Types of Policies

Question 1

1. excess coverage over the primary liability policy.
2. personal and commercial
   minimum of 1 million in additional coverage
   3.required self-insurance retention limits

Answer 1

umbrella/excess liability

Question 2

protects against legal liability resulting from negligence, errors and omissions, or rendering or failure to render professional services

Answer 2

professional liability

Question 3

protects insurance agents from financial losses from a lawsuit for giving erroneous advice or not informing the insured of important information

Answer 3

errors and omissions

Question 4

protects directors and officers of an organization against claims for losses arising from a wrongful act while in an official capacity

Answer 4

directors and officers liability

Question 5

protects individual who handle the funds of others against losses associated with errors, negligence, or poor management of the plans where the funds are invested

Answer 5

fiduciary liability

Question 6

protects employers from liability arising from employee termination work related sexual harassment, or other work related verbal, physical, mental, or emotional abuse

Answer 6

employment practices liability

Question 7

coverage for any type of portable property and instruments of transportation and communication *(Bridges, tunnels, or docks)

Answer 7

inland marine

Question 8

may be filed ( with standardized coverage form) or unfiled (unique exposure to loss on standardized forms)

Answer 8

inland marine

Question 9

4 general classes of risk dealing with Inland Marine

Answer 9

1. domestic shipments and transportation
2. bridges, tunnels, and other instruments of transportation and communication
3. commercial property floaters
4. personal property floaters

Question 10

4 types of farm coverage forms

Answer 10

1. property
2. liability
3. mobile agricultural machinery
4. equipment and livestock

Question 11

similar to HO coverages A-D for personal residential property and includes coverages E, F, and G to insure the farm personal property and structures

Answer 11

farm insurance