Coverage a in the cgl Study guides, Class notes & Summaries

Spouses of any type of named insured are automatically considered insureds False A partnership is the only named insured listed on the CGL Declarations. A partner of the partnership buys a building in his/her own name during the policy period. A bodily injury loss occurs at the building, and the partner is sued for damages. Does the partner have insured status under the partnership's CGL Policy for this suit? NO (b/c buying a building in his own name was a side business) A nurse...

yes, there would be coverage for this bodily injury claim. This is a premises exposure and the are no exclusions for this scenario. Ed has an unendorsed policy, his worker was showing a chainsaw to a client and accidentally injures the client. Would there be coverage under the CGL policy? Premises liability Business Operations liability Completed Operations liability Products liability Contractual Liability Contingent Liability Identify 6 exposures covered in the CGL Policy ...

AINS Quiz | 713 Actual Test Bank Questions and Answers 100% Correct | New Update 2024 Umbrella liability policies almost always provide excess coverage over several primary policies while include all of the following, EXCEPT: - Commercial general liability - Auto liability - Replacement liability - Employers liability The coverage that an umbrella liability policy provides for claims not covered at all by the underlying policies is called - Which one of the following statements a...

dentify the Specific Rights & Responsibilities of the First Named Insured (Objective #1) 1- Cancel Policy 2- Receive Notice of Cancellation 3- Make Changes to Policy (with Insurer Consent) 4- Payment of Premiums 5- Payee for Returned Premium Compare and Contrast the Occurrence Form with the Claims Made Form, as to what activates coverage (Learning Objective #2) Occurrence Form: - BI/PD must occur during the policy period - P/Adv committed during policy period - The policy in forc...

Property and casualty insurance Exam Questions and Answers Updated Nov 2022. A banker is ready to close on a customer's loan. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. This is an example of A builder's risk form is most often written as which of the following? A building is insured, but no one has lived or worked in it for 10 years. The building is completely empty of any furniture or perso...

AINS 23 Full Practice Exam Questions with Verified Solutions 1) Clarence entered into a contract bond that guarantees his insulation work will be free from defects in materials and workmanship for a specified period of five years after completion of the work. The type of bond used by Clarence is a Maintenance bond. 2) Which one of the following statements is correct with respect to ocean marine loss exposures? For cargo owners, the posibility of loss to the cargo exists either on boa...

Casualty Insurance Exam Latest 2024 Graded A+ Coverage that is triggered when a claim is first made against the insured, regardless of when the injury took place, is known as Coverage under the claims-made form According to the other insurance condition, which of the following are methods used to decide how the claim will be divided? Contribution by equal shares or contribution with limits Which of the following limits of liability in a commercial general liability policy is the mo...

True T/F. Commercial General Liability can be written as monoline or multi-line/package. Named Insured, mailing address, term dates, limits, form of business & business description What is covered on a CGL declarations? Section I- Coverages Section II- Who Is An Insured Section III- Limits of Insurance Section IV- CGL Conditions Section V- Definitions What are the five sections on the CGL Coverage Form? Endorsements What are used to modify an existing coverage form? ...

1) Clarence entered into a contract bond that guarantees his insulation work will be free from defects in materials and workmanship for a specified period of five years after completion of the work. The type of bond used by Clarence is a Maintenance bond. 2) Which one of the following statements is correct with respect to ocean marine loss exposures? For cargo owners, the posibility of loss to the cargo exists either on board a vessel or on land between the vessel and the cargo's point of ...

Accumulated Depreciation - ANSWER-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - ANSWER-A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - ANSWER-One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other ...