2
CIC - Commercial Casualty Institute exam with precise detailed
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solutions
||
Identify the Specific Rights & Responsibilities of the First Named Insured (Objective #1) -
|| || || || || || || || || || || || || ||
✔✔1- Cancel Policy || ||
2- Receive Notice of Cancellation
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3- Make Changes to Policy (with Insurer Consent)
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4- Payment of Premiums
|| || ||
5- Payee for Returned Premium
|| || || ||
Compare and Contrast the Occurrence Form with the Claims Made Form, as to what
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activates coverage (Learning Objective #2) - ✔✔Occurrence Form:
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- BI/PD must occur during the policy period
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- P/Adv committed during policy period
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- The policy in force when the injury or damage takes place is the one that responds
|| || || || || || || || || || || || || || || ||
Claims Made Form: || ||
- BI/PD must occur on or after the Retro Date shown in Declarations
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- P/Adv must have been committed on or after the Retro Date
|| || || || || || || || || || ||
- AND, Claim must be made during the policy period or Extended Reporting Period
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- NO COVERAGE if before the Retro Date
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Identify various Liability Exposures (8 total) in the CGL Coverage Form ( Part of Learning
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Objective #3) - ✔✔1- Premises Liability || || || || ||
2- Business Operations Liability
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3- Products Liability
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,2
4- Completed Operations Liability
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5- Contractual Liability
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6- Contingent Liability
|| ||
7- Personal Injury Liability
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8- Advertising Liability
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Premises Liability - ✔✔Applies to:
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- Owners, Landlords, Tenants
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- Arises out of the ownership, maintenance or use of the insured's premises
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ONLY applies to designated
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- Premises
||
- Project
||
- Operation
||
Business Operations Liability - ✔✔Arises from activities involved in the operation of an
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organization, while the activity is being conducted
|| || || || || ||
Products Liability - ✔✔- Arises out of the sale, distribution or manufacture of the product
|| || || || || || || || || || || || || ||
- Coverage begins when the product has left the NI's premises and is no longer in the NI's
|| || || || || || || || || || || || || || || || || ||
possession
Completed Operations Liability - ✔✔-Arises from activities involved in the operation of an
|| || || || || || || || || || || || ||
organization, after the activity has been concluded
|| || || || || ||
- When the business operation is completed
|| || || || || ||
, 2
- Includes: work that may need service, maintenance, correction, repair or replacement, but
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which is otherwise complete, will be treated as completed
|| || || || || || || ||
Contractual Liability - ✔✔- Arises from one party assuming responsibility of another party
|| || || || || || || || || || || ||
- Liability that arises from an "Insured Contract"
|| || || || || || ||
- Ex: Lease Agreements, Construction Contracts, etc...
|| || || || || ||
Contingent Liability - ✔✔- Arises out of work performed for the NI by someone else
|| || || || || || || || || || || || || ||
-Ex: Can protect a NI from negligent acts of an independent contractor
|| || || || || || || || || || ||
Personal Injury Liability - ✔✔- Arising from intentional torts (libel, slander, wrongful eviction)
|| || || || || || || || || || || ||
- Applies to named offenses as defined by the CGL
|| || || || || || || || ||
Advertising Liability - ✔✔- Liability caused by harm such as misappropriation of Advertising
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Ideas, Style of Doing Business or Infringement of Copyright
|| || || || || || || ||
- Applies to Named Offenses, in the course of advertising the NI's goods, products or
|| || || || || || || || || || || || || || ||
services
Who qualifies as an Insured under the CGL when the NI is an Individual? - ✔✔The
|| || || || || || || || || || || || || || || ||
Individual and Spouse || ||
CIC - Commercial Casualty Institute exam with precise detailed
|| || || || || || || ||
solutions
||
Identify the Specific Rights & Responsibilities of the First Named Insured (Objective #1) -
|| || || || || || || || || || || || || ||
✔✔1- Cancel Policy || ||
2- Receive Notice of Cancellation
|| || || ||
3- Make Changes to Policy (with Insurer Consent)
|| || || || || || ||
4- Payment of Premiums
|| || ||
5- Payee for Returned Premium
|| || || ||
Compare and Contrast the Occurrence Form with the Claims Made Form, as to what
|| || || || || || || || || || || || || ||
activates coverage (Learning Objective #2) - ✔✔Occurrence Form:
|| || || || || || ||
- BI/PD must occur during the policy period
|| || || || || || ||
- P/Adv committed during policy period
|| || || || ||
- The policy in force when the injury or damage takes place is the one that responds
|| || || || || || || || || || || || || || || ||
Claims Made Form: || ||
- BI/PD must occur on or after the Retro Date shown in Declarations
|| || || || || || || || || || || ||
- P/Adv must have been committed on or after the Retro Date
|| || || || || || || || || || ||
- AND, Claim must be made during the policy period or Extended Reporting Period
|| || || || || || || || || || || || ||
- NO COVERAGE if before the Retro Date
|| || || || || || ||
Identify various Liability Exposures (8 total) in the CGL Coverage Form ( Part of Learning
|| || || || || || || || || || || || || || ||
Objective #3) - ✔✔1- Premises Liability || || || || ||
2- Business Operations Liability
|| || ||
3- Products Liability
|| ||
,2
4- Completed Operations Liability
|| || ||
5- Contractual Liability
|| ||
6- Contingent Liability
|| ||
7- Personal Injury Liability
|| || ||
8- Advertising Liability
|| ||
Premises Liability - ✔✔Applies to:
|| || || ||
- Owners, Landlords, Tenants
|| || ||
- Arises out of the ownership, maintenance or use of the insured's premises
|| || || || || || || || || || || ||
ONLY applies to designated
|| || ||
- Premises
||
- Project
||
- Operation
||
Business Operations Liability - ✔✔Arises from activities involved in the operation of an
|| || || || || || || || || || || || ||
organization, while the activity is being conducted
|| || || || || ||
Products Liability - ✔✔- Arises out of the sale, distribution or manufacture of the product
|| || || || || || || || || || || || || ||
- Coverage begins when the product has left the NI's premises and is no longer in the NI's
|| || || || || || || || || || || || || || || || || ||
possession
Completed Operations Liability - ✔✔-Arises from activities involved in the operation of an
|| || || || || || || || || || || || ||
organization, after the activity has been concluded
|| || || || || ||
- When the business operation is completed
|| || || || || ||
, 2
- Includes: work that may need service, maintenance, correction, repair or replacement, but
|| || || || || || || || || || || || ||
which is otherwise complete, will be treated as completed
|| || || || || || || ||
Contractual Liability - ✔✔- Arises from one party assuming responsibility of another party
|| || || || || || || || || || || ||
- Liability that arises from an "Insured Contract"
|| || || || || || ||
- Ex: Lease Agreements, Construction Contracts, etc...
|| || || || || ||
Contingent Liability - ✔✔- Arises out of work performed for the NI by someone else
|| || || || || || || || || || || || || ||
-Ex: Can protect a NI from negligent acts of an independent contractor
|| || || || || || || || || || ||
Personal Injury Liability - ✔✔- Arising from intentional torts (libel, slander, wrongful eviction)
|| || || || || || || || || || || ||
- Applies to named offenses as defined by the CGL
|| || || || || || || || ||
Advertising Liability - ✔✔- Liability caused by harm such as misappropriation of Advertising
|| || || || || || || || || || || || ||
Ideas, Style of Doing Business or Infringement of Copyright
|| || || || || || || ||
- Applies to Named Offenses, in the course of advertising the NI's goods, products or
|| || || || || || || || || || || || || || ||
services
Who qualifies as an Insured under the CGL when the NI is an Individual? - ✔✔The
|| || || || || || || || || || || || || || || ||
Individual and Spouse || ||
