Review prep

Question 1

When can a loss and claim occur in an occurrence policy?

Answer 1

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

Question 2

When can a loss and claim occur in a claims made policy?

Answer 2

Both the loss and claim must happen during the policy

Question 3

What are some benefits workers get from workers comp?

Answer 3

Medical Payments, Disability Payments, Death Benefits, Survivor Benefits, & Vocational Training

Question 4

What is part 2 in workers comp cover?

Answer 4

Employer Liability. Covers the employee/spouse who can’t get part 1

Question 5

What is other states coverage in workers comp?

Answer 5

Protects employees who are sent to different states to work

Question 6

How is works comp premium determined?

Answer 6

WC is based on wages paid out

Question 7

In a bond what is the person who promises to do something?

Answer 7

The Principal/ obliger

Question 8

In a bond what is the person who is promised something will be done?

Answer 8

The obligee

Question 9

In a bond what is the person who is the one who pays if promise is not met?

Answer 9

The Guarantor/ Surety

Question 10

What does a surety bond promise?

Answer 10

Promises performance

Question 11

What does a fidelity bond promise?

Answer 11

Promises the person is trust worthy

Question 12

What is a burglary?

Answer 12

Breaking in, nothing has to be stolen but the act of force entry is enough

Question 13

What is a robbery?

Answer 13

There is a threat to people/ witnesses

Question 14

What is theft?

Answer 14

The act of stealing

Question 15

What is a certificate of insurance?

Answer 15

Written evidence showing the insurance policy has been issued

Question 16

Vehicle titled to the insured or acquired during the policy period

Answer 16

Owned Auto

Question 17

Vehicles operated or in custody of the named insured

Answer 17

Non owned

Question 18

Vehicles that are leased, rented, or borrrowed

Answer 18

Hired Auto Policy

Question 19

Policy that covers autos or trailers no owned but used while insureds vehicle is out of service

Answer 19

Temporary Substitute

Question 20

Premises and Operations is

Answer 20

Risks associated w/ the business location and daily operation. (Customer slipping on wet floor)

Question 21

Products and Completed Operations

Answer 21

Risks related to products or services, even after they’ve been delivered or completed

Question 22

What does coverage A cover?

Answer 22

Bodily Injury and Property Damage

Question 23

Coverage B covers

Answer 23

Personal Injury & Advertising Injury

Question 24

Coverage C covers

Answer 24

Medical Payments- Covers medical expenses for injuries on business premises regardless of fault

Question 25

Supplemental Payments are

Answer 25

Additional costs covered by the policy, such as legal defense expenses

Question 26

Who is insured in a CGL?

Answer 26

Individual, partnership, LLCs or Trusts, Other organizations

Question 27

Split Limits are

Answer 27

Coverage limits that are split between BI, BI per accident, Property Damage

Question 28

If you have liability only coverage and get an additional car what happens?

Answer 28

You have full coverage for 4 days

Question 29

In PAP part A is

Answer 29

Liability

Question 30

In PAP part B is

Answer 30

Medical Payments

Question 31

In PAP part C is

Answer 31

UM/ UIM

Question 32

In PAP part D is

Answer 32

Coverage for damage to YOUR auto

Question 33

In PAP part E is

Answer 33

Duties after an accident or loss

Question 34

In PAP part F is

Answer 34

General Provisions