Property and Casualty Insurance Exam |
Questions with 100% Correct Answers | Verified |
Latest Update 2026
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Terms in this set (409)
General Liability policies protect... Your business if a 3rd party is harmed as a result of
your business activity
Commercial Auto policies protect... Your business if you're in an auto accident while
working or in a company vehicle
Workers Comp policies protect... Your business if an employee is injured on the job
Professional Liability policies Your business if a client accuses you of making a
protect... mistake or giving bad advice (AKA errors and
emissions insurance)
Commercial Property policies Your business if the space, assets, and/or
protect... equipment are damaged and need to be
replaced/repaired
Fiduciary Liability policies protect... Your business from lawsuits claiming the
mismanagement of employee benefit plans
Host Liquor Liability policies Businesses that don't sell alcohol, but permit
protect... drinking on their property (generally included on a
GL policy)
, Inland Marine policies protect... Business property that gets transported over land
(such as medical equipment, construction vehicles,
etc.)
Aggregate Limit The maximum amount an insurer will pay for all
covered losses during the covered policy period.
Arbitration Settling a dispute by agreeing to accept the
decision of a neutral 3rd party
Commercial Umbrella Insurance Extends coverage beyond the limits of scheduled
underlying liability policies.
Fidelity Bond Insurance policy that pays the employer money in
the case of employees' theft
Fiduciary Someone who has to act in the best interest of
another party
GL class code Code to identify different types of businesses
based on their risk level (helps insurer determine
cost)
Hold Harmless Agreement Protects a party from liability if there are damages
or losses (protects from a 3rd party's claim)
Indemnity A payment for damage or loss (agreement
between business and insurer to help business be
whole after a loss)
Insurance Adjuster Someone who evaluates damages to determine
costs insurer will pay for losses
Questions with 100% Correct Answers | Verified |
Latest Update 2026
Save
Terms in this set (409)
General Liability policies protect... Your business if a 3rd party is harmed as a result of
your business activity
Commercial Auto policies protect... Your business if you're in an auto accident while
working or in a company vehicle
Workers Comp policies protect... Your business if an employee is injured on the job
Professional Liability policies Your business if a client accuses you of making a
protect... mistake or giving bad advice (AKA errors and
emissions insurance)
Commercial Property policies Your business if the space, assets, and/or
protect... equipment are damaged and need to be
replaced/repaired
Fiduciary Liability policies protect... Your business from lawsuits claiming the
mismanagement of employee benefit plans
Host Liquor Liability policies Businesses that don't sell alcohol, but permit
protect... drinking on their property (generally included on a
GL policy)
, Inland Marine policies protect... Business property that gets transported over land
(such as medical equipment, construction vehicles,
etc.)
Aggregate Limit The maximum amount an insurer will pay for all
covered losses during the covered policy period.
Arbitration Settling a dispute by agreeing to accept the
decision of a neutral 3rd party
Commercial Umbrella Insurance Extends coverage beyond the limits of scheduled
underlying liability policies.
Fidelity Bond Insurance policy that pays the employer money in
the case of employees' theft
Fiduciary Someone who has to act in the best interest of
another party
GL class code Code to identify different types of businesses
based on their risk level (helps insurer determine
cost)
Hold Harmless Agreement Protects a party from liability if there are damages
or losses (protects from a 3rd party's claim)
Indemnity A payment for damage or loss (agreement
between business and insurer to help business be
whole after a loss)
Insurance Adjuster Someone who evaluates damages to determine
costs insurer will pay for losses
