RMIN 5540 -
EXAM 3 | 158
QUESTIONS |
WITH ACTUAL
ANSWERS!!
Evatee 10/3/24 RMIN 5540
,RMIN 5540 - EXAM 3 | 158 QUESTIONS |
WITH ACTUAL ANSWERS!!
Which is not covered by an Umbrella policy? (Insured has typical underlying
policies)
A. Property Damage from Completed-Operations.
B. Employee injury covered by Work Comp statute
C. Property Damage to another's car from Auto Liability
D. Damage Awards from a third party over-action. Answer - B. Employee injury
covered by WC statute
Who can be a plaintiff in a DERIVATIVE D&O Suit?
A. Stockholder
B. Customer
C. Competitor
D. All of the other choices are correct. Answer - Stockholder
Insured has a CGL with limits of $1M, an Umbrella with $5M x $1M and Excess
of $10m. How much is the TOTAL limit?
A. $10M
B. $15M
C. $16M
,D. $50M Answer - C. $16M
When determining coverage of a D&O policy, where do you look FIRST?
A. Side A
B. Side B
C. Side C
D. Entity Answer - B. Side B
Which clause is often known as "The Hammer Clause"?
A. Duty to Defend
B. Allocation of Loss
C. Consent to Settle
D. Severability of Interests Answer - C. Consent to Settle
Which policy would NOT EVER have an Extended Reporting Period (aka) "Tail"?
A. CGL
B. D&O
C. EPLI
D. WC / EL Answer - D. WC/EL
How are Defense Costs handled in a typical Professional / Management Liability
Policy?
A. Not Covered
, B. Covered in addition to the limit
C. Covered within the Limit
D. Covered and does NOT erode the limit. Answer - C. Covered within the limit
Management /Professional Liability policies typically have a/an...
A. Occurrence Trigger
B. Claims-Made Trigger
C. Occurrences-Reported Trigger
D. Equally between Occurrence & Claims-Made Answer - B. Claims-made
trigger
Employment Practices Liability Insurance covers businesses against what kind
of claims?
A. Third‐party‐action-over suits
B. Loss of consortium suits
C. The legal rights of employees
D. Dual capacity suits Answer - C. Legal rights of employees
Limits of $5M x $1M cost $100,000. What is the price per mil?
A. $100,000
B. $50,000
C. $20,000
D. $16,667 Answer - C. $20,000
EXAM 3 | 158
QUESTIONS |
WITH ACTUAL
ANSWERS!!
Evatee 10/3/24 RMIN 5540
,RMIN 5540 - EXAM 3 | 158 QUESTIONS |
WITH ACTUAL ANSWERS!!
Which is not covered by an Umbrella policy? (Insured has typical underlying
policies)
A. Property Damage from Completed-Operations.
B. Employee injury covered by Work Comp statute
C. Property Damage to another's car from Auto Liability
D. Damage Awards from a third party over-action. Answer - B. Employee injury
covered by WC statute
Who can be a plaintiff in a DERIVATIVE D&O Suit?
A. Stockholder
B. Customer
C. Competitor
D. All of the other choices are correct. Answer - Stockholder
Insured has a CGL with limits of $1M, an Umbrella with $5M x $1M and Excess
of $10m. How much is the TOTAL limit?
A. $10M
B. $15M
C. $16M
,D. $50M Answer - C. $16M
When determining coverage of a D&O policy, where do you look FIRST?
A. Side A
B. Side B
C. Side C
D. Entity Answer - B. Side B
Which clause is often known as "The Hammer Clause"?
A. Duty to Defend
B. Allocation of Loss
C. Consent to Settle
D. Severability of Interests Answer - C. Consent to Settle
Which policy would NOT EVER have an Extended Reporting Period (aka) "Tail"?
A. CGL
B. D&O
C. EPLI
D. WC / EL Answer - D. WC/EL
How are Defense Costs handled in a typical Professional / Management Liability
Policy?
A. Not Covered
, B. Covered in addition to the limit
C. Covered within the Limit
D. Covered and does NOT erode the limit. Answer - C. Covered within the limit
Management /Professional Liability policies typically have a/an...
A. Occurrence Trigger
B. Claims-Made Trigger
C. Occurrences-Reported Trigger
D. Equally between Occurrence & Claims-Made Answer - B. Claims-made
trigger
Employment Practices Liability Insurance covers businesses against what kind
of claims?
A. Third‐party‐action-over suits
B. Loss of consortium suits
C. The legal rights of employees
D. Dual capacity suits Answer - C. Legal rights of employees
Limits of $5M x $1M cost $100,000. What is the price per mil?
A. $100,000
B. $50,000
C. $20,000
D. $16,667 Answer - C. $20,000
