NJ Casualty Exam With 100% Correct Answers
2024
claims-made
Commercial general liability comes in 2 forms: occurrence and ______
Premises and Operations hazard
includes the ownership, maintenance, or use of the insured's premises and all business
operations, excluding the exposures included in the products and completed operations
hazard
Products and completed operations
includes injuries or damage that occur after the insured has completed its job and left
the site, or relinquished control of a product it manufactured or sold
only in the general liability policy with endorsement
independant contractors are covered where?
occurrence
pays for bodily injury and property damage that occurs during the policy period, even if
the loss isn't discovered/reported until months later
SIR (self-insured retention)
A deductible that must be paid by an insured in order to access the umbrella's policy
funds when the insured's underlying coverage can not cover the loss
Coverage trigger
*claims-made trigger: reposnse to when the claim is first made
*occurrence trigger: when the event occurred (can be months down the road)
what makes a policy respond to a claim
Basic extended reporting period
insured can be notified about a potential claims 60 days after the policy expired,
coverage will apply within 5 years from the date of the incident.
supplemental extended reporting period
unlimited period for reporting claims occurring after the retroactive date, but before the
expiration of policy
Retroactive date
no claims/losses prior to the effective date of the policy will be covered
Medical payments
Considered good will coverage because payments will be paid without regard to the
fault or negligence of the insured.
Provides necessary expenses to the third party regardless of insured at fault.
Individual (sole proprietor)
an individual insured and his or her spouse, but only in respect to the conduct of a
business in which the insured is the sole owner
3 years
insurer is granted the right to audit books and records of the insured related to the policy
for a period of up to __ after the end of the policy
Personal Auto Policy (PAP)
insurance policy for the owners of private passenger vehicles.
Must provide:
2024
claims-made
Commercial general liability comes in 2 forms: occurrence and ______
Premises and Operations hazard
includes the ownership, maintenance, or use of the insured's premises and all business
operations, excluding the exposures included in the products and completed operations
hazard
Products and completed operations
includes injuries or damage that occur after the insured has completed its job and left
the site, or relinquished control of a product it manufactured or sold
only in the general liability policy with endorsement
independant contractors are covered where?
occurrence
pays for bodily injury and property damage that occurs during the policy period, even if
the loss isn't discovered/reported until months later
SIR (self-insured retention)
A deductible that must be paid by an insured in order to access the umbrella's policy
funds when the insured's underlying coverage can not cover the loss
Coverage trigger
*claims-made trigger: reposnse to when the claim is first made
*occurrence trigger: when the event occurred (can be months down the road)
what makes a policy respond to a claim
Basic extended reporting period
insured can be notified about a potential claims 60 days after the policy expired,
coverage will apply within 5 years from the date of the incident.
supplemental extended reporting period
unlimited period for reporting claims occurring after the retroactive date, but before the
expiration of policy
Retroactive date
no claims/losses prior to the effective date of the policy will be covered
Medical payments
Considered good will coverage because payments will be paid without regard to the
fault or negligence of the insured.
Provides necessary expenses to the third party regardless of insured at fault.
Individual (sole proprietor)
an individual insured and his or her spouse, but only in respect to the conduct of a
business in which the insured is the sole owner
3 years
insurer is granted the right to audit books and records of the insured related to the policy
for a period of up to __ after the end of the policy
Personal Auto Policy (PAP)
insurance policy for the owners of private passenger vehicles.
Must provide:
