P and C 7 Commercial Package Policy Flashcards
Vicarious Liability
Imposed in some states upon s person even though he is not a party to the particular occurrence (e.g., the owner of a motor vehicle might be vicariously responsible for injuries even though he is not driving the car at the time of the occurrence).
Insured
The party to an insurance arrangement to whom, or on behalf of whom, the insurance company agrees to indemnify for losses, provide benefits, or render service.
Contractual
Coverage provided for liability assumed through a written contract or agreement.
Fidelity Bonds
A bond that protects an employer for the dishonest acts of his or her employees.
Personal Injury Coverage
Liability coverage for third-party claims for damages that are other than physical, such as libel, slander, false arrest, wrongful eviction, invasion of privacy, etc.
Schedule Bonds
A kind of Fidelity Bond that is available by a name schedule, which lists a number of persons by name, or by a position schedule, which list the positions to be bonded and the number of people in each position.
Schedule Forms
Examples of specific coverage that are often used by large risks
Causes of Loss Forms
In the Commercial Property policy, there are three primary cause of loss forms to choose from to determine the type of protection desired. Two provide Named Peril coverage, Basic form and Broad form; one provides Open Peril coverage, Special form.
Commercial Package Policy (CPP)
A multi-peril, multiline policy that provides a broad spectrum of Property and Casualty coverages for businesses. In addition to required basic property and liability insurance, the insured may add additional marine, boiler and machinery, glass, crime, business auto, or farm coverages.
Coverage Parts
The name given to different types of Commercial Insurance when they are combined in the CPP, or the Commercial Package Policy.
