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General Questions
Questions that need review from every chapter
| Question | Answer |
|---|---|
| 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
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