOT covered under Part D of the personal auto policy?

Radar or laser detection equipment in a covered auto

Self-insurance is an example of what type of risk management

Retention

The insured has auto policy with liability limits of $30,000/$60,000/$10,000/ He negligently runs off the road and causes $70,000 damage to an apartment building. How much will the policy pay?

$10,000

Auto liability limits expressed as 25/50/15 mean the policy will cover

$25,000 per person for bodily injury/$50,000 per accident for bodily injury/$15,000 per accident for property damage

What does physical damage coverage under business auto coverage form include?

-Comprehensive coverage - Collision - Specified causes of loss

Umbrella liability insurance policies do all the following...

-Cover slander and libel -Provide coverage above the limits of underlying policies -Provide higher limits of liability

An error and omissions policy could be issued to cover the following occupations...

-Insurance Agent -accountants -architects

An insured has 200,00 limit on homeowners policy and 1 million umbrella. If 275,000 loss, how much will her homeowners and umbrella policies pay?

The homeowners policy will pay 200,000 and umbrella 75,000

An insured rents a car while on vacation in Canada and causes an accident. Is there coverage under the personal auto policy?

The loss is covered under an unendorsed personal auto policy

The owner of an old building buys insurance to protect himself from a possible lawsuit. This is an example of risk ____.

Transfer

An error and omissions policy could be issued to cover the following occupations EXCEPT

Veterinarians

Temp, short-term evidence of coverage is provided by

a binder

A voluntary relinquishment of a known right is called

a waiver

An insurance company may examine and audit a commercial package policy CPP insured's books and record for up to

3 years

What type of insurer pays dividends that are taxable and not guaranteed to shareholders?

A stock insurer

In a CGL policy, an occurrence is defined as

an accident, including continuous or repeated exposure to the same general harmful conditions

The commercial package policy interline endorsements

are those endorsements that apply to more than one coverage form

What is necessary for establishing negligence?

An actual injury to another person or damage to property occurs.

While at NHL game, a spectator is injured when hockey puck hits his face, he files suit against team. Which defense against negligence might the teams attorney use?

Assumption of risk

The commissioner, director or superintendent gives approval to an insurer to do business in that state in a certificate of?

Authority

What is correct regarding workers compensation laws?

Benefits are paid to workers injured on the job regardless of who is at fault.

Which of the following auto coverages insures only the policyholders legal liability

Bodily injury/property damage

What is definition of a fiduciary?

A person in a position of trust and confidence who handles the affairs and funds of others

An insurance policy that contains unclear language will be

Interpreted against the party who wrote the contract

The transfer to the insurance company of the insured's right to recover damages from a negligent third party is called

Subrogation

Business auto policy uses symbols to denote the vehicles to which each of the policy's coverages applies. What symbol allows coverage of all vehicles: owned, nonwned, and hired?

Symbol 1