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P&C - Cas Pol Bonds
P&C - Cas Policies Bonds & Terms FlashCards
| Question | Answer |
|---|---|
| When does the Underinsured Motorist coverage apply? | When the motorist is at fault in an accident, but the limits of his/her auto insurance are not sufficient to cover the bodily injury to another motorist |
| What is the minimum amount of additional coverage provided by umbrella policies? | $1 million |
| What is the name for the deductible in liability umbrella policies? | Self-insured retention (SIR) |
| What is the purpose of surety bonds? | To guarantee that specific duties and obligations of the principal will be fulfilled |
| What are the parties to a surety bond? | The principal (or obligor), the obligee (or insured), and the guarantor (or surety) |
| What type of professional liability coverage will a medical doctor need? | Medical malpractice coverage |
| In Personal Auto Policy, to what geographical region does the out-of-state coverage apply? | Any U.S. state or territory, as well as Canada |
| Medical malpractice, agents and brokers errors and omissions, and directors and officers liability are examples of what type of liability insurance? | Professional Liability |
| What type of auto coverage will apply in a hit-and-run accident where the driver cannot be identified? | Uninsured Motorist |
| In surety bonds, who purchases the bond and promises to fulfill the obligation? | Principal or obligor |
| What is the date stipulated on the declaration page of a claims-made liability form as the earliest date on which an incident may occur and be covered by the policy? | Retroactive date |
| What is a covered auto? | A vehicle shown in the policy declarations |
| A person or business that requires coverage for all liability exposure should purchase what type of insurance? | Commercial General Liability (CGL) and Professional Liability |
| What are the 2 parts of the Garage Liability Coverage? | Garage Operations – Covered Autos, and Garage Operations – Other than Covered Autos |
| When does Uninsured Motorist coverage apply? | When the other party is legally liable but has no insurance |
| What types of entities can be insured under a General Liability policy? | Sole proprietors, partnerships and corporations |
| What is a commercial floater? | An Inland Marine policy designed to cover movable commercial property, wherever it may be located |
| Who is considered insured under Part A: Liability of a personal auto policy? | The vehicle owner or his/her family member, or any person using the covered auto with permission |
| What type of perils are covered by the Advertising Injury Form? | Libel, slander, defamation, violation of privacy, infringement of copyright or titles |
| What is the occurrence form trigger based on? | The date of the injury or damage |
| What are the 3 liability coverages included in the Commercial General Liability (CGL) Coverage Form? | Coverage A – Bodily Injury and Property Damage, Coverage B – Personal and Advertising Injury, and Coverage C – Medical Payments |
| Professional Liability coverage protects the insured against legal liability resulting from what? | Errors and omissions |
| What Personal Auto Coverage would pay for the insured's travel expenses and loss of earnings while the insured is involved in the settlement process of a covered loss? | Part A: Liability |
| Who does the Garage Coverage form insure? | Auto dealers, service stations, auto repair shops |
| What is a combined limit in an auto insurance policy? | The maximum amount the insurer will pay on a covered loss |
| What is a second injury fund? | A workers compensation program designed to pay for any additional benefits when an employee with a previous injury suffers a second injury |
| What do numerical symbols represent in auto policies? | They define the type of vehicle insured for specific coverages. |
| What does Coverage A of the Commercial General Liability (CGL) form provide coverage for? | Injury or death suffered by a third party, or damage to the property of others |
| What type of coverage do umbrella policies provide? | Excess coverage over the primary policy |
| What type of perils are covered by the Advertising Injury Form? | Libel, slander, defamation, violation of privacy, infringement of copyright or titles |
| What are the 4 categories of uninsured motor vehicles? | 1) No insurance or liability bond; 2) Insurance is less than what’s required by the financial responsibility laws; 3) A hit-and-run accident where the driver cannot be identified; and 4) The insurer denies coverage or becomes insolvent. |
| What types of entities can be insured under a General Liability policy? | Sole proprietors, partnerships and corporations |
| In surety bonds, who purchases the bond and promises to fulfill the obligation? | Principal or obligor |
| What is the purpose of a claims-made form? | To pay for bodily injuries or property damage reported during the policy period |
| What does the term "you" refer to in a personal auto policy? | The named insured shown in the declarations, and the insured’s spouse (if resident of the same household) |
| What Personal Auto Coverage would pay for the insured's travel expenses and loss of earnings while the insured is involved in the settlement process of a covered loss? | Part A: Liability |
| What type of auto coverage will apply in a hit-and-run accident where the driver cannot be identified? | Uninsured Motorist |
| What are the parties to a surety bond? | The principal (or obligor), the obligee (or insured), and the guarantor (or surety) |
| What would be considered a newly acquired auto? | A vehicle acquired by the insured during the policy period |
| If an auto policy has liability limits of 40/60/20, what would be the equivalent combined single limit? | $80,000 – combined total of coverage for bodily injury and property damage |
| What is the minimum amount of additional coverage provided by umbrella policies? | $1 million |
| What is a commercial floater? | An Inland Marine policy designed to cover movable commercial property, wherever it may be located |
| What is the occurrence form trigger based on? | The date of the injury or damage |
| If an insured is injured while driving his own car, what coverage in his personal auto policy will pay for the loss? | Part B: Medical Payments |
| What type of professional liability coverage will a medical doctor need? | Medical malpractice coverage |
| What are the 4 types of benefits provided by Workers Compensation insurance? | Medical payments, disability income, rehabilitation expenses, and death benefits |
| A person or business that requires coverage for all liability exposure should purchase what type of insurance? | Commercial General Liability (CGL) and Professional Liability |
| What are the 2 coverage triggers in Commercial Crime policies? | Discovery Form and Loss Sustained Form |
| Who is considered insured under Part A: Liability of a personal auto policy? | The vehicle owner or his/her family member, or any person using the covered auto with permission |
| Underinsured Motorist (UIM) coverage will pay the difference between which 2 limits? | The insured’s UIM limits and the at-fault driver’s insurance bodily injury limits |
| When does the Underinsured Motorist coverage apply? | When the motorist is at fault in an accident, but the limits of his/her auto insurance are not sufficient to cover the bodily injury to another motorist |
| If an auto policy has split limits of 30/50/25, what is the maximum amount the policy will pay for injuries to one person in a single accident? | $30,000 |
| What is the date stipulated on the declaration page of a claims-made liability form as the earliest date on which an incident may occur and be covered by the policy? | Retroactive date |
| What are the 3 liability coverages included in the Commercial General Liability (CGL) Coverage Form? | Coverage A – Bodily Injury and Property Damage, Coverage B – Personal and Advertising Injury, and Coverage C – Medical Payments |
| A vehicle rented from a commercial rental company is known as what type of auto? | Hired auto |
| What is the difference between a personal injury and an advertising injury? | Personal injury refers to individuals; advertising injury is incurred to a business. Both, however, are nonphysical injuries. |
| In Personal Auto Policy, to what geographical region does the out-of-state coverage apply? | Any U.S. state or territory, as well as Canada |
| What is the purpose of surety bonds? | To guarantee that specific duties and obligations of the principal will be fulfilled |
| If an auto policy has split limits of 30/50/25, how much will the policy pay for property damage in a single accident? | $25,000 |
| What types of expenses are covered by Coverage C – Medical Payments in Commercial General Liability policies? | Medical, surgical, hospital, or funeral expenses for third parties injured because of the insured’s business operations |
| Medical malpractice, agents and brokers errors and omissions, and directors and officers liability are examples of what type of liability insurance? | Professional Liability |
| What losses are excluded from coverage in the liability section of the Personal Auto Policy | Intentional injury or damage, damage to property owned or transported by the insured, use of a vehicle as a public conveyance, or use of a vehicle without permission. (Please review the text for a complete list of exclusions.) |
| What types of losses are indicated by the split limits in an auto insurance policy? | Bodily injury per person, bodily injury per accident, and property damage per accident |
| What is the exclusive remedy doctrine? | Injured employees cannot seek damages outside workers compensation. |
| Professional Liability coverage protects the insured against legal liability resulting from what? | Errors and omissions |
| What are the 2 parts of the Garage Liability Coverage? | Garage Operations – Covered Autos, and Garage Operations – Other than Covered Autos |
| What is the primary purpose of Workers Compensation insurance? | To pay benefits to employees for injuries arising out of employment |
| What is a covered auto? | A vehicle shown in the policy declarations |
| When does UNinsured Motorist coverage apply? | When the other party is legally liable but has no insurance |
| What is the limit of liability in Part D: Coverage for Damage to Your Auto? | The lesser of the actual cash value of the vehicle or the amount needed to repair or replace the vehicle |
| Rental reimbursement endorsement is available only if an auto policy has what type of coverage? | Other than Collision Coverage |
| What is the name for the deductible in liability umbrella policies? | Self-insured retention (SIR) |
| What Personal Auto coverage would pay for damages to a covered auto caused by a collision with a deer? | Other Than Collision (Comprehensive) |
| Coverage for medical payments under a Personal Auto Policy applies to expenses following a covered accident that are incurred and services rendered within what time period? | 3 years |
| In a commercial crime policy, what does employee theft cover? | Losses resulting from theft by employees |
| What is the broadest coverage in the Commercial Crime Form? | Theft coverage |
Created by:
Chase1life
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