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CIC COMMERCIAL CASUALTY INSTITUTE EXAM
NEWEST 2026 ACTUAL VERIFIED EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||NEWEST EXAM!!||
Explain the importance of concurrent dates and be able to
provide solutions for non-concurrency situations (LO3) -
Answer-Concurrent dates means the policy period of the
excess/umbrella policy are the same as those of the
underlying insurance policies
The declarations of the excess liability has a schedule of
underlying insurance that indicates the required limits that
are to be in effect at its effective date.
The underlying limits must be unimpaired at the effective
debate of the excess liability
Describe the underlying insurance requirements of excess
liability/commercial umbrella policies and apply the in a
practical applications. (LO4)*** - Answer-Coverage
Most insures typically require CGL, Business Auto and
Employer Liability
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Other liability policies may be required for other known
exposure such as aircraft, Iiquor liability, watercraft
Limits of Insruance
limits required by varies by insurer
Some exposures require higher underlying limits
The required limits must be in full effect at the effective
date of the policy period
Compare and contract the insuring agreement known as
pay on behalf and indemnify (LO5) - Answer-Pay on
Behalf of
- The insure has stricter control of defense, investigation
or settlements
- The insurer pays damages directly to third party on
behalf of
-The insure has the duty to defend when the underlying
does not provide coverage
Indemnify
- strict indemnity (insured uses their own funds directly to
pay claims and insurer reimburses)
,3|Page
- based on legal obligations to pay (insured still has control
but indemnity is based on legal obligation to pay - insurer
write checks to insured)
types of damages, defense costs, and ultimate net loss in
Excess liability and umbrella policies
Identify and describe the three primary purposes of excess
liability/umbrella policies (LO1) - Answer-1. Provide
additional limits that are excess over underlying limits of
insurance
2. Provide primary coverage when underlying poliy does
not respond beacuse its aggregate limits of insruance are
exhausted.
3. Provide broader coverage than the exsiting underlying
insurance
excess liability coverage forms and commercial umbrella
liability policy - Answer-1. follow forms
- hella short
- "basically what underlying says but more money"
- does NOT provide broader coverage
2. excess liability
, 4|Page
- own insuring agreement and stuff
- could be the same, narrower, broader
3. commercial umbrella liability policy
- own insuring agreement and stuff
- broader coverage
Define "Self-Insured Retention" (SIR) and apply it (LO2) -
Answer-SIR is the dolllar amount listed in the declarations
paid by the named insured before the excess insurance
becomes applicable
Applies only when the excess policy provide broader
insurance protection
Does not apply when the umbrella drops down over
exhausted limits or when exceee over underlying limits.
SIR may be written per occurrence or policy period basis
what is the coverage area - Answer-damages
- follow form follows underlying
CIC COMMERCIAL CASUALTY INSTITUTE EXAM
NEWEST 2026 ACTUAL VERIFIED EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||NEWEST EXAM!!||
Explain the importance of concurrent dates and be able to
provide solutions for non-concurrency situations (LO3) -
Answer-Concurrent dates means the policy period of the
excess/umbrella policy are the same as those of the
underlying insurance policies
The declarations of the excess liability has a schedule of
underlying insurance that indicates the required limits that
are to be in effect at its effective date.
The underlying limits must be unimpaired at the effective
debate of the excess liability
Describe the underlying insurance requirements of excess
liability/commercial umbrella policies and apply the in a
practical applications. (LO4)*** - Answer-Coverage
Most insures typically require CGL, Business Auto and
Employer Liability
,2|Page
Other liability policies may be required for other known
exposure such as aircraft, Iiquor liability, watercraft
Limits of Insruance
limits required by varies by insurer
Some exposures require higher underlying limits
The required limits must be in full effect at the effective
date of the policy period
Compare and contract the insuring agreement known as
pay on behalf and indemnify (LO5) - Answer-Pay on
Behalf of
- The insure has stricter control of defense, investigation
or settlements
- The insurer pays damages directly to third party on
behalf of
-The insure has the duty to defend when the underlying
does not provide coverage
Indemnify
- strict indemnity (insured uses their own funds directly to
pay claims and insurer reimburses)
,3|Page
- based on legal obligations to pay (insured still has control
but indemnity is based on legal obligation to pay - insurer
write checks to insured)
types of damages, defense costs, and ultimate net loss in
Excess liability and umbrella policies
Identify and describe the three primary purposes of excess
liability/umbrella policies (LO1) - Answer-1. Provide
additional limits that are excess over underlying limits of
insurance
2. Provide primary coverage when underlying poliy does
not respond beacuse its aggregate limits of insruance are
exhausted.
3. Provide broader coverage than the exsiting underlying
insurance
excess liability coverage forms and commercial umbrella
liability policy - Answer-1. follow forms
- hella short
- "basically what underlying says but more money"
- does NOT provide broader coverage
2. excess liability
, 4|Page
- own insuring agreement and stuff
- could be the same, narrower, broader
3. commercial umbrella liability policy
- own insuring agreement and stuff
- broader coverage
Define "Self-Insured Retention" (SIR) and apply it (LO2) -
Answer-SIR is the dolllar amount listed in the declarations
paid by the named insured before the excess insurance
becomes applicable
Applies only when the excess policy provide broader
insurance protection
Does not apply when the umbrella drops down over
exhausted limits or when exceee over underlying limits.
SIR may be written per occurrence or policy period basis
what is the coverage area - Answer-damages
- follow form follows underlying
