Review prep Flashcards
When can a loss and claim occur in an occurrence policy?
The loss has to be during the policy but the claim can be at any time afterwards. Even if no longer with the same insurer
When can a loss and claim occur in a claims made policy?
Both the loss and claim must happen during the policy
What are some benefits workers get from workers comp?
Medical Payments, Disability Payments, Death Benefits, Survivor Benefits, & Vocational Training
What is part 2 in workers comp cover?
Employer Liability. Covers the employee/spouse who can’t get part 1
What is other states coverage in workers comp?
Protects employees who are sent to different states to work
How is works comp premium determined?
WC is based on wages paid out
In a bond what is the person who promises to do something?
The Principal/ obliger
In a bond what is the person who is promised something will be done?
The obligee
In a bond what is the person who is the one who pays if promise is not met?
The Guarantor/ Surety
What does a surety bond promise?
Promises performance
What does a fidelity bond promise?
Promises the person is trust worthy
What is a burglary?
Breaking in, nothing has to be stolen but the act of force entry is enough
What is a robbery?
There is a threat to people/ witnesses
What is theft?
The act of stealing
What is a certificate of insurance?
Written evidence showing the insurance policy has been issued
Vehicle titled to the insured or acquired during the policy period
Owned Auto
Vehicles operated or in custody of the named insured
Non owned
Vehicles that are leased, rented, or borrrowed
Hired Auto Policy
Policy that covers autos or trailers no owned but used while insureds vehicle is out of service
Temporary Substitute
Premises and Operations is
Risks associated w/ the business location and daily operation. (Customer slipping on wet floor)
Products and Completed Operations
Risks related to products or services, even after they’ve been delivered or completed
What does coverage A cover?
Bodily Injury and Property Damage
Coverage B covers
Personal Injury & Advertising Injury
Coverage C covers
Medical Payments- Covers medical expenses for injuries on business premises regardless of fault
Supplemental Payments are
Additional costs covered by the policy, such as legal defense expenses
Who is insured in a CGL?
Individual, partnership, LLCs or Trusts, Other organizations
Split Limits are
Coverage limits that are split between BI, BI per accident, Property Damage
If you have liability only coverage and get an additional car what happens?
You have full coverage for 4 days
In PAP part A is
Liability
In PAP part B is
Medical Payments
In PAP part C is
UM/ UIM
In PAP part D is
Coverage for damage to YOUR auto
In PAP part E is
Duties after an accident or loss
In PAP part F is
General Provisions
