Casualty Overview

Question 1

Regarding a commercial general liability policy, which of the following types of hazards applies to injuries or damages that occur after the insured has completed a job and left the site, relinquished control of a product he or she manufactured, or sold or performed services?

A. Premises and Operations
B. Insured Contracts
C. Products and Completed Operations
D. Independent Contractors

Answer 1

Products and Completed operations applies to injuries or damages that occur after the insured has completed his or her job and left the site, relinquished control of a product he or she manufactured or sold or performed services.

Question 2

In a Commercial General Liability form, which of the following forms provides coverage that occurs after a retroactive date and when a claim is made during the policy period?

A. Occurrence
B. Claims-made
C. Adjustment
D. Retroactive

Answer 2

An occurrence form covers losses that occur, start or are discovered during the policy period, regardless of when the date is actually reported and filed by the insured. A claims-made form provides coverage that occurs after a retroactive date and when a claim is made during the policy period.

Question 3

Premises and Operations

Answer 3

Includes ownership, maintenance or use of the insured’s operations

Question 4

Independent Contractors

Answer 4

are individuals or entities that perform specific work for the insured but are not employees of the insured and are not subject to the direction of the insured.

Question 5

insured contracts

Answer 5

may be still covered in certain conditions if the injury or damage occurred after the execution of the contract.

Question 6

occurrence form

Answer 6

covers losses that occur, start or are discovered during the policy period, regardless of when the date is actually reported and filed by the insured

Question 7

claims-made

Answer 7

provides coverage that occurs after a retroactive date and when a claim is made during the policy period

Question 8

personal auto

Answer 8

a 4-wheel private passenger auto;

a nonowned, temporary substitute vehicle (like a rented car);

an owned trailer pulled by a private passenger vehicle, van or pickup. this includes farm wagons and trailers

Question 9

Suborgation

Answer 9

is the acquisition by the insurer of and insured’s rights against any third party for indemnification or loss of other payment, to the extent that the insurer pays the loss.

Question 10

Liability

Answer 10

made up of bodily injury, property damage, supplementary payments, uninsured motorist, under insured motorist and medical payments.

protects everyone else’s personal property if the insured is at fault in a loss.