Lesson 4 Part 2

Question 1

Also known as assumed liability, provided for liability assumed through a written contract

Answer 1

Contractual Liability (Insuring Agreement)

Question 2

Products and completed operations coverage

Answer 2

Provided under Coverage A & has separate aggregate limit

Question 3

Incidental Contracts

Answer 3

1) Lease Agreements
2) Easements
3) Sidetrack Maintenance Agreements
4) Elevator Maintenance Agreements

Question 4

Insurance designed as catastrophic protection to provide very large limits of coverage

Answer 4

Excess Liability

Question 5

Umbrella Liability

Answer 5

Indemnity contract that is form of excess liability purchased for personal/commercial exposures

Question 6

Distinguished features of professional liability contracts

Answer 6

1) Consent of insured
2) Defense factor is important
3) Per claim & per occurrence limits

Question 7

Form that protects employee benefit plan administrators against claims of negligence

Answer 7

Fiduciary Liability

Question 8

3 options for buy-back of pollution coverage

Answer 8

1) Pollution Liability Extension Endorsement
2) Pollution Liability Coverage Part
3) Pollution Liability Coverage (Limited)

Question 9

Protection to insured and members of the family for personal activities that have claims of negligence even if insured declares bankruptcy

Answer 9

Comprehensive Personal Liability (CPL)

[combined single limit policy]

Question 10

Covered Premises under CPL policy

Answer 10

1) Vacant Land
2) Cemetery plots
3) Residence premises
4) Non-business premises

Question 11

Protection against liability from defamation of character, false arrest, invasion of privacy, etc.

Answer 11

Personal Injury Liability