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General Questions

Questions that need review from every chapter

Who do medical payments cover in the commercial general liability? 3rd parties regardless of liability
What is a retroactive date? The first date events are covered by the policy
What is premises-operations? Liability that arising in the course of the business day to day operations – like carrying product out to a customers’ car
What is products-completed operations? A liability when a distributor or manufacture has a faulty product that results in injuring someone else
What is personal injury? Humiliating someone
Who is a sole proprietor in a business? Named insured (owner) and spouse
What is coverage A in commercial general liability? BI and PD that is caused by the insurer
What is coverage B in commercial general liability? Personal and advertising injury – slander, humiliation
What is coverage C in commercial general liability? Medical payments to 3rd parties no matter who’s liable
What do insured contracts include in a commercial general liability contract? (5 things) contracts, siding agreements, license agreements, compensation required by local ordinance to indemnify a municipally, elevator maintenance agreement, other contracts relating to the insured business when insured assumes legally responsibility.
Commercial endorsements applied to more than 1 commercial package policy are called ____? Interline
What does Wisconsin Insurance Plan provide? (4 things) Homeowners, fire, extended coverage, V&MM, burglary and crime coverage
Which endorsement will change coverage on specifically identified personal property from a named peril to open peril Scheduled personal property endorsement
if an agent is unable to place business with an admitted insurer licensed to do business in the state, where would he look to place this type of risk? Surplus Lines Market
When will an agent deal with a nonadmitted insurer? When he is unable to obtain insurance through an admitted insurer in the state
Who are stock companies owned by? Stockholders - they help stockholders make a profit
Who pays for repairs to a fence if an insured swerves to avoid a pedestrian, goes over the curb, and damages the fence? The drivers auto policy under property damage liability provisions
In a monopolistic state, who is the coverage purchased from? State-run insurer
What endorsement does someone need to add to homeowners policy to make sure they are covered for business conducted on the residence premises? Permitted Incidental Occupancy
What is a reciprocal company? A group of individuals who share each other's losses
Created by: marerickson
Popular Insurance sets




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