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Casualty guaranteed missed qs

Terms in this set (62)

Under which legal defense me claimant recovery be defeated if the defendant can show that claimant contributed, no matter how slightly, to the injury or damage
Contributory negligence
If an insured purchases and insurance policy with a large deductible, what risk management technique is the insured exercising?
Retention. When an insured purchased A policy was a large deductible he or she received a lower premium rate. In return for the lower premium rate the insured was required to retain a larger Amount of loss should occur
A insured has a personal umbrella with a $2000 self-insured retention. Assuming no other policy is involved, how much would the umbrella pay after a $12,000 personal injury liability claim
$10,000. If no other policy pays, the insured must pay SIR
Which of the following insurance principles states that ambiguities And a policy will always be constructed in favor of the insured
Adhesion. The insurance company draw up the contract and the insured must adhere to the contract as rain. Because of this any ambiguities in a policy will always be interpreted in favor of the insured
Under which legal defense is there an appointment of damages based upon the degree of faults of each of the plaintiff and the defendant
Comparative negligence. Under comparative negligence, the recovery by the plaintiff is lesson or increase depending on the degree of each parties negligence
How many hours of continuing education are required to maintain a counselor's license
None. Continuing education requirements do not apply to those with the counselors license
What is the waiting period for transportation expenses coverage for a loss other than theft to a covered vehicle
24 hours
Which of the following best describes a rebate
A producer returning parts of her commission to her client as a inducement to buy
Employee was injured on the job on May 1 and remained incapacitated for several weeks. When would Worker's Compensation benefits start for the employee
May 8. Employees who are injured and incompassited for less than one week or not eligible for compensation
A general liability policy will respond to claims against an insured and bodily injury or property damage is caused by
And insured's negligence
Which method of dealing with risk is applied when insurance is purchased
Transfer. Transfer is the basic principle of insurance under which the risk of financial loss is assigned to another party
Coverage B- Personal in advertising injury liability response to claims arising from
Suits alleging infringement of a copyright
What type of ensure uses a formal sharing agreement
Reciprocal insurer's
The exact, direct, uninterrupted cause of loss is the
proximate cause
All of the following are considerations and determine which state law applies when a workers required to travel into another state and is injured while working in the other state except
The insurance chartered Location or domicile
The other states' insurance section of a workers compensation policy provides coverage
only for those other states listed in the policy
Which of the following is false concerning liability coverage of a business auto policy
The company will reimburse the insured for all loss of earnings
Which of the following would not generally be included in the supplementary payments portion of a liability policy
Damage to property owned by the insured
The individual named insured endorsement offers liability coverage to the sole proprietor of a business and his or her family members. Which coverage is also provided under the individual named insured endorsement of a commercial auto policy for owned passenger vehicles and nonowned auto's
Physical damage coverage
You are at fault in an auto wreck out of state. How does your company adjust
At least to the minimum required by that state
An insured has a maximum limit of coverage available under her liability policy during a policy year, regardless of the number of claims made or the number of accidents. Her limits are restored at the policy anniversary. What type of limit does the insured have
Aggregate
While engaged in a pick up soccer game in the neighborhood park, the insured collides with another player breaking his nose. With the insurance homeowners medical payments coverage injury
Yes medical payments coverage also applies Off the insured premises
How is professional liability policy written
claims made
The amount of loss the insured is willing to absorb without insurance protection is known as
Self-insured retention
Which of the following types of bonds guarantee that a supplier will furnish supplies, materials, products, and equipment a specified in the written contract
Supply bond
How much notice must the property and casualty guaranty association get before canceling insurance policies
10 days
A property ensure goes bankrupt and is unable to pay on any of its insurance claims. Which of the following will happen?
The insurance claims will be paid by a state based program
Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce
Without receiving written consent from an insurance regulatory authority.
The second injury fund will pay the benefits in which of the following situation
And employee with a previous injuries suffered a second injury that causes the disability to be more serious
All are legal defenses against a claim of negligence except
absolute liability
How is a licensee date of continuing education credit reviewed determined
By the licensees month and date of birth
And employee was injured at work and is now totally disabled and unable to do any work. How much will his weekly indemnity benefits from Worker's Compensation be
80% of his after-tax wage
Which of the following exclusions applies to both personal injury and advertising injury in the business owners policy
willful violation of a penal statute or ordinance committed by the insured
And insured's child ran into a neighbors planter on his bicycle and broke the planter and ruin the plants. The cost to replace the planter was $400 and the cost to replace the plants were $100. Which section of the Insured Homeowners policy would pay
Section 2 with no deductible
Business owners liability coverage automatically includes all the following liability coverage is except
Pollution
The commercial crime coverage that would cover losses resulting from theft of money securities and other property by employees is
employee theft
Which of the following exposures is not covered under the garage liability coverage form
Contractual liability
The cost bond guarantees
The plaintiff will pay court cost and damages to the defendant if the plaintiff loses the court case
What type of policy, which may be added by endorsement or purchased separately, may an insured purchase in order to provide coverage for other types of contracts?
Contractual liability policy
An audit revealed the administrator for a pension plan has made investments that were not consistent with the risk tolerance set forth in the plan for its members. The earnings for the past year are substantially below the average for comparable funds. The governing board wants to take action against the administrator. What type of commercial liability would the board need to provide for this risk?
Fiduciary liability policy paid by the pension fund
What sublimit in a liability policy sets the maximum amount that will be paid for all claims arising from a single accident?
Per occurrence
When reviewing a standard workers compensation employers liability policy, the limits of coverage are described in Part One of the policy. The dollar limits of the benefits provided are stated
In the state workers compensation law itself
Which of the following exclusions applies to both personal injury and advertising injury in the businessowners policy
Willful violation of a penal statute or ordinance committed by the insured
How much notice must the property and casualty guaranty association give before cancelling insurance policies
10 days
Section III of the business auto policy provides physical damage coverage. All of the following are physical damages that may be selected coverages EXCEPT
Limited peril coverage
Which of the following symbols in a business auto policy indicates that coverage for newly acquired vehicles applies if the insured already covers all autos owned by the insured
Symbol 7
When does the insurers duty to defend a suit or claim end in a commercial general liability policy
When loss payments equal the applicable limit of insurance
What is the main distinction between a hired auto and a nonowned auto
Who owns the auto
The commissioner has determined that a producer is ineligible for appointment by an insurer. The commissioner must notify the insurer within
5 days
Which of the following exposures is not covered under a homeowners policy
Medical payments to an insured
Employers liability coverage under a workers compensation policy includes
Damages claimed by third parties
Your friend's dog that you are keeping while the friend is out of town bit a visitor in your home. Does your homeowners liability coverage apply?
Yes, the coverage would apply for any animal in your care
Guaranteeing future dividends is considered to be an unfair or deceptive act known as
Misrepresentation
Which of the following would not generally be included in the supplementary payments portion of a liability policy?
Damage to property owned by the insured
Which of the following elements of an insurance contract requires payment of a premium
consideration
For negligent liability to exist, which is not a requirement
An intervening cause
Which statement best describes agreement as it relates to insurance contracts
One party accepts the exact terms of the other party's offer
Which of the following is not part of section II of the boat owners policy
Watercraft damage
The supplementary payments section of the commercial general liability policy would cover
Court costs assessed against the insured in a suit
Which of the following are allowable reasons for an insurer to decline an application for homeowners insurance
All of the above
A golfer slices a tee shot and the ball goes through the window of a house beside the fairway. The broken glass is paid for by
The golfer's homeowners liability coverage
What group provides auto insurance for people who qualify, but are unable to obtain insurance though regular methods
Michigan Automobile Insurance Placement Facility
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