AU 62 Chapter 2 Test Questions and Answers All Correct
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Course
AU 62
Institution
AU 62
AU 62 Chapter 2 Test Questions and Answers All Correct
Electronic Data Liability Coverage Form - Answer- covers the insured's liability for loss of electronic data caused by an electronic data incident
Product Withdrawal Coverage Form - Answer- Covers the costs of withdrawing or recalling pro...
AU 62 Chapter 2 Test Questions
and Answers All Correct
Electronic Data Liability Coverage Form - Answer- covers the insured's liability for loss
of electronic data caused by an electronic data incident
Product Withdrawal Coverage Form - Answer- Covers the costs of withdrawing or
recalling products from the market
Components of a General Liability Coverage Part - Answer- 1. One or more general
liability declaration forms
2. One or more general liability coverage forms
3. Any applicable endorsements
General Liability Declarations - Answer- insurer's and producer's names
the named insured's name and mailing address
policy inception and expiration dates
limits of insurance
description of named insured's business
rating and premium audit information
a list of endorsements attached to the policy
General Liability Coverage Forms - Answer- Coverages
Who is Insured
Limits of Insurance
Conditions
Definitions
Commercial Lines Manual (CLM) - Answer- an ISO publication that includes rules and
rating procedures for several major lines of commercial insurance
underwriting technician - Answer- a specialist in policy pricing and issuance preparation
who performs the mechanics or pricing for an insurer
Three-step classification process - Answer- 1. determine the insured's business
operation
2. check the appropriate classification (classification tables)
3. apply additional rules based on the insured's business group
Five Business Groups of CLM - Answer- 1. Manufacturing and Processing
2. Contracting or Servicing
3. Mercantile
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