Overview

Strict Liability refers to damage caused by

A defective product

Employee X was hired as a full-time employee of company Y 90 days ago. Employee X now qualifies for life insurance coverage under the company's group insurance policy. The insurance company will issue a document to employee X as proof that he is covered under company Y's policy. What is the name of that document?

Certificate of insurance

Most professional liability policies are written on a

Claims-made basis

In personal auto policies, which of the following types of coverage gives a total amount per claim to be used wherever needed, instead of setting maximums for bodily injury and property damage?

Combines single limit

Which policy provision found on the first page of the policy makes clear that both parties to the contact much contribute something of value for the contract to be effective?

Considerstion

Which of the following is the portion of a loss that is considered the responsibility of the insured?

Deductible

A term policy would be preferable to a whole life policy when the individual want the policy to

Have the largest death benefit for the smallest premium

Which of the following types of groups are formed when several similar or related small companies join forces to create a large pool of people that the insurer will accept as a group?

Multiple-employer trusts

An insured has two property insurance policies. The insureds property is damaged, and the damage is covered loss under both policies. Which policy poor vision will explain how each policy will respond?

Other insurance

Commercial lines policies could be written with some form of both property and liability insurance, which makes them what type of policies?

Package

In group insurance policies, certificates of insurance are provided to

Qualifying group members

Which of the following terms means the acquisition by an insurer of an insureds rights agains any third party for indemnification, to extend that the insurer pays the loss?

Subrogation

The purpose of the reinstatement provision is

To determine the process for reactivating coverage once a policy has lapsed

A child commits an act that results in legal liability for the parent. This is because of what type of liability?

Vicarious

What kind of deductible is applied between basic coverage and major medical coverage

corridor deductible