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Casualty > 4 - Commercial Insurance Coverages > Flashcards

4 - Commercial Insurance Coverages Flashcards

1
Q

Business owners can be legally liable for four (4) losses to third-parties:

A
  • bodily injury
  • property damage
  • personal injury
  • advertising injury
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2
Q

The Commercial General Liability (CGL) is designed to protect a business against potential law suits over the negligent acts of the business. The policy covers two (2) significant areas of liability:

A
  • Premises and Operations Exposure

- Products Liability and Completed Operations

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3
Q

The Commercial General Liability policy comes in 2 forms:

A
  • Occurence Form

- Claims-Made Form

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4
Q

The premium for the Supplemental Extended Reporting Period (SERP) may not exceed _______ of the original annual premium for the base policy.

A

-200%

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5
Q

In Crime Coverage Forms, “burglary” must include all of the following

A
  • Unlawful entering
  • Visible damage to the exterior of the building
  • forced exit
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6
Q

Under the Commercial General Liability (CGL) policy, if the insured receives notice of a claim or suit, he or she must:

A

-Notify the insurer

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7
Q

Judicial Bonds include:

A
  • Fiduciary Bonds
  • Court Bonds
  • Public Official Bonds
  • License and Permit Bonds
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8
Q

Under Workers’ Compensation, if a worker is disabled for 22 days, how many days of benefits will be paid?

A

-22 days

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9
Q

The Self Insured Retention (SIR) in the Commercial Umbrella:

A

-is paid only when the Commercial Umbrella is primary coverage

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10
Q

The removal of a safe from a building during a break-in is referred to as which of the following?

A

-safe burglary

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11
Q

Included in the basic premium for the Garage Policy are all of the following:

A
  • Premises and Operations
  • Products and Completed Operations
  • Automobile Liability
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12
Q

Under the Commercial General Liability (CGL) Claims-Made form, the Basic Extended Reporting Period covers Claims-Made after the end of the policy period if the loss is reported within how long after the end of the policy period?

A

-60 days

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13
Q

The Commercial Umbrella policy is designed to:

A

-cover the insured’s liability for losses to third parties that the insured is responsible for

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14
Q

The Business Auto Policy (BAP) can be used to insure all of the following

A
  • Trucks
  • Trailers
  • Semis
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15
Q

Crime Coverage Form A:

A

-coverage for loss of money or property due to the dishonest acts of an employee

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16
Q

Crime Coverage Form B:

A

-coverage for forgery or alteration of an insured’s checks, drafts, promissory notes

17
Q

Crime Coverage Form F:

A

-covers loss of and loss from damage to money, securities and other property by computer fraud committed by someone outside of the insured’s premises

18
Q

Which of the following would automatically be included in the Business Auto Policy (BAP)?

A

-Overturn (Collision Coverage)

19
Q

The Basic Extended Reporting Period in a Claims-Made policy will allow how long of an extension to file claims in the policy?

A

-5 years

20
Q

Commercial General Liability (CGL) Coverage B covers which of the following risks?

A

This provides liability coverage in case the insured has “infringed” on the rights of others. For example, the insured may have used copyrighted material in an advertisement.

21
Q

How soon after the end of a Commercial General Liability (CGL) Claims-Made policy period will the Supplemental Extended Reporting Period (SERP) have to be purchased if the insured would like this coverage?

A

-30 days

22
Q

A Fidelity Bond is considered to be akin to __________ protecting the employer from employees.

A

-crime insurance

23
Q

Loss of consortium is the legal right of the injured employee’s spouse to sue the employer for loss of the employee’s companionship. This is not covered by _______

A

-Workers’ Compensation

24
Q

The Commercial General Liability (CGL) policy covers all the following

A
  • medical payments
  • personal and advertising injury
  • bodily injury
25
Q

The Claims-Made form used in the Commercial General Liability (CGL) policy in the strictest definition requires that a claim be reported:

A

-within the policy period

26
Q

The Basic Extended Reporting Period (BERP) covers claims filed up to __________ after the end of the policy period as long as an occurrence is reported to the insurer no later than __________ after the end of the policy period.

A
  • 5 years

- 60 days

27
Q

E purchases a flat screen television at the local appliance store. When she plugs it in, she receives an electrical shock that causes bodily injury. The appliance store has a CGL policy. The liability exposure would be:

A

-Products and Completed Operations

28
Q

A well dressed gentleman walks into a jewelry store and asks to see some expensive watches. During a moment of distraction the store clerk takes his eye off the merchandise. The gentleman with two expensive watches in hand leaves the store before the clerk notices the missing watches. In crime insurance, this would be referred to as:

A

-Theft

29
Q

A death benefit claim must be made in a Workers’ Compensation covered death within what period of time form the date of death?

A

-2 years

30
Q

In North Carolina, the minimum Workers’ Compensation disability benefit is?

A

-$30 weekly

31
Q

Workers’ Compensation will pay a burial allowance for a deceased worker not to exceed $________.

A

$10,000

32
Q

If an individual shopping for a fire extinguisher is accidentally sprayed by an employee of the store, this would be a:

A

-Premise Liability Exposure

33
Q

Garagekeepers coverage provides protection against losses due to:

A

-Bailee coverage for customers autos held by the insured

34
Q

If a person breaks a tooth while dining in a restaurant, the claim is an example of which of the following?

A

-Products Completed Operations Exposure

35
Q

In North Carolina, Workers’ Compensation coverage is not required if the business has fewer than _____ employees.

A

-3 employees

36
Q

Workers’ Compensation will pay claims for death in the amount of 2/3rd’s of the deceased worker’s pay for how many weeks?

A

-500

Casualty (4 decks)

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